Xander Resources Acquires Senneville East Property

Xander Resources (TSXV: XND) this morning announced that it has expanded its claims to over 21,000 acres at its Senneville Group of properties in the Val-d’Or camp. The property is located in the eastern portion of the Abitibi Greenstone Belt.

The new property, referred to as Senneville East, is comprised of 62 claims. The claims extend east of Highway 397, where it joins Xander’s Senneville West and South Group of Claims, forming a contiguous claim. The most recent drilling on the property occurred in 2012, wherein two of three drill holes reported 9.79 grams per tonne gold over 1.0 metre, and 11.03 grams per tonne gold over 1 metre.

The most eastern portion of the new claims lies overtop of the contact point for the Lanaudiere Formation Volcanics and the Pascalis Batholith, with this border being the site of many significant gold showings. The Mackenzie Break deposit lies on the on the western side of the intrusive, with previous documentation indicating this region should be explored.

The additional property is to be acquired via an option with a purchase letter agreement on May 18, 2020 whereby the company is to enter an exclusive option to purchase a 100% interest in the 62 mineral claims. A 2% net smelter royalty will be applied to the property, in addition to the following:

  1. 450,000 common shares before closing, which is expected to be July 15, 2020.
  2. $5,400 in cash payable on or before closing.
  3. $4,000 cash paid within 90 days of closing.
  4. 410,000 common shares and $12,000 cash issued at the 18 month anniversary of closing.
  5. 230,000 ommon shares and $24,000 cash paid at the 30 month anniversary of closing.

Xander Resources last traded at $0.18 on the TSX Venture.


FULL DISCLOSURE: Xander Resources is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Xander Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Orvana Increases Taguas Resource Estimate To 2.6 Million Gold Equivalent Ounces

Orvana Minerals Corp. (TSX: ORV) today announced that the company has updated the mineral resource...

Monday, July 5, 2021, 04:34:00 PM

Pakistan Government Looking to Borrow Citizens’ Gold in Effort to Boost Forex Reserves

The government of Pakistan is mulling borrowing gold from its citizens in exchange for a...

Monday, February 21, 2022, 01:45:00 PM

New Found Gold Sued By ThreeD Capital Over Private Share Transaction

Sometimes, private transactions are far messier than public transactions, despite what many retail investors think....

Thursday, August 6, 2020, 02:43:48 PM

Low Gold Prices Lead to Increased Demand for the Precious Metal in India

As gold prices suffered some of the largest weekly losses since the end of September,...

Monday, November 30, 2020, 11:16:41 AM

Azimut Exploration To Conduct $25 Million Bought Deal Offering

Azimut Exploration Inc. (TSXV: AZM) announced today that it has entered an agreement to conduct...

Wednesday, June 23, 2021, 08:15:17 AM