- Mariner Resources (RNR) has signed an agreement to wholly acquire the 24.5-square-kilometre Gazeebow Property in Newfoundland
- Under the terms of the deal, the company will pay a total of C$7,000 cash and issue a total of 600,000 common shares to the vendors
- The vendors will also retain a two per cent net smelter return royalty on the property, half of which Mariner may purchase for $1 million
- The company has been working to compile all available historic data for the property, which will inform high-priority exploration targets
- Mariner Resources (RNR) is currently steady and is trading at 60 cents per share
Mariner Resources (RNR) has signed an agreement to wholly acquire the 24.5-square-kilometre Gazeebow Property in Newfoundland.
Located within the Exploits Subzone of the Dunnage Zone, 1.5 kilometres west of the Gander River Ultramafic Belt fault, the Gazeebow Property comprises 98 mineral claims which host a significant amount of previously untested gold occurrences.
It also lies 35 kilometres northeast of a gold discovery held by New Found Gold, which, according to a news release dated January 28, 2020, returned a diamond drill holes with 92.86 grams per tonne of gold over 19 metres.
Under the terms of the deal, Mariner Resources may acquire a 100 per cent interest in the Gazeebow Property by paying a total of C$7,000 in cash to the vendors upon signing the purchase agreement and issuing a total of 600,000 common shares upon closing.
The vendors will also retain a two per cent net smelter return royalty on the property, half of which – or one per cent – may be purchased by Mariner for a fee of $1 million.
John Williamson, CEO of Mariner Resources, commented on the agreement.
“The acquisition of the Gazeebow Project brings Mariner into the highly prospective and emerging gold district of the northern Exploits Subzone.
“With geology and structure analogous to gold discoveries in the area, coupled with a known gold occurrence on the property, Gazeebow is a great target for building resources and compliments our True Grit and Middle Ridge projects in the Exploits Subzone,” he added.
Mariner’s management believes that the Exploits Subzone has been largely neglected since the last major exploration efforts in the 1980s. As such, the company has been compiling all available historic data regarding the Gazeebow Property, which has assisted in identifying high-priority targets for further sampling and trenching work.
Mariner Resources (RNR) is currently steady at 60 cents per share at 10:28am EDT.