Beatrix Acquires New Gold Property
Beatrix Ventures Inc. (TSX VENTURE:BXV) is pleased to announce that it has acquired an option to earn a 100% right, title and interest in the Lower Seal Harbour Property located in Nova Scotia.
The Property hosts a number of gold veins that were formerly operated as the Lower Seal Harbour Gold Mine. It produced 34,188 ounces (1,063,253 grams) of gold from 1894-1949 and is ranked 12th among historical gold producers in Nova Scotia.
The Property is 4 km southeast of the Goldboro property where Osisko Mining Corporation and Orex Exploration Inc. have identified significant indicated and inferred categories of gold resources in the Upper Seal Harbour gold district. Orex reported a Measured and Indicated Resource of 397,200 ounces contained in 2,711,000 tonnes grading 4.56 grams per ton gold and an Inferred Resource of 405,900 ounces contained in 3,438,000 tonnes grading 3.67 grams per ton gold (cut-off grade of 1.50 grams per ton gold) in a NI 43-101 compliant Technical Report published in September 15 2009.
The Property comprises three (3) exploration licenses for 55 claims covering 870 hectares of highly prospective Meguma sedimentary rocks. Gold at Lower Seal Harbour is generally associated with veins and leads associated with fold structures within the Meguma sediments. Beatrix intends to conduct a compilation of historical records to determine potential gold resources and identify drilling targets.
In consideration of the issuance by Beatrix to the Optionors of 500,000 common shares and 500,000 warrants at a price of $0.10 for a period of two (2) years of Beatrix within five (5) days of the receipt of regulatory approval of the Agreement, the Optionors hereby grant to Beatrix the sole and exclusive right and option, subject to the terms of the Agreement, to acquire 100% of the right, title and interest of the Optionors in the Property, subject only to an aggregate 3% Net Smelter Return Royalty (“NSR”), by incurring exploration expenditures of $25,000 the first year and Royalty Payments of $5,000 per year after four (4) years from the date of the Agreement. 2% of the NSR can be bought by Beatrix for $2 million.
The Agreement is subject to the approval of all regulatory bodies and the Board of Beatrix.
Beatrix is a resource company based in Vancouver, BC and is acquiring gold properties for exploration and potential development in Canada. It owns 50% interest in the Opikeigen Gold Property in Ontario along with joint venture partner SLAM Exploration Ltd. (“SLAM”). Opikeigen is located near Reserve Creek where SLAM has reported gold intercepts up to 16.45 grams per ton over 16.85m.
Posted March 4, 2011
