Goldcore Resources Ltd (CVE:GEM ) (FRA:BK2P), formerly known as Berwood Resources, announced Tuesday that it has entered into a definitive agreement to acquire mineral claims near a high prospect for gold and silver.
The Stallion Project in British Columbia's famous Golden Horseshoe region is contiguous to Benchmark Metals Inc’s (CVE:BNCH) (OTCQX:BNCHF) Lawyers gold and silver project, Goldcore said in a statement.
The Lawyers project has reported core length intervals from drill intercepts of 2,360 grams per tonne (g/t) silver and 11.3 g/t gold over 1 metre (m), 1.2 g/t gold, and 22.2 g/t silver or 1.4 g/t gold equivalent across 102m as well as 30.6m of 2.1 g/t gold and 107.1 g/t silver or 3.4 g/t gold equivalent.
READ: Goldcore Resources, the renamed Berkwood Resources, pushing ahead at Lac Gueret South graphite project
Goldcore's Stallion property is accessible by an existing short extension of the all-season Omineca Road to Resources, which services the Kemess mine and supports parallel hydro-electric power. Stallion covers over 30 square kilometres and is on regional trend with several past-producing mines such as Baker, Shasta, and the world-class Kemess Mine.
Goldcore said that its management cautions that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the company's properties.
Benchmark recently completed an oversubscribed financing raising over $50 million. It said proceeds will be used to extend and expand the 2020 drill program to 100,000m and a planned 2021 200,000m drill program as well as prepare for a resource estimate and preliminary economic assessment early in 2021.
The company also said it has entered into an arm's length definitive agreement with a private company and its shareholders under which Goldcore has agreed to acquire all of the issued and outstanding shares of a vendor by the issuance of four million shares in consideration for the acquisition.
In other news, Goldcore has announced a non-brokered private placement to raise up to $1.5 million consisting of 15 million units at $0.10 per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.20 for a two-year term.
The term of the warrants to be issued may be accelerated by the company in the event that its shares trade at or above $0.25 for a period of 10 consecutive days. In such a case of accelerated warrants, the company may give notice, in writing or by way of a news release, to the holders that the warrants will expire 30 days from the date of providing such notice.
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