- Cross River Ventures (CRVC) has completed its acquisition of the McVicar Lake Gold Project in northwest Ontario from Argo Gold
- The company issued a total of 2.5 million common shares to Argo along with C$200,000 in cash
- Argo Gold will retain a 2 per cent royalty on the project, half of which may be purchased by Cross River for $1 million
- The purchase consolidates the company’s presence in the region, following the acquisition of Northern Dominion Metals and its assets on November 6, 2020
- Cross River Ventures is currently down 5.88 per cent to 40 cents per share
Cross River Ventures (CRVC) has completed its acquisition of the McVicar Lake Gold Project in northwest Ontario from Argo Gold.
Located in the Patricia Mining Division, roughly 150 kilometres east of Red Lake and 80 kilometres west of Pickle Lake, the 2,304-hectare property consolidates Cross River’s presence in the region following the acquisition of Northern Dominion Metals and its assets on November 2, 2020.
Under the terms of the agreement, Cross River issued a total of 2.5 million common shares to Argo Gold along with C$200,000 in cash.
Argo Gold will also retain a two per cent royalty on the McVicar Lake Project, half of which may be purchased by Cross River at any time for $1 million.
“This acquisition gives us essentially an entire underexplored greenstone belt in one of the best places in the world for significant gold discovery,” said Alex Klenman, CEO of Cross River Ventures.
“The little bit of historical work by BHP is compelling, and we think by applying newer exploration techniques and strategies the exploration upside is clear,” he added.
In the early 1990s, BHP Minerals Canada returned a series of 34 channel samples collected from the McVicar Lake Project with an average value of 28.8 grams per tonne of gold. Notably, three of these samples returned more significant values, including 578.1, 533.5 and 412.5 grams per tonne of gold.
Cross River now plans to complete a high-resolution airborne magnetic survey over the project, along with LIDAR imagery, in the Spring of 2021. Ground truthing of high priority targets has also been planned for the Summer.
Cross River Ventures is currently down 5.88 per cent to 40 cents per share at 1:23pm EST.