Mistango Announces Closing of Goldie Expansion Project
Toronto, May 30, 2023 - Mistango River Resources Inc. (CSE: MIS) ("Mistango" or the "Company") is pleased to announce the closing of its previously announced acquisition of the 100% owned Goldie Expansion Project (the "Interest"). The Project consists of 350 claim units covering over 7,447 hectares that extend the Goldie Project over a total of 89 square kilometres along the Shebandwan Greenstone Trend. The Goldie Expansion is contiguous to Mistango's existing Goldie Project and Delta Resources Limited's (TSXV: DLTA) Delta 1 Project and straddles the Trans-Canada Highway.
Map of Goldie Project in Shebandowan
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About the Goldie Project
Goldie is within the Shebandowan Greenstone Belt, which also hosts Goldshore Resources Inc.'s (TSXV: GSHR) low-grade, high-tonnage Moss Lake gold deposit, 50 km to the west. Goldie is also adjacent to Delta Resources Ltd. (TSXV: DLTA) Delta 1 Gold Property.
The Goldie claims are located on the southern contact of the Timiskaming type Shebandowan Assemblage with the metavolcanics (felsic to ultrabasic) of the older Greenwater assemblage. The local geology consists of intercalated marine sediments (greywackes, arenites, and shales) cut by trachyte to trachyandesite low level dikes or sills. Previous exploration programs have referred to the trachytes as syenites. Gold mineralization is usually found in the volcanics associated with silicification, quartz veins or stringers and cubic pyrites. Associate alteration minerals are chlorite and ankerite as indicated by previous work.
The Company acquired the interest in the Goldie Expansion Project pursuant to a mining property acquisition agreement dated May 1st, 2023 (the "Purchase Agreement") between the Company and arms length vendors (the "Vendors"). As consideration for the interest in the Goldie Expansion Project, the Company issued 3,000,000 common shares (the "Consideration shares") and 1,500,000 warrants (the "Consideration Warrants") with an exercise price of $0.10 for a period of two years. The Company also paid a $50,000 dollar cash payment on the closing of the acquisition. The Goldie Expansion is royalty-free except for two claims, which have a 1% NSR with a right to buy back 3/4 thereof.
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QP Statement
The technical information in this news release has been reviewed and approved by Jared Beebe, P.Geo. and géo., a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." In addition, the vendor analyzed the mineralized intervals reported in this news release. Although all the certificates are available for the reported intersections, Mistango is only considering these results to indicate the presence of significant mineralization and will implement a comprehensive QAQC program in its sampling programs.
About Mistango River Resources Inc.
Mistango is a Canadian-based exploration and development company focused on its Kirkland Lake West and Omega projects in the Kirkland Lake District of Ontario's Abitibi Greenstone Belt. The Company is listed on the Canadian Securities Exchange (CSE) under the symbol MIS.
Neither Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Mistango assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Mistango. Additional information identifying risks and uncertainties is contained in filings by Mistango with Canadian securities regulators, which filings are available under the Mistango profile at www.sedar.com.
For the latest updates, please contact or follow us on Twitter @mistango_
To Speak to the Company directly, please contact:
Stephen Stewart, Chairman
Phone: 416.644.1567
Email: info@oregroup.ca
www.mistango.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167884
