MAS Gold Corp. (TSXV: MAS) announced today the definitive agreement with Comstock Metals Ltd. (TSXV: CSL) for the acquisition of 100% interest in the latter’s Preview SW gold project and property. The acquisition is to be paid through issuing 30.0 million MAS Gold common shares, which are valued at $3.0 million as of the last trading price.
The Preview SW property covers 843 hectares of land contiguous with MAS Gold’s own Preview-North property in northeastern Saskatchewan.
Upon closing, Comstock Metals will have one seat on MAS Gold’s board for a minimum of two years. This is expected to be filled by Comstock Metals CEO Steven Goldman.
Further, Comstock Metals will provide $200,000 for the advancement of the property prior to the closing of the transaction.
The Preview SW property has historically contained 158,300 gold ounces in the indicated category, comparable to MAS Gold’s own Greywacke North property with its estimated mineral resource of 101,000 gold ounces in the indicated category.
The transaction is expected to close in the second half of March 2022, subject to shareholders’ approval and regulatory conditions.
MAS Gold Corp. last traded at $0.1 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.