- King Global Ventures (KING) has acquired a 1300 ha property group in the Gander Gold Belt Region of Newfoundland
- The company signed a definitive agreement to acquire the Chapel Island Prospect, bringing its holdings in central Newfoundland to 4,144 ha
- The Chapel Island Prospect consists of 54 mining claim blocks with assay results as high as 149.8 g/t Au and 85 g/t Au
- The company will issue 10 million shares and pay C$250,000 cash plus earnout incentives for the acquisition
- King Global Ventures is a junior mining and prospecting company
- King Global Ventures (KING) is trading flat at $0.08 per share
King Global Ventures (KING) has acquired a 1300 ha property group in the Gander Gold Belt Region of Newfoundland.
The company signed a definitive agreement to acquire the Chapel Island Prospect, bringing its total land holdings in central Newfoundland to 4,144 ha.
Chapel Island Prospect
The Chapel Island Prospect consists of 54 mining claim blocks located within the Dunnage Tectonostratigraphic Zone of the Appalachian Orogen.
The Road Zone consists of four historical showings containing numerous gold occurrences. Standout assay results include 85 g/t Au, 32 g/t Au and 27 g/t Au. Chapel Island nickel showings grab samples assayed up to 3.05 per cent Ni.
The Lost Swamp showing is composed of a silicified and carbonate altered coaker porphyry that contains fine grained arsenopyrite. Assay results returned up to 149.8 g/t Au and 23.3 g/t Ag.
The Swamp Zone contains 35 channels cut for a combined length of 35.9 m at eight different locations. The best results were 5.2 m of 484 ppb Au and 0.9 m of 3.9 g/t Au.
Acquisition terms
King Global acquired 100 per cent of the title and interest in the Chapel Island Prospect in exchange for:
- Issuance of 2,000,000 shares, 2,000,000 warrants exercisable at C$0.12 per share for 18 months, and $35,000 cash upon exchange acceptance, plus $100,000 of work completed in the first year
- Issuance of 2,000,000 shares and $45,000 cash on the 14-month anniversary of exchange acceptance
- Issuance of 3,000,000 shares and $50,000 cash on the second anniversary of exchange acceptance
- Issuance of 3,000,000 shares and $120,000 cash on the third anniversary of exchange acceptance
- King Global is subject to a 2 per cent NSR royalty, of which it may acquire 1 per cent for $1 million
John Cook, CEO of King Global Ventures, stated,
“We are pleased to add the Chapel Island Prospect to our current portfolio of prospective gold properties in central Newfoundland. The addition of this highly prospective property group within proven gold-bearing Dunnage Corridor has us quite excited about the potential for further discoveries within this zone.”
King Global Ventures is a junior mining and prospecting company.
King Global Ventures (KING) is trading flat at $0.08 per share as of 10:40 am ET.