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Vanity Capital Inc.
Summary
| Project: | Porcupine | |
|---|---|---|
| Deposit: | Porcupine | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 11/28/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-11-2016: Vanity Capital Inc. announces a Supporting Acquisition report for its Porcupine deposit at the Porcupine project. Summary of optioned Porcupine property. Vanity Capital Inc. has taken an option and desires to conduct an exploration programme f | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Russell Crosby (Independent) | |
| ABSTRACT: | Vanity Capital Inc. has taken an option and desires to conduct an exploration programme for gold on its optioned Porcupine Property, comprising ten (10) unpatented mining claims under and adjacent to the Townsite of Duparquet located in northwest Quebec and includes pa rt of the Porcupine-Destor Fault that passes through it. This Fault is a major structural feature that has been very prolific in hosting a number of productive gold occurrences from west of Timmins, Ontario, through to Val D'Or, Quebec. The option with lamGold Corporation has a simple earn-in agreement whereby the company must spend up to C$1,500,000 on qualified exploration expenditures in work on the ground or as an equivalent payment to lamGold in cash (to count towards the property expenditures) in order to earn an undivided 100% interest in the property within a 24 month period of signing the option agreement on Aug. 30, 2016 and includes a minimum of 5,000 m. of diamond drilling there. lamgold will retain a 2% Net Smelter Return royalty (NSR) as part of a combined 3% NSR that presently exists over the claims. A condition of the Option Agreement is that Vanity Capital Inc. shall enter into an agreement to acquire an interest in the BeattiejDonchester property located north of the Dupa rquet Porcupine property (ownership of which is under 2699681 Canada Ltd. and its successors). Details of the Option Agreement can be found in Appendix 1. | |
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