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Wildcat Exploration Signs LOI for Gold Properties in Flin Flon
Wildcat Exploration (TSXV:WEL) has entered into a non-binding letter of intent with property owners of gold properties in the Flin Flon – Snow Lake mining area of Manitoba, for 100% interest upon completion of the transaction. Under the agreement, the parties will enter into definitive agreements, subject to applicable regulatory and board approvals, on or about May 31, 2015, or another date that the parties agree on. Acquisition of the gold properties will be for $200,000 to be satisfied by a non-interest bearing demand note payable to Copper Reef, secured by the gold properties.
Wildcat also signed a letter of intent with owners of diamond exploration companies in the Pikoo and Fort a la Corne areas of Saskatchewan. These acquisitions aim to focus Wildcat as a gol, as well as diamond, exploration company.
Wildcat also announced a private placement for $400,000, consisting of both flow through and non-flow through units.
As quoted in the press release:
The proposed acquisitions also include 100% interests in five gold properties in the Flin Flon area of Manitoba that are prospective for gold, totaling 4,722 ha. The properties, known as the Alberts-Gwynn, Otter, Kiss, Burn, and Jewel Box mineral claims, are to be acquired from Copper Reef. The Flin Flon – Snow Lake belt is one of the largest Paleoproterozoic volcanic-hosted massive sulphide districts in the world. It is an historic precious and base metal mining district in northern Manitoba, where at least 27 mines have operated, most of which have produced copper, zinc and associated precious metals, although several have produced principally gold and silver.
Consideration for the gold properties will be $200,000 to be satisfied by a non-interest bearing demand note payable to Copper Reef, secured by the gold properties.