Xander Increases Presence in Abitibi Greenstone Belt Options Bachelor North Property
January 11, 2021 – TheNewswire - Xander Resources Inc. (TSXV:XND) (FSE:1XI) (OTC:XNDRF) ("Xander" or the "Company") is pleased to announce that pursuant to an Option Agreement dated January 8, 2021 the Company has agreed to acquire a 100% interest in the 35 mineral claims located in Waswanipi, Quebec known as the Bachelor North Property, from an arm’s length vendor.
The Company has an option to acquire the Bachelor North Property in exchange for $2,318.75 cash payable on or before Closing (as defined below); 100,000 common shares on or before Closing; 467,000 common shares on or before three months after Closing; 467,000 common shares on or before six months after Closing; 467,000 common shares on or before twelve months after Closing; and a 2% net smelter return royalty. Closing will occur on or before the seventh day following acceptance by the TSX Venture Exchange of notice of the transactions described herein and no later than January 30, 2021.
James Hirst, CEO of the Company, comments, “Together with our Fenelon and Senneville properties this option positions Xander in its third discovery area in the Abitibi Greenstone Belt. The Bachelor North Property is contiguous to and north of Midland Exploration’s Lewis property, and to the southwest are Soquem, Goldex and Bonterra. The property is located a little east of the Lamarck-Wedding deformation corridor where several mining sites such as the Shortt Lake mine (2.7 Mt at 4.6 g/t Au), the Bachelor mine (869,432 tonnes at 4.7 g/t Au), the Coniagas mine (718,465 tonnes at 10.77% Zinc) and the Langlois mine (65 Kt Zinc concentrate, 2,1 Kt copper concentrate, 553 troy ounces Silver concentrate and 1,9 K troy ounces Gold concentrate) have been exploited. The corridor includes rhyolites said to be fertile with respect to VMS mineralization and a panoply of intrusions ranging from synvolcanic tonalites to late alkaline intrusions (syenites, carbonatites, kimberlites). The rocks covering the property are of felsic to mafic compositions favourable to orogenic gold with granitic masses around the claims. A silver showing of 8.6 g/t Ag was discovered in 1980 by drilling (80-LRC-1) in an H.E.M. conductor identified by geophysics.”
About Xander Resources:
Xander Resources is a junior exploration company focused on developing accretive Gold properties within Canada. The Company currently has a focus on projects located within the Province of Quebec.