- Mariner Resources (RNR) has agreed to purchase 100 per cent of the Shirley Lake and Mt Peyton North gold properties in central Newfoundland
- The Shirley Lake and Mt Peyton North properties were acquired for a total of 575,000 shares in Mariner and a C$2,000 cash payment
- Collectively the properties contain 51 minerals claims stretching 12.75 kilometres of total area
- The Shirley Lake deal also guarantees Mariner will issue 2,500 shares on the anniversary of the deal for 14 years, starting six years after the deal is signed
- Mariner Resources (RNR) is up 33 per cent and is trading at $0.60 per share
Mariner Resources (RNR) has agreed to purchase 100 per cent of the Shirley Lake and Mt Peyton North gold properties in central Newfoundland.
All together the properties amount to 51 minerals claims across 12.75 kilometres of claim.
both properties lie atop the Exploits Subzone, which Mariner believes has been neglected since the last major exploration campaigns in the 1980’s.
Mariner has been studying the Exploits Subzone as its primary exploration target for some time, and has developed a strategy of staking or forming joint ventures along the zone. The zone itself is 200 kilometres long, and runs from Dog Bay southwest to the Bay d’Espoir.
Sampling on the property, conducted on quartz breccias has previously returned assay values as high as 44 grams per tonne of gold.
Mariner will have to pay C$2,000 in cash and issue 575,000 common shares as part of the transaction deal. At today’s share price, those shares are collectively worth $300,000.
The Mount Peyton North deal involves the issuance of 200,000 common shares to acquire the property, while the Shirley Lake property deal will involve issuing 300,000 common shares upon signing.
The Shirley Lake deal also guarantees Mariner will issue 2,500 shares on the anniversary of the deal for 14 years, starting six years after the deal is signed.
The President of Mariner Resources John Williams said the Mount Peyton Linear is one of the most distinct structures crossing the Exploits Subzone which are known focuses of mineralization in the Gander District.
“The grade and consistency of gold assays, and anomalous magnetic data from Shirly Lake is indicative of the great potential of this area,” he said.
Mariner Resources (RNR) is up 33 per cent and is trading at C$0.30 per share at 11:30 am EDT.
