AurCrest Gold Announces Staking of New Exploration Property in the Red Lake Mining District
July 29, 2020
Toronto, Ontario, July 29, 2020 - AurCrest Gold Inc. (the “Company” or “AurCrest”) (TSX-V: AGO) is pleased to announce the acquisition of a further 50 claim cell units representing a 2.3km by 4.4km block encompassing approximately 1,010 hectares and named the Ranger East Property, adjacent to its previously acquired Ranger Lake Property. The Ranger Lake Property lies approximately 10 kilometres due east of the Red Lake and Campbell Gold Mines in the world famous Red Lake mining district. The acquisition of these claims brings AurCrest’s holdings in the area to a total of 100 claim cell units encompassing approximately 2,020 hectares.
AurCrest also holds the Richardson Lake Gold Property, located approximately 100 kilometres eastnortheast of Red Lake, which included several new gold discoveries through 2012 and 2014 work programs. The Company has optioned the Western Fold Property (See Press Release dated December 24, 20219), a set of claim cells contiguous to the Richardson Lake Gold Property and to the west, to Newrange Gold Corp (“Newrange”) for cash ($30,000 on signing / $70,000 on 1st anniversary / $100,000 on second anniversary) and shares (150,000 Newrange on signing / 350,000 on 1st anniversary / 500,000 on second anniversary) and a 2% NSR (1% of which may be purchased by Newrange for $1,000,000.00 cash payment.).
AurCrest also vended its Confederation Lake belt properties to Pistol Bay Mining Inc. (“Pistol Bay”), for cash and share consideration (See Press Release dated November 16, 2016). In January 2020, Pistol Bay accelerated the exercise of the option and acquired a 100% interest in the properties. This project has recently been the focus of several other companies earning an interest in the claims through option from Pistol Bay.
AurCrest Gold is a leader in the First Nations advancement into shared participation and inclusion in 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.
The Company also wishes to announce that it has issued 8,000,000 options to the Company’s directors and officers. The options are exercisable at a price of $0.05 for a period of five years.
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 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.