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MG Capital Corp.
Summary
| Project: | JR and RJ | |
|---|---|---|
| Deposit: | JR and RJ | |
| Location: | Canada | |
| Commodities: | Silver-Lead-Zinc | |
| Date: | 11/4/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 4-11-2019: MG Capital Corp. announces a Supporting Acquisition report for its JR and RJ deposit at the JR and RJ project. Summary of properties in support of acquisition. The JR and RJ mineral properties are separate claim blocks located 52 air- kilometre | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Douglas Anderson (Independent) | |
| ABSTRACT: | The JR and RJ mineral properties are separate claim blocks located 52 air- kilometres southwest of Cranbrook B.C. in the East Kootenay region of the province. They are separated by about 5.7kilometres north-south on NTS map-sheets 082F01 and 082F08. The JR property is 5 claims totalling 1855.17 hectares; the RJ property is 8 claims totalling 2808.86 hectares. The claim blocks are viewed as one qualifying property because they cover exactly the same geological setting; the products of ore deposits would be the same - Pb,Zn,Ag hosted by the same rock types, therefore the products could be commingled for processing in one plant; access would be from a common base (Highway 3); powerlines are present between the properties; the products would be sent to the Trail, B.C. smelter. Additionally, if mines were established on the two properties, a reasonable expectation would be that a deposit exists on the intervening ground. Both properties are owned 100% by DLP Resources Inc.(“DLP”), subject only to a 1% net smelter returns royalty on 3 of the claims comprising the JR property (the “NSR Royalty”). MG Capital Corporation, a capital pool company based in Alberta (the “Company”) and DLP have entered into a letter of intent dated effective July 23, 2019 whereby the Company and DLP will negotiate and enter into a definitive agreement pursuant to which all of the outstanding securities of DLP will be exchanged for the issue of common shares of the Company (the “Transaction”). The Transaction will result in the Company owning 100% of the securities of DLP and any of its subsidiaries and affiliates. Consequently, upon completion of the Transaction, DLP will become a wholly-owned subsidiary of the Company and the Company will beneficially own the JR and RJ properties. | |
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