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VANCOUVER, BC, June 24, 2020 /CNW/ - Tajiri Resources
Corp. (TSXV: TAJ) ("Tajiri" or the "Corporation") announces
that it has entered into a non-binding Letter of Intent to acquire
two prospective gold projects in Guyana, South
America - the Gargantuan Project, located in the Mahdia
region, and the Epeius Project located in close proximity to the
one million tonne per annum Karouni Mine of Troy Resources Limited
(ASX: TRY).
The Gargantuan Project covers a 4 to 6.5 kilometres
strike of the source area ("the Gargantuan Source") that has given
rise to the largest coherent concentration of artisanal gold
workings in the Guiana Shield.
The Gargantuan Source has a total interpreted strike of 9-12km,
and the Project area of 2,390 hectares, encompasses 40-50% of this
interpreted strike length.
Within the Guiana Shield, the artisanal workings associated with
the Gargantuan Project are an order of magnitude larger than
workings related to most other known > 1 Moz gold deposits and
are only equalled in area by those of the Giant1 ~45
Moz2 Las Cristinas+Brisas gold deposit.
The Gargantuan Source is well defined by the upstream/uphill
limits of alluvial, colluvial and lateritic gold workings and
appears contiguous over 9 kilometres strike with every creek
flowing from it or over it and almost every slope downhill from it
having been worked at some point since the 1880s.
Along strike from the Project's boundaries, recent work by
Goldsource Mines Inc. (TSXV: GSX) has identified a north-south
striking chargeability and resistivity anomaly co-incident with the
Gargantuan Source.
Furthermore, early stage diamond drilling of the Gargantuan
Source, by Goldsource has returned numerous, mostly shallow, high
tenor gold intersections over a strike length of approximately 2
kilometres with results including 69m @ 6.5g/t from surface, 80m @ 2.0g/t from surface,
57m @ 2.6g/t from
surface, 50m @ 2.9g/t from
surface, 10.5m @ 9.9g/t from
81m, 4m @ 25.2g/t from 258m.
The Gargantuan Source hosts several artisanal workings that have
exploited weathered in-situ primary mineralisation which provide
immediate targets for early drill campaigns.
__________________________
|
1 Using
the Definitions of Lazicka, P., 1999 Quantitative relationships
among giant deposits of metals: Economic Geology and the
Bulletin of the Society of Economic Geologists, v. 94 p
455-473
|
2 Reported
as Combined Reserves and Measured, Indicated & Inferred
Resources @ 0.4g/t Au cutoff excluding all credits from Cu + Ag
sourced from: a) Pincock Allen Holt, October 30, 2006,
Technical report, Brisas Project, Venezuela, Feasibility
Update, prepared for Gold Reserve Inc. & b) Mine
Development Associates, November 7, 2007, Technical Report
Update on the Las Cristinas Project, Bolivar State,
Venezuela prepared for Crystallex International
Corporation.
|
Given the above facts: that the Gargantuan Source is defined
over a strike length of 9 kilometres, that it has given rise to
artisanal gold workings equal in area to those arising from a 45
Moz gold deposit located in the same weathering and geological
environment, that a 2 kilometre strike length portion of the
Gargantuan Source has returned good gold intersections, and that
the Project covers 40-50% of the interpreted extent of Gargantuan
Source; Tajiri believes that acquisition of the Gargantuan Project
would provide the Company with an excellent exploration
opportunity.
Epeius Gold Project is located 6 kilometres north of the
Karouni Gold Mine operated by ASX listed Troy Resources Limited
(ASX:TRY) and 600m from Troy's new
Ohio Creek discovery. The Epeius Project is also contiguous
with Tajiri's wholly owned Kaburi Property where drilling in 2013
returned 23m @ 2.7g/t and
8m @ 6.5g/t.
The Epeius Project covers a ~ 17 kilometre strike of the
greenstone belt (referred to as the "Tallman Corridor" by Troy)
which hosts Troy's recently discovered Ohio Creek Deposit with a
maiden inferred resource estimate of 2.2 Mt @ 1.9g/t and where
trial mining is about to commence.
The Tallman Corridor is associated with extensive alluvial
artisanal workings and anomalous stream sediment geochemistry along
the entire 17 kilometres of strike encompassed by the Epeius
Project.
The Epeius Project also contains several targets for immediate
drilling which consist of immediate on-strike extensions from:
primary artisanal workings, soil geochemical anomalies and several
shallow economic drill intercepts generated by Troy at the boundary
of the Project including:
- Ten metres along strike from 3m @
11.2g/t from 91m and 6m @ 4.1g/t from 25m at Ohio Creek South (Figure 8)
- Forty metres along strike from 16m @ 1.1 g/t from 31m at Goldstar (Figure 9)
- 660m from 11m @ 5.1g/t from 73m at Ohio Creek (Figure 8)
- 200m from one of the largest
artisanal pits developed on primary mineralisation in the district.
