AurCrest Gold Signs Data Acquisition Agreement with Windfall Geotek Inc. for the Ranger Lake Gold Property
TORONTO, September 2, 2020 - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSXV:AGO) is pleased to announce that the Company has signed a Data Acquisition Agreement with Windfall Geotek Inc. ("Windfall") (TSX-V: WIN) to acquire geological and technical data (the "Data") related to its Ranger Lake Gold Property, a set of 50 cell claims east of the Campbell Gold Mines mill complex in the world famous Red Lake mining district.
Windfall's computer-assisted resource discovery program ("CARDS") analysis assists in the identification of high priority gold targets by combining public and private data sets of interest to the mining community, in this case highlighting areas of interest that are geologically similar to other gold discoveries and deposits in the Red Lake mining district. AurCrest will be using this Data and the high priority targets generated as an exploration tool to support exploration activities in the fall of 2020 through winter 2021. The Company acknowledges that while the Windfall CARDS system employs data from nearby advanced exploration companies and producers, no direct comparison to these sites should be inferred. The Company also acknowledges that areas of mineralization hosted on nearby or adjacent properties is not necessarily indicative of mineralization hosted on the AurCrest Ranger Lake Gold Property.
AurCrest will pay CDN$15,000 and issue of 300,000 common shares of AurCrest to Windfall to acquire the rights to the Data and rights to the CARDS technology necessary to use the Data. A further CDN$25,000 will be paid and a further 400,000 common shares will be issued to Windfall if the Company drills one of the high priority targets identified by the Data within two years of the signing the Data Acquisition Agreement This transaction is subject to TSX Venture Exchange approval.
AurCrest Gold is a leader in the First Nations advancement into shared participation and inclusion in the regional mining opportunities and counts as its board of directors and management, past and present, many indigenous business and cultural leaders. AurCrest is proud to play a leading role in the gold exploration of Northwestern Ontario, especially in the Birch-Uchi Greenstone Belt and the Red Lake mining district, as it forges new business relationships between Canada's founding cultures.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake, Ranger Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
President and C.E.O
Director of Business Development
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AurCrest Gold Inc.
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