QCX Gold enters deal to acquire 323 Ont. mining claims

Executive Summary

• QCX Gold Corp. has entered into an agreement to acquire a strategic mining claim package in the Batchawana Bay area of Northern Ontario, directly adjacent to Sterling Metals Corp.'s high-grade copper discovery.
• The acquisition involves 323 contiguous claims sharing over 6.6 kilometers of boundary with Sterling's Soo copper project, positioning QCX in a prolific porphyry-style copper district.
• Consideration for the transaction includes the issuance of 6 million common shares, a $15,000 cash payment, and a 3% Net Smelter Return (NSR) royalty.

Key Details

• Asset Details: Acquisition of 323 individual mining claims covering a large, contiguous land package in the Batchawana Bay area, Northern Ontario.
• Strategic Location: The property directly adjoins Sterling Metals Corp.'s Soo copper project, sharing over 6.6 kilometers of common boundary with the discovery zone.
• Geological Context: Located within the Precambrian-aged Batchawana greenstone belt along the eastern margin of the Mid-Continent Rift; on strike with the historic Tribag mine; shares stratigraphy and structural orientation with Sterling's discovery area.
• Exploration Plans: QCX plans to initiate a property-wide airborne magnetic survey to delineate high-priority copper-molybdenum-silver-gold porphyry targets.
• Transaction Consideration:
  • Equity: Issuance of 6,000,000 common shares to the vendor.
  • Deemed Price: 28 cents per common share.
  • Cash: $15,000 cash payment.
  • Royalty: 3% Net Smelter Return (NSR) granted to the vendor.
  • NSR Buyback Option: QCX has the option to purchase up to 1.5% of the NSR for $1,000,000, reducing the royalty to 1.5%.
• Regulatory Conditions: Completion is subject to regulatory approvals, including TSX Venture Exchange approval.
• Hold Period: All securities issued are subject to a statutory hold period of four months and one day.
• Qualified Person: Kelly Malcolm, PGeo (Director of QCX), has reviewed and approved the geological information, noting assumptions regarding historic sampling standards.

Notable Quotes

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