Precore Gold Completes 100% Acquisition of the Lac Big-Rush Gold Property in the Prolific Chibougamau Mining Camp of Quebec

Article content

THE TRANSACTION

Article content

Pursuant to the Definitive Option Agreement between the private Vendor and the Company, the Company has acquired 100% interest in the Property in consideration of the previous payment of $15,000 and the issuance of 400,000 common shares:

Article content

A total final cash payment of $20,000 to the Vendor in lieu of $15,000;

Article content

And a total issuance of 250,000 common shares of the Company in lieu of 200,000 including milestone payments. The common shares issued in connection with the 100% acquisition are subject to a statutory hold period of 4 months and 1 day in accordance to the Canadian securities laws.

Article content

The Vendor will retain a 2% Net Smelter Royalty (NSR) from the proceeds of any commercial production. The Company will have the right to purchase up to 1.5% of the remaining NSR for the sum of $1,000,000 at any time, by providing the Vendor written notice to that effect. The Vendor will have no area of interest surrounding the Property. The Transaction is subject to the CSE approval.

Article content

Qualified Person

Article content

The scientific and technical content of this news release has been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ #107538), Director & Lead Technical Advisor of Precore Gold, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Article content

Article content

About Precore Gold Corp.

Article content

Precore Gold is a Canadian junior gold exploration company focused on building a solid portfolio of exploration projects with strong gold discovery potential, in order to capture the strength of the gold market and to generate long-term shareholder returns. The Company is focused on their flagship properties, the Arikepay property, in Arequipa, Peru and the Lac Big-Rush property in Chibougamau, Quebec. The Company plans to seize opportunities, whereby promising properties are located in prolific mining camps, in politically stable jurisdictions, that contain important historical drilling results that have not seen any follow-up work in years. Precore Gold’s mission is underpinned by diligent environmental, social and corporate governance (ESG) standards.

Article content

For shareholder inquiries, please contact:

Article content

Article content

Forward-looking statements

Article content

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the completion of the Second Tranche, future geological work or exploration programs, the potential positive exploration results, the timing of the exploration results, the ability of the Company to finance exploration programs and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

Article content

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Article content

Photos accompanying this announcement are available at

Article content

Article content

Article content

Article content

Article content

Article content

Article content