Taku Gold Corp. (TAK:TSX.V; TAKUF:OTCMKTS) announced in a news release it acquired the Gold Run and Midas properties in the Yukon's White Gold District, thereby extending its recently purchased Portland gold project to 13 kilometers along trend.
Gold Run is a roughly 895 hectare area, consisting of 44 contiguous quartz claims, located about 47 kilometers (47 km) from Dawson City. The property covers a 4 km segment of the regional Rabbit Thrust Fault "that is reported to extend at least 55 km with gold mineralization reported along its length," the release noted.
Midas spans 1,322 hectares, consists of 65 contiguous quartz claims and is located 38 km from Dawson City. It covers the Gold Run Fault, which a southwest-dipping thrust fault parallel to the Rabbit Thrust Fault.
Per the terms of the two option agreements, one for each property, Taku will pay $150,000 in cash and 300,000 shares apiece over a five-year period, along with a 2% nonsmelter return royalty, half of which it may repurchase for $1.5 million.
Once the option agreement ends, Taku will pay an advance minimum royalty payment of $10,000 to the prospector on each project. Further, if Taku Gold completes a prefeasibility study then it will pay $1.50 for every gold equivalent ounce in the Inferred or higher category.
In its 2019 field program, Taku Gold will concentrate on the Run, Midas and Portland properties but also do work at Rosebute and Lucky Joe further south.
In other news, the minerals exploration company appointed Jordan Butler as its new CEO. Butler has a background in capital markets and corporate development within the natural resource sector, having worked for enCore Energy Corp., Callinex Mines, Golden Predator U.S. Holding, GoldMining and Wolfpack Gold Corp.
As part of Butler's appointment, Taku granted 200,000 stock options exercisable at $0.07 per share over a three-year period.[NLINSERT]
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