Visionary Gold Corp. (TSXV: VIZ) ("Visionary" or the "Company") is pleased to announce that it has entered into an agreement to acquire ~6,000 acres of state leases and unpatented mining claims from Innovative Exploration Ventures, LLC ("IEV") for $99,000 (the "Transaction"). The payment will be satisfied through the issuance of for 550,000 common shares of Visionary stock at a deemed price of $0.18 per share. (the "Transaction"). IEV will also transfer to Visionary its statewide geologic database including airborne magnetics, geochemical data, structural and lithological maps, drillhole database and sample library. Additionally, IEV members and professional geologists James Davis and Dr. Ron Marrs, have agreed to assist Visionary with data interpretation and exploration program design on its newly acquired land package.
Visionary CEO, Wes Adams comments: "Our acquisition of IEV's properties and database gives us several new gold targets with exploration concepts developed by Mr. Davis and Dr. Marrs that are based on sound geologic principles. The large geologic database represents around 25 years of regional work and will certainly be useful as we begin our field work in 2021. Last week, we announced several new additions to our exploration team including some highly successful geologists with a strong history of making discoveries across the globe. Mr. Davis and Dr. Marrs are contemporaries of our new advisors and will work together with our team to help us on our Wolf Gold Project, to be drilled this summer; on surrounding targets at our Miz and BM (Lewiston) Claims; and regionally on our exciting new land package, which are all within a one hour drive from the Wolf. That IEV accepted all stock for consideration is a testament to IEV's confidence in our team and in our projects and we are excited to be working with them to develop our newly acquired land package."
Closing of the Transaction is subject to a number of conditions customary for a transaction of this nature, including acceptance of the TSX Venture Exchange.
For further information, please visit the company website at www.visionarygoldcorp.com
Wes Adams, Chief Executive Officer
Visionary Gold Corp.
410-325 Howe Street
Vancouver, BC V6C 1Z7
Tel: (303) 809-4668
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to the closing of the Transaction and advancement of the Wolf Gold Project and the Company's other target areas. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, acceptance of the TSXV and satisfaction of the other conditions to closing of the Transaction; capital and operating costs varying significantly from management estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; inflation; fluctuations in commodity prices; delays in the development of projects; and the other risks involved in the mineral exploration and development industry generally. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83422