VANCOUVER, BC / ACCESSWIRE / June 16, 2021 / Alliance Mining Corp. (TSXV:ALM) ("Alliance" or the "Company") is pleased to announce it has entered into an option agreement to purchase the historic Moose claim, in the Bissett-Rice Lake district of southeastern Manitoba.
"Acquisition of the Moose claim continues our efforts to consolidate a significant ground position in this highly prospective area of the Bissett belt." stated Chris Anderson, President of Alliance. "Much of this ground has been unexplored for decades, and we intend to bring modern exploration ideas and technology to this district."
The Moose claim lies eight kilometers southeast of the San Antonio/True North mine-mill complex presently operated by 1911 Gold Corporation in Bissett. The Moose vein was originally staked in 1914, and has been explored by drilling and two shallow shafts, with drifting and cross-cuts. The Moose claim lies two kilometers southeast of the Gold Pan property, the first gold producer, in 1919, in the Bissett-Rice Lake belt. However, an important aspect of the Moose claim, is that it lies directly along strike, on the same fault structure, about one kilometer south of the Nevada gold zone, defined and held by a private company, Golden Pocket Resources Corporation, with 131 drill holes down to 640 meters depth, in 1998.
The Company has the right to purchase a 100% interest in the Moose claims by making cash payments totaling $100,000 over a five year period subject to a 1% net smelter return royalty.
"We will be undertaking data compilation on the Moose property as well as summer prospecting work on our other properties, to prepare for the winter drilling season." stated Anderson. "We're moving forward aggressively toward our objectives in the Bissett-Rice Lake belt
Purchase of the Greenbelt property:
Further to the Company's news release of June 4, 2021, the Company entered into a purchase agreement with 1911 Gold Corp. for the sale of 1911 Gold's 50-per-cent interest in 27 contiguous mining claims, totalling 410 hectares, collectively known as the Greenbelt property, located south of Bissett, Manitoba. The Greenbelt property will be purchased for a total consideration of $500,000, payable in cash or shares of Alliance Mining Corp. Closing of the agreement remains subject to Alliance repurchasing any shares issued as consideration within 121 days of their issue date. 1911 Gold Corp. has an option to retain some or all of the shares issued as consideration for the first 90 days from their issue date, subject to Alliance's right to repurchase the shares.
The purchase agreement is subject to final TSX Venture Exchange approval.
ON BEHALF OF THE BOARD
Christopher R Anderson
Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 488-3900
Investor Relations: 604-488-3900
E-mail: [email protected]
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com . These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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: Alliance Mining Corp.