お知らせ • Oct 08
Oak Mining Corp. and Impact Silver Corp., Executes A Non- Binding Letter of Intent
Oak Mining Corp. and Impact Silver Corp., have executed a non- binding Letter of Intent for an arm's length transaction whereby Red Oak may earn a 100% interest in the Nuevo Taxco Silver-Gold Project (the "Property") located approximately 80 km south west of Mexico City and west of the municipality of Tetipac within the Pregones Silver-Gold District. Impact Silver conducted initial geological work on the property mapping twenty-one (21) high grade silver veins and identifying initial priority drill targets. Under terms of the agreement (subject to regulatory approval), Red Oak may earn 100% interest in the approximately 1,100 hectare property by completing exploration expenditures of $1,400,000, making cash payments of $300,000 and issuing 3,500,000 common shares to IPT over a 3-year period. Details of the option agreement are outlined below. The Pregones Mining District is one of three principal production centers with the Zacualpan District situated ten kilometers to the northwest and Taxco District ten kilometers to the southeast. The Pregones Mining District shares the same stratigraphy as the Zacualpan District lower Cretaceous rocks of the Telooapan and Acapetlahuaya Formations, both of which are a mixed volcanic and sedimentary assemblage. Whereas in the Taxco District it is correlative sediments of the Mezcala Formation and limestones of the Morelos Formation, also of Cretaceous age. The Pregones Mining District is considered prospective for high grade silver and gold mineralization. Historical mining in the area dates back to the year 1520 with 11 historical mills from that era on the property. The project is considered to be significantly underexplored, with known silver and gold occurrences throughout the property. In 2013, Impact Silver completed a detailed compilation of existing data, followed by a field program which consisted of geological mapping and prospecting which identified a total of twenty-one (21) silver- bearing veins with substantial widths. A collection of a total of 395 rock samples with high silver values grading over one (1) kilogram per tonne silver occur in three samples (1,430, 1,230, 1,100 g/t), 18 samples between 500 and 900 g/t silver and 92 samples between 100 and 499 gr/t silver, most of which come from the twenty-one (21) veins thus far identified. Under the Agreement, Red Oak may earn a 100% interest in the Property by making certain staged cash payments, issuing common shares in the capital of Red Oak to Impact Silver and making exploration expenditures over a 3-year period as follows: (i) $1,000 in cash was paid upon execution of the Letter of Intent in respect of the Transaction; (ii) $49,000 in cash and 500,000 common shares upon TSXV approval of the Transaction and closing of the Financing (the "Closing Date"); (iii) $200,000 in
exploration expenditures on or before September 30th, 2021; (iv) $100,000 in cash, 1,000,000 common shares and $400,000 in exploration expenditures on or before September 30, 2022; and (v) $150,000 in cash, 2,000,000 common shares and $800,000 in exploration expenditures on or before September 30, 2023.