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DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Goldeneye Resource Corp. ("Goldeneye" or the "Company") (TSXV: GOE ) is pleased to announce the Company has obtained conditional acceptance for the Grand River Ultramafic Belt East Project ("GRUBE") by the TSX Venture Exchange
Pursuant to a Purchase Agreement dated June 15, 2021 (the "Agreement"), between the Company and Unity Resources Inc. (the "Vendor"), the Company has agreed to to acquire an undivided 100% interest in the GRUBE Project, located in Newfoundland, Canada.
The GRUBE Project is contiguous to the eastern side of New Found Gold's (TSX.V:NFG) Queensway Project, straddling the Gander River Ultramafic Belt (GRUB), which has the potential to be one of the main corridors for the transport of gold mineralization in the area. The project covers geological terrain that has the potential to host mineralization in secondary and tertiary structures following the presumed epizonal geological model at the Keats, Knob and Lotto Zones located 20 km's to the North.
Under the terms of the Agreement, the Company will earn a 100% interest in the GRUBE Project by making a $25,000 cash payment, issuing 1,100,000 common shares to the Vendor on closing. The GRUBE Project is subject to a 3.0% NSR royalty.
The Royalty will be governed by a separate royalty agreement. The royalty agreement will include right of first offer to acquire 66.67% of the Royalty (equal to a 2% net smelter return royalty) for a cash payment of $1,500,000.
Final acceptance of this submission will be conditional upon the receipt of complete and satisfactory documentation and information required in accordance with Policy 5.3. Specifically, a 43-101 technical report on the property and a financial plan. The Company is in the process of completing a technical report on the GRUBE Project.
In addition, the Company will not proceed with the 100% option on the Big Mike precious metal project, located in the Golden Triangle of British Columbia, Canada as reported by news release on April 9 , 2021.
About Goldeneye Resources Corp.
Goldeneye is a mineral exploration company engaged in exploration of precious metal and base metal projects in North America. Goldeneye has signed definitive agreements with Unity Resources Inc. to acquire 100-per-cent interest in mineral claims known as the Roberts Arm, Grand Lake and Gander River Ultramafic Belt East (GRUBE) projects. The projects are located in the province of Newfoundland and cumulatively encompass a land area of approximately 148 square kilometres (approximately 14,800 hectares).
The Company has signed a definitive Agreement with Windfall Geotek for the The Corallen Lake property which lies less than 9 km northwest of the Red Lake Main Gold Trend and Hosts favorable geological units within the property boundary that have been proven in the Red Lake mining camp .
For further information, please contact:
Jack Bal
CEO of Goldeneye Resources Corp.
Email: jackbalyvr@gmail.com
P hone: 604-306-5285
Additional information about the Company is available under Goldeneye's profile on SEDAR at www.sedar.com . Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains 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 using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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