Toronto, Ontario--(Newsfile Corp. - June 25, 2021) - King Global Ventures Inc. (TSXV: KING) (OTC: KGLDF) (FSE: 5LM1) (the "Company" or "King") is pleased to announce that it has signed a definitive agreement to acquire the Chapel Island property located in central Newfoundland. The addition of the Chapel Island property brings King's total land holding in central Newfoundland to (4,144 ha). King's land holdings (Figure 1) are strategically located in one of the most active gold exploration jurisdictions in North America, the Gander Gold Belt Region of Newfoundland, Canada.
Figure 1: King's Newfoundland Property Locations
To view an enhanced version of Figure 1, please visit:
The Chapel Island Prospect consists of 54 mining claim blocks (1,300 ha) located in northeast-central Newfoundland, on Chapel Island, (Figure 2) within the Dunnage Tectonostratigraphic Zone of the Appalachian Orogen.
Figure 2: Chapel Island Prospect Claim Map
To view an enhanced version of Figure 2, please visit:
The Road Zone consists of four historical showings containing numerous Au occurrences. These occurrences have returned individual assay results up to 85 g/t Au and 32 g/t Au and 27 g/t Au. Chapel Island Nickel showings grab samples assayed up to 3.05% Ni.
The Lost Swamp showing is composed of a silicified and carbonate altered Coaker porphyry that contains very, fine grained arsenopyrite, with assay results returning values up to 149.8 g/t Au and 23.3 g/t Ag. At the Swamp Zone, a total of 35 channels were cut for a combined length of 35.9 m at 8 different locations in the old trench. The best results from the sampling were 5.2 m of 484 ppb Au and 0.9 m of 3.9 g/t Au.
John Cook, Chief Executive Officer of King Global Ventures, stated: "We are pleased to add the Chapel Island Prospect to our current portfolio of prospective gold properties in central Newfoundland. The addition of this highly prospective property group within proven gold bearing Dunnage Corridor has us quite excited about the potential for further discoveries within this zone."
King is currently completing the first phase of a $250,000 summer exploration program announced on May 25th, 2021.
Acquisition terms subject to Exchange acceptance:
King will acquire 100% of the title and interest in the property. Issuance of 2,000,000 shares and 2,000,000 warrants exercisable at $0.12 per share for 18 months and $35,000 cash upon Exchange acceptance and to complete $100,000 of work in the first year. On the 14th month anniversary of Exchange Acceptance pay $45,000 cash and issue 2,000,000 shares. On the second anniversary of Exchange acceptance pay $50,0000 cash and issue 3,000,000 shares. On the third anniversary of Exchange acceptance pay $120,000 cash and issue 3,000,000 shares. On achieving an indicated resource exceeding 500,000 ounces of gold in accordance with National Policy 41-101, an additional payment of $1 million. Upon payment of the purchase price King shall have acquired a 100% undivided interest in the property, subject to a 2% net smelter return (the "NSR") royalty, of which 1% can be acquired for $1 million. Advance royalties of $25,000 commence on fifth anniversary of signing of the agreement.
King's projects include 100% interest in the following gold exploration projects:
The Golden Nugget Property consists of a 10 km long contiguous land package (1,850 ha.) of siliciclastic sediments within beds of conglomerates and mafic materials. High grade gold occurs in all rock groups with channel samples having returned values of 50.2 g/t gold over 1.1 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m. These high grade channels are contained within extensive areas of lower to medium grade gold values along the entire length of this 10 km structural corridor.
The Miss Pickle Property (950 ha), is also north of the Davidsville Group and lies in another parallel structure to the Gold Nugget Property known as the Coaker Trend. Historical grab samples include, 7.3 g/t gold over 2.05 m, 8.3 g/t gold over 1.9 m and 7.1 g/t gold over 1.2 m. The length weighed average of 26 channel samples across the zone is 3.2 g/t gold.
The Gold Boulder Prospect consists of four contiguous claim blocks (100 ha) and is located near the small town of Glenwood in Central Newfoundland. Geologically the property is underlain by siliciclastic sediments of the Davidsville Group which is the same geological belt which hosts New Found Gold's high grade Queensway project. The entire prospect is bound on all side by New Found Gold Corp.
About King Global Ventures
King Global Ventures Inc. (TSXV: KING) holds 100% interest in four highly prospective and previously explored gold exploration projects in the Gander Gold Belt Region of Newfoundland, Canada. King is supported by strategic investor Eric Sprott who owns approximately 11.2% of King's common shares.
Additional information about King Ventures can be viewed at the Company's website at www.kingtsxv.com or at www.sedar.com.
On behalf of King Global Ventures
John F. Cook, MIMMM
Chief Executive Officer
The technical contents of this news release were approved by John F. Cook, MIMMM, a qualified person as defined by National Instrument 43-101.
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.
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88640