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Power Americas Minerals Corp.
Summary
| Project: | Kittson-Cobalt | |
|---|---|---|
| Deposit: | Kittson-Cobalt | |
| Location: | Canada | |
| Commodities: | Cobalt-Gold-Silver-Copper-Nickel | |
| Date: | 2/16/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 16-2-2018: Power Americas Minerals Corp. announces a Supporting Acquisition report for its Kittson-Cobalt deposit at the Kittson-Cobalt project. Summary of property in support of acquisition. Mr. Steven Flank, M.Sc., P.Geo. has been retained by Power Amer | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Steven D. Flanks (Independent) | |
| ABSTRACT: | Mr. Steven Flank, M.Sc., P.Geo. has been retained by Power Americas Minerals Corporation to produce a NI 43‐101‐compliant Technical Report on its Kittson‐Cobalt Project. This report has been prepared in accordance with National Instrument 43‐101, Companion Policy NI 43‐101CP, and Form 43‐101F. The claims of the Kittson‐Cobalt Property are registered to both Neil Pettigrew (5 claims) and Benjamin Kuzmich (10 claims) (see Table 4Five (5) mineral claims currently registered to Neil Pettigrew were purchased through an option agreement whereby, under the terms of the Option Agreement, Power Americas earned a 100% interest in the Property for an aggregate purchase price of $1,155,000 paid by a combination of common shares and cash, of which $1,125,000 of the purchase price was satisfied by the issuance of 25,000,000 common shares at a deemed price of $0.045 per common share and a one time only $30,000 payment. The Property is subject to an underlying 2% Net Smelter Return (NSR) royalty in favour of the underlying optioner, Mr. Neil Pettigrew, of which 1.5% may be purchased by the Company for $1 million (see Power Americas Press Release dated Jan 23, 2017). Power Americas has warranted in writing that the terms of the option agreement have been met and Power Americas now owns 100% of these 5 claims. Ten (10) additional claims registered to the original claim staker, Mr. Ben Kuzmich, are subject to an option agreement disclosed by the company on November 22nd, 2017. Power Americas can acquire 100% interest in the claims under the terms of a share purchase agreement for a purchase price of $1,430,000 payable by the issuance of 13,000,000 common shares of the Company at a deemed price of $0.11 per share. This transaction is subject to TSX Venture Exchange approval. | |
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