VANCOUVER, BC / ACCESSWIRE / July 26, 2021 / JNC Resources Inc. (CSE:JNC)(OTC PINK:JNCCF)(FSE:5VH) ("JNC" or the "Company") is pleased to announce that, further to its June 15, 2021 press release, the Company has signed a definitive Asset Purchase Agreement ("APA") with Aussie Precious Metals Corporation ("APMC"). The acquisition of APMC's Trilby and Lorne properties ("Properties") further consolidates JNC's position as a high-potential precious metals exploration company with a dominant land position and defined focus in New South Wales, Australia.
Pursuant to the July 8, 2021 press release, JNC will carry out a two-for-one consolidation ("Consolidation") of its issued and outstanding shares. The APA provides that JNC will issue four million (4,000,000) post-Consolidation common shares ("Shares") to APMC on closing ("Closing") with seventy-five percent (75%) of the Shares subject to "lock-up" provisions. Additionally, a cash consideration in the amount of C$25,000 will be paid by the Company to APMC at the latter of the closing of the acquisition or the closing of the C$5M financing as previously announced on July 8, 2021.
The Properties are located on the Peel-Manning Fault system that is prolifically gold mineralized on its 350km strike length. The geology is highly prospective for the immensely attractive listwanite associated gold deposits. Given the high potential of this underexplored yet highly prospective regional fault system, Newmont Gold recently staked a 1,200km2 land package 30km east of the Peel Manning Fault Zone. With the acquisition of Trilby and Lorne, the Company will be able to complement its Gold Belt property which is also located on the same fault. The three properties will command a large scale land position of 422 km2 which includes 48 historic gold mines and prospects with an average historical production grade of up to 83g/t Au.
"The Peel Manning Fault zone and the surrounding area is obviously highly prospective for gold and Newmont's recent staking in the area further demonstrates such prospect" stated CEO, Michael Mulberry. "JNC is very pleased with the acquisition of the Trilby and Lorne properties which provides the Company with a significant land position in an area with high potential for mineralization and complements the Gold Belt property, further south on the fault.
About JNC Resources Inc.
JNC is a Canada-based junior venture mineral exploration company which is uniquely positioned to be a dominant player in New South Wales, Australia (NSW) through a growth strategy focused on the consolidation and exploration of highly mineralized precious metals properties in this prolific region of Australia. Through its acquisition of Southern Precious Metals Ltd, RooGold Ltd and Aussie Precious Metals Corp properties, it will command a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 and that is home to 137 historic mines and prospects.
For further information please contact:
Michael Mulberry
T: 778-855-5001
[email protected]
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
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SOURCE: JNC Resources Inc.