CTCGF - C2C Gold Acquires Golden Nugget Project
(TheNewswire)
Vancouver, British Columbia – July 10, 2023: C2C Gold Corp. (CSE:CTOC)(the “ Company ” or “ C2C ”) announced today it has entered into anoption agreement for 100% of the Golden Nugget Property, located onNew World Island in Canada’s Newfoundland. This Project liesimmediately adjacent to the Company’s Dunnage Project which includesan outcropping quartz vein containing visible gold, arsenopyrite andstibnite returned 120 g/t gold ( C2C NR Sept. 12, 2022 ). The Golden Nugget Property comprises 9 mineral licensescovering approximately 20 km 2 , and is located approximately 90 km north ofGander, NL. This acquisition is in keeping with C2C Gold’s strategyto acquire advanced drill ready projects while evaluating andadvancing key projects from within the Company’s significant landholdings.
Golden Nugget ProjectHighlights
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The Big Oz showing – 29.2 g/t gold over 2.5m,including 87.0 g/t gold over 0.8m, and 27.9 g/t gold over1.22m;
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The Gina showing – 49.0 g/t gold over 0.3 m, and 18.8g/t gold over 0.3 m;
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The Red Fox Showing – a visible gold discovery in astrongly altered and silicified dyke within the DunnageMelange;
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Airborne geophysics completed in 2022, with analysisreports by GoldSpot Discoveries;
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Extensive prospecting, geological and structuralanalysis, with rock and soil sampling campaigns by prior operatorshave identified a number of drill ready targets, including at leastfive separate occurrences of visible gold.
To view C2C project maps please visit: bit.ly/3O6xtbt .
Chris Huggins, Chief Executive Officer stated: “TheGolden Nugget Project is an exciting property where prior operatorshave completed significant work and established numerous drill-readytargets. Our goal is to drill this season and maximize the chance ofsuccess by utilizing a low cost, high productivity tracked reversecirculation (RC) drill which has proven successful in Yukon goldexploration.”
The Golden Nugget Project is within a 30 km belt alonga major structural corridor in northeastern Notre Dame Bay. Based onmineralization and lithologies, two different trends have been definedby Rubicon Minerals Corporation:
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The New World Trend (NWT): This is a 15 km longstructural-stratigraphic contact zone between siliciclastic turbidites(Caradocian and Badger Group) and the Dunnage Melange. The NWT isexposed along the southern shore of New World Island and in smallislands within Dildo Run (see map 1). Mineralization is often found asarsenopyrite, pyrite, and gold, related to alteration of felsic dykes,sedimentary and mafic rocks. Also, pyrite, arsenopyrite, and visiblegold are found within quartz-carbonate veins, which cut sedimentaryand mafic rocks.
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The Dunnage-Coaker Corridor (DCC): This is a 2 km long,shallow ocean channel between Coaker Island and northern DunnageIsland which exposes rocks of the Coaker Porphyry and Dunnage Mélange(see map 1). Gold is often found associated with pervasive alterationof the Coaker Porphyry. Mineralization includes pyrite, arsenopyrite,stibnite, chalcopyrite and gold.
Terms of the Agreement
Pay to the Optionor anaggregate of $330,000 in cash payments, as follows:
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$50,000 on or before the first anniversary of the dateof this Agreement;
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$70,000 on or before the second anniversary of the dateof this Agreement;
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$90,000 on or before the third anniversary of the dateof this Agreement; and
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$120,000 on or before the fourth anniversary of thedate of this Agreement.
Issuing and deliveringto the Optionor an aggregate of 9,000,000 Shares, as follows:
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2,000,000 Shares within five business days after thedate of CSE acceptance of this Agreement;
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an additional 1,000,000 Shares (with a maximumcapitalization value of $300,000) on or before the first anniversarydate of this Agreement;
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An additional 1,500,000 Shares (with a maximumcapitalization value of $750,000) on or before the second anniversarydate of this Agreement;
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An additional 2,000,000 Shares (with a maximumcapitalization value of $1,500,000) on or before the third anniversarydate of this Agreement; and
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An additional 2,500,000 Shares (with a maximumcapitalization value of $2,500,000) on or before the fourthanniversary date of this Agreement.
Technical information disclosed in this news releasehas been reviewed and approved by Chris Buchanan, P.Geo., ChiefGeologist for C2C Gold Corp., and Qualified Person as defined byNational Instrument 43-101.
About C2C Gold Corp.
C2C Gold Corp. is a mineral exploration company focusedon advancing gold projects in Canada’s Newfoundland. C2C Gold holdsone of the largest land positions on the Central Newfoundland GoldBelt. C2C Gold’s portfolio covers a pipeline of projects from earlyexploration stage through drill-ready stage with known goldoccurrences. C2C Gold also holds a portfolio of projects within theprolific White Gold and Klondike districts in Canada’s Yukonincluding the advanced Sonora Gulch copper-gold project.
Christopher Huggins, CEO
604-968-4844
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward LookingStatements
This news release may includeforward-looking statements that are subject to risks and uncertaintiesand can be identified by the use of forward-looking terminology suchas “expected”, “will be”, “anticipated”, “may” orvariations of such words and phrases or statements that certainactions, events or results “will” occur. All statements within,other than statements of historical fact, are to be considered forwardlooking. Although the Company believes the expectations expressed insuch forward-looking statements are based on reasonable assumptions,such statements are not guarantees of future performance and actualresults or developments may differ materially from those inforward-looking statements. Factors that could cause actual results todiffer materially from those in forward-looking statements includemarket prices, continued availability of capital and financing, andgeneral economic, market or business conditions. There can be noassurances that such statements will prove accurate and, therefore,readers are advised to rely on their own evaluation of suchuncertainties. We do not assume any obligation to update anyforward-looking statements except as required under the applicablelaws.
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