(Figure 10)
Additional Project Information
The Gargantuan Project is comprised of 34 mining
claim licences and 13 mining permits which total 5,900 acres (2,390
hectares):
Additional arms-length payments that remain to be made to third
party vendors of the Gargantuan Project total USD 380,0000 and are as follows:
- A payment upon transfer of US$
200,000 for 12 mining claims (expected within the next 4
months)
- A payment of US$ 30,000 upon
transfer for 2 mining permits (expected within 3-4 months)
- A payment of US$ 55,000 upon
transfer of 2 mining permits (expected within 3-4 months)
- A payment of US$ 95,000 upon the
transfer of 10 mining claims (expected within the next 9
months)
Apart from the payment of statutory transfer fees for these
properties of approximately US$ 1,000
per licence/ permit there are no other encumbrances, liens or
outstanding interests over the properties that comprise the
Gargantuan Project.
The Epeius project comprises 13 granted mining
permits totalling 13,344 acres (5,400 Ha) and 8 applications for
prospecting permits totalling 9,637 acres (3,900 Ha).
Further technical details of the Projects will be furnished in
subsequent announcements.
Acquisition background
In February, 2019 after Goldsource Mines (TSXV: GSX) and Troy
Resources (ASX:TRY) announced high tenor drill intersections at the
Salbora (including 69m @ 6.5g/t) and
Ohio Creek Prospects (including 16m @
10.1g/t from 2m; 10m @ 16.7g/t from 90m; and 9m @
40.5g/t from 89m), Executive Chairman
of Tajiri Mr. Dominic O'Sullivan
determined that two potentially significant economic gold
discoveries had been made in Guyana and that highly prospective on-strike
extensions to these discoveries were available for acquisition.
Because market financing was not available to Tajiri at that
time for the acquisition of gold exploration projects, such that
Tajiri was not then able to take advantage of the opportunity, Mr.
O'Sullivan arranged to acquire the properties that comprise the
Gargantuan and Epeius Projects privately. To date
approximately US$708,000 has been
spent by Mr. O'Sullivan and others on acquiring the Projects in
arms-length transactions from third party vendors, and two of these
vendors are now shareholders of the private companies vending the
properties to Tajiri. Mr. O'Sullivan's controlled indirect
interest (through holding companies and trusts) in the two Projects
is 48.85%.
Mr. O'Sullivan, is currently a director, officer and a "control
person" of the Corporation for the purposes of applicable
securities legislation.
In addition, Mr. Robert Power a
director and shareholder of the Company, has a beneficial 4.0%
interest in the two Projects.
Terms of the Acquisition and Consideration
The Terms and conditions of the Letter of Intent to acquire the
Epeius and Gargantuan Projects are:
- Payment of US$5,000 to secure a 3
month period for completion of due diligence, preparation of
independent technical reports, and obtaining shareholder and TSXV
approvals and financing; which period may be extended by a further
3 months by the payment of US$5,000.
- Upon receipt of TSXV and shareholders' approval to the
transaction, the Company will acquire all interests in the two
Projects in consideration of issuing 20 million common shares to
the vendors, paying US$150,000, and
reimbursing the Vendors for payments made to third party vendors
(as noted above) between the date of the signing of the LOI and the
closing of the transaction.
- Shares will be escrowed for 12 months, with 25% of the shares
being released after 12 months and an additional 25% every 3 months
thereafter.
- The Vendors will retain a 2% NSR on any production from all
tenements.
- The Vendors will be entitled to receive additional shares equal
in value to 0.02% of the value of all resources (measured,
indicated and inferred) and 1% of the value all reserves (proven
and probable) delineated on the Properties. Such additional
shares will become issuable upon (i) a maiden resource/reserve
statement being published by the Corporation for the properties,
and (ii) upon completion of a bankable feasibility study. The
value of any additional bonus shares will be capped at 15% of the
issued and outstanding shares of the Corporation at the time of
issuance. Bonus shares will be escrowed with 25% becoming
free trading after 6 months and an additional 25% becoming free
trading every 3 months thereafter.
The proposed acquisition will be a "related party transaction"
under TSXV policy 5.9 and pursuant to MI 61-101. As such, the
transaction will require the Company to obtain disinterested
shareholders' approval.
The closing of the Acquisition is subject to several conditions
including, but not limited to the following:
(i) entering into a definitive agreement with the Vendors;
(ii) approval of the majority of disinterested shareholders;
and
(iii) approval of the TSX Venture Exchange (the
"TSXV").
Graham Kevil CEO and President of Tajiri stated: "Combined with
the Tajiri's advanced Reo gold exploration Project located in
Burkina, the acquisition of the Gargantuan and Epeius Projects will
push Tajiri to the front ranks of the global junior exploration
pack. We have maintained the Company through the past 8 years
of challenging times and have emerged with three excellent Flagship
Projects that provide unparalleled exploration potential.
Tajiri is now poised on the cusp of generating significant
investment returns for all stakeholders."
SOURCE Tajiri Resources Corp.