Vancouver-listed IMPACT Minerals can acquire the Growler gold property in central Guyana.
The agreement is with a Guyanese partnership, Eagle Mountain Associates. IMPACT may earn its initial interest by paying a total of $40,000 cash, issuing 100,000 shares and spending US$500,000 on exploration work during an 18-month period. It may earn an additional 10% by paying $50,000 and spending a further US$500,000 on exploration. It may acquire the remaining interest by issuing another 100,000 shares and spending $1 million on exploration. The 790-acre Growler property is in the Potaro mining district, 27 miles southwest of the producing Omai gold mine. The property’s Bishop vein was mined from underground between 1975 and 1983; access was by way of two shafts. The company is planning a first phase of exploration, which will include surface work and some drilling; other targets on the property will be evaluated.
Meanwhile, IMPACT and Guyana-based Mining Engineering & Transportation Enterprises have agreed to explore jointly for precious metals and diamonds in the South American country. IMPACT has also entered a 1-year consulting arrangement with Eagle Mountain partner Gustav Jackson.
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