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Troy Energy Corp.
Summary
| Project: | Yellowknife | |
|---|---|---|
| Deposit: | Yellowknife | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 12/12/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-12-2017: Troy Energy Corp. announces a Supporting Acquisition report for its Yellowknife deposit at the Yellowknife project. Technical report of the property. Troy Energy Corporation’s (“Troy”) Yellowknife Gold ("YG") Project consists of seven mineral | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Derek Harold Clement Wilton (Memorial University of Newfoundland) | |
| ABSTRACT: | Troy Energy Corporation’s (“Troy”) Yellowknife Gold ("YG") Project consists of seven mineral claims (M102011 to M1202017) and three mineral leases (NT3020, NT3021, and NT3022) covering an aggregate area of 3230.99 ha in the Northwest Territories, Canada; the claims and leases are contiguous. The southwestern edge of M102011 (the southernmost block), at 63.05455°N and 114.09883°W, is approximately 68.65 km northeast of the city of Yellowknife, Northwest Territories, Canada. The northeastern edge of M1202017 (the northernmost block), at 63.14732°N and 113.95720°W, is approximately 80.76 km northeast of the city of Yellowknife. On July 18, 2017 Troy announced that the company had entered into a binding letter agreement ("Option Agreement") with BEC International Corp (“BEC”) to acquire 100% interest in three mining leases and seven adjoining and contiguous mineral claims in the socalled Yellowknife Gold Belt. According to the agreement Troy will (i) issue 8,250,000 common shares in the capital of Troy at an ascribed price of $0.05 per share; (ii) provide cash consideration of $170,000, payable as to $42,500 upon closing of the transaction and a further $42,500 on each of the six (6), twelve (12) and eighteen (18) month anniversaries of the closing date; (iii) agree to a 1.5% net smelter royalty in respect of the leases, with an option to buy out 0.75% of such royalty for $1,500,000; and (iv) agree to a 2.5% net smelter royalty in respect of the claims, with an option to buy out 1.25% of such royalty for $2,500,000 to BEC. | |
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