Calgary, Alberta--(Newsfile Corp. - October 26, 2022) - Silk Road Energy Inc. (TSXV: SLK), doing business under the name of Record Gold, reports that it has received approval of its acquisition of the Four-Nations Grenfell gold property from the TSX Venture Exchange.
The agreement enables Record Gold to earn a 100 percent interest in two claim-blocks comprising 5.2 square kilometres in the Grenfell Township located approximately 8.5 kilometres due west from the Macassa Mine near Kirkland Lake, Ontario.
The Four-Nations Grenfell property claims host multiple gold occurrences according to historical work files submitted to the Ontario Government. There has also been drilling conducted on the property that intersected gold mineralization.
The agreement also includes 13 claim-cells in Northwestern Ontario in the vicinity of the Manitoba border.
This is an arms-length transaction in which Record Gold will pay a private exploration company $50,000 in cash over three years and issue a total of two million shares.
The shares are paid over two years: one million payable upon closing and 500,000 shares each to be issued on the first and second anniversaries of the closing date. There are no work commitments on the properties.
Record Gold will act as sole operator of the exploration program on the claims. The vendor will hold a 1.5% Net Smelter Royalty (NSR) on the Asset. One third of this NSR can be purchased by Record Gold for $400,000.
The company also reports that it has completed three kilometres of magnetic and VLF geophysical surveys on its recently acquired Kenogami East property. As well, Record Gold management visited the Four-Nations Grenfell property, as well as the Kenogami East gold property to verify the locations and existence of data as reported in assessment files.
The Hecmac Syndicate, an exploration group, drilled four short-holes in 1959 which assayed 3.5 grams per tonne gold over 1.07 metres (0.10 oz/t gold over 3.5 feet). Trenching in 1960 by another group reported assay values ranging from 1.7 grams per tonne gold (0.05 oz/t gold) to 16.4 grams per tonne gold (0.48 oz/t gold).
There has also been drilling, trenching and small-scale mining conducted on the adjacent property that intersected significant gold mineralization.
The company also reports that it has closed its private placement announced in 2021. Additional funds in the amount of $12,000 were generated from the issuance of 200,000 shares at $0.06 per share. The terms of this share offering are now no longer available. In connection with this final share issuance was the issuance of 200,000 warrants exercisable at $0.12 per share. A total of $101,000 was raised through this private placement in a series of closings. The company reports that, following this financing, it will have 29,276,104 shares outstanding. This financing is subject to TSX Venture Exchange, regulatory and board approvals.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Silk Road Energy Inc. (doing business under the name Record Gold)
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such 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 the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
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