TORONTO, Aug. 8, 2023
/CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company")
(TSX-V: AUMB) (OTC: AUMBF) is pleased to announce that it has
entered into a purchase agreement with Fulcrum Metals PLC (LON:
FMET) ("Fulcrum") for the sale of its 100% interest in eleven
mining claims and a mining lease located northeast of Timmins, Ontario (the "Tully Property").
Pursuant to the terms of the purchase agreement, the Company
will receive total consideration comprised of C$800,000 in cash and a 1.5% net smelter returns
royalty ("NSR") on the Tully property. Fulcrum will have the option
to repurchase up to 1% of the NSR with cash payments of
C$300,000 for each 0.5%
repurchased.
"The sale of our Tully property, along with the recently
announced agreement with Grid Metals Corp, will provide capital
needed to continue exploration activities Rice Lake, our core
property located in Manitoba."
stated Shaun Heinrichs, President
and CEO of 1911 Gold. "Our focus in the near term will be on
obtaining and incorporating the results from our last drill program
at Central Manitoba and prepare
for the next phase of exploration on this past producer. We will
also continue to pursue opportunities to optimize and enhance the
existing True North underground resource through additional
exploration and land acquisitions."
About Tully Property
The Tully property, 458 hectares in area, is located 30
kilometres northeast of Timmins,
Ontario and includes the Tully (Timmins North) deposit, which has been the focus
of several drilling campaigns since its discovery in 1969. The
Tully deposit is located 2 kilometres southwest of the Bradshaw
Gold Project of Gowest Gold Ltd., currently in development. The
property is accessed by an all-weather gravel road that extends 15
kilometres to the east off of highway 655.
About 1911 Gold
Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 63,000 hectares
within and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on
organic growth and accretive acquisition opportunities in
North America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements about exploration plans and the
timing and results thereof, are forward-looking statements.
Although 1911 Gold has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE 1911 Gold Corporation