Royal Gold Mining Inc. Doubles the Size of the Partridge Gold Project in the Normetal-Perron Area, Abitibi, Quebec
Vancouver, BC – TheNewswire - October 13, 2020 – Royal Gold Mining Inc. (TSXV:ROYL) (OTC:NSVLF) (the “Company”) is pleased to announce a major and important expansion of the Partridge Gold Project situated in Abitibi, Quebec.
The Project covers several unique historic gold and base metal (zinc ± copper) occurrences located on structural trend with Amex Exploration Inc.’s high grade Perron Gold Project and the previously producing Normetal mine and VMS deposit.
The Project is comprised of a cluster of several mineral properties totalling 107.2 km2 located in the Abitibi region of northwestern Quebec. The properties lie within a radius of approximately 20 to 60 kilometers to the north and northeast of the mining town of La Sarre, approximately 120 road-km north of the mining center of Rouyn-Noranda, and about 720 kilometres northwest of Montreal. The region has a dense network of paved highways and all-season gravel roads.
On October 8, 2020 the Company entered into a binding agreement to purchase 97 mineral claims totalling 5454.60 hectares from the Vendor. Together with 95 claims (5268.22 hectares) purchased from the same Vendor in January 2020 (see Company press release dated January 17, 2020) the Project total is now 192 claims totaling 10722.82 hectares (107.2 km2).
No new properties have been created; rather the additional claims have allowed the important expansion of 5 of the Company’s existing Partridge Project properties.
The 97 claims were staked by the Vendor soon after the Company purchased the original 95 claims in January 2020, hence their availability to the Company now despite the thousands of mineral licenses that have been registered to others in the Perron and Partridge projects region since early this year.
Pearson Property: The large Pearson property has now been expanded from 62 to 88 claims, for a total of 4648.66 hectares (46.5 km2).
Lac Authier Property: Four geographically separated blocks of claims (10 claims in all), each hosting one historical gold occurrence and purchased by the Company in January 2020, have now been tied together into a single claims block by the addition of 45 claims for a total of 55 claims covering 3057.40 hectares (30.6 km2). The new Lac Authier property hosts all four historic gold occurrences; Ouest Goldfield, Ruisseau Concretion-Nord, Sondage 93-05, and Rang II lot 48.
Lac Turgeon Property: Six small blocks of claims (9 claims in all) purchased by the Company in January 2020 have now been consolidated into 4 larger blocks by the addition of 23 new claims for a total of 32 claims covering 1750.81 hectares (17.5 km2). The 4 blocks of the Lac Turgeon property are on strike with and neighbouring to small properties held by others that contain the historic Rollmac and Lac Turgeon-Rive Ouest gold occurrences.
VA-11-02 Property: One original block of 3 claims previously acquired by the Company has been expanded to 8 claims totalling 451.87 hectares (45.2 km2). The property contains the historic VA-11-02 gold occurrence.
Ruisseau Partridge Block: Increased from one to three claims for a total of 169.24 hectares (0.17 km2).
Royal Gold Mining Inc. has obtained the right to purchase a 100% interest in the 97 mineral claims by issuing 100,000 Units at a deemed price of CAD $0.30 each together with $20,000 payable within 10 days of TSX Venture Exchange approval. Each unit is comprised of one common share and one warrant exercisable at $0.50 for 12 months to acquire an additional common share. The vendor will retain a 2.0% Net Smelter Return royalty. The Company may at any time purchase 1.0% of the NSR for the sum of $1,000,000.
The Partridge Gold Project claims are located in Chazel, Clermont, Disson, Lavergne, Ligneris, Perron, Rousseau and Vanier townships within National Topographic Sheets 32D11, 32D15, 32E01, 32E02, 32E03 and 32E04.
For information on the Project geology, including the numerous documented gold occurrences contained within the Pearson, Lac Authier, Lac Turgeon and VA-11-02 properties, please refer to the Company press release dated January 17, 2020.
Dr. Christian Derosier, P.Geo., D.Sc., is the qualified person (QP) as defined in National Instrument 43-101 and, acting on behalf of Royal Gold Mining inc., has reviewed and approved the technical content of this news release.
Royal Gold Mining Inc. is a mineral exploration company based in Vancouver, British Columbia, Canada. Our primary focus is to identify, acquire, advance and develop North American precious metal exploration projects with solid infrastructure. In addition to its Kirkland Creek project in the Yukon, its recently optioned Beauce Gold property is located in southeastern Quebec. Royal Gold Mining Inc. Is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF THE BOARD
(signed) “Glen Macdonald”
Chief Executive Officer and Director
Contact Person: Mr. Glen Macdonald, P.Geo.
Neither the 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.
This news release may contain forward-looking statements that are based on Royal Gold Mining Inc.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and Royal Gold Mining Inc. undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.