Beauce Gold Fields Issues Royalty Payment Increasing HPQ Silicon Holding
Montreal, March 5, 2021 - Beauce Gold Fields (TSXV: BGF) (Champs D'Or en Beauce) ("BGF"), settles outstanding debts of $50,000 due as the balance of NRS of $35,000 and $25,000 payable to HPQ-Silicon Resources Inc (TSXV: HPQ) for the period of 24 months including the years 2019 and 2020, in accordance with the sale agreement dated December 27, 2018 entered into by HPQ and the Corporation by which the Corporation acquired 120 mining claims located NTS sectors 21L02 and 21L07 as well as 7 Real Estate Lots, known as the Beauce Placer Property, by means of the issuance of 166,667 shares at a price of $0.30 per share. Each share issued pursuant to the debt settlement will have a mandatory four (4) month and one (1) day holding period from the date of closing. It being understood that this settlement is subject to the approval of the TSX Venture Exchange.
With this issuance of shares, HPQ will own 3,036,800 shares of BGF, or 7.25% of the outstanding float of BGF. BGF was spun out from HPQ by way of a plan of arrangement to become on February 4 2019, a TSX-V trading company.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec. The Company's flagship property is the St-Simon-les-Mines Gold project site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced the largest gold nuggets in Canadian mining history (50oz to 71oz). The intent of Beauce Gold Fields is to trace the workings back to the bedrock source and uncover economic gold mineralization.
Comprising 152 contiguous claims and 7 real estate lots, the project area contains a six kilometer long placer channel consisting of an unconsolidated gold-bearing auriferous units of a lower saprolite and an upper brown diamictite. The Company has calculated a theoretical Gold Exploration Target for the entire historical placer channel ranges between 61,000 ounces (2,200,000 m3 @ 0.87g Au/m3) and 366,000 ounces* (2,200,000 m3 @ 5.22 g Au/m3).
*Source: Beauce July 4th 2018[43-101 Report.
The Company has identified a major Fault Line that coincides with an interpreted fault structure across the property. Evidence suggests the erosion of the Fault Line as a probable source of the historical placer gold channel, and has conducted bedrock sampling and geophysics outside the expression of the placer gold channel. The company will focus on the remote sensing surveys and compilation of the new information to prioritize its future programs.
Beauce Gold Fields website www.beaucegold.com
Disclaimers:
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding mineral exploration. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
For further information contact
Patrick Levasseur, President and CEO Tel: (514) 262-9239
Bernard J. Tourillon, Chairman and COO Tel (514) 907-1011
www.beaucegold.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76199
