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District Metals Corp.
Summary
| Project: | Bakar | |
|---|---|---|
| Deposit: | Bakar | |
| Location: | Canada | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 7/17/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 17-7-2019: District Metals Corp. announces a Supporting Acquisition report for its Bakar deposit at the Bakar project. Summary of property in support of acquisition. MK2 Ventures Ltd. (“MK2” or the “Issuer”) as purchaser, and Longford Capital Corp. and Ja | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Luke van der Meer (Independent) | |
| ABSTRACT: | MK2 Ventures Ltd. (“MK2” or the “Issuer”) as purchaser, and Longford Capital Corp. and James Rogers (together, the "Vendors") are party to a purchase agreement dated May 1, 2019 pursuant to which MK2 agreed to purchase and the Vendors agreed to sell, a 100% interest in BC Mineral Tenure number 1064067 (the “Bakar Claim”) for $50,000 cash, 1,250,000 common shares of MK2, and by incurring minimum exploration expenditures of $200,000 within 6 months of closing. In addition, the Vendors shall be granted a 2% Net Smelter Royalty (“NSR”) on the Bakar Claim, such to a right of MK2 to purchase 1% of the NSR for $1,500,000 cash and to purchase the remaining 1% NSR for $5,000,000 cash, eliminating the NSR entirely. In addition, on May 23, 2019, MK2 acquired seven (7) mineral claims (the "Additional Bakar Claims") contiguous to the Bakar Claim. For the purposes of this Report, the "Property" consists of the Bakar Claim and the Additional Bakar Claims, for a total of 8 mineral claims located in the Nanaimo Mining Division totalling 15,686.88 hectares. All of the mineral claims were originally obtained by online staking in late 2018. The Bakar Claim is currently shown in the online registry as being owned 100% by James Rogers, with Longford Capital Corp. being the beneficial owner. The Additional Bakar Claims are owned 100% by MK2. All mineral tenures comprising the Project are in good standing as of the date of this report. | |
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