(TheNewswire)
Vancouver, Canada - TheNewswire -November 19, 2020 - Guyana Goldstrike Inc. (the" Company " or " Goldstrike ") (TSXV:GYA ) ( OTC:GYNAF) ispleased to announce that the Company has entered into a definitiveoption agreement (the " Agreement ") to acquire Alice Arm North(" Alice Arm " or the " Property "), a precious metals prospectlocated in the Golden Triangle, British Columbia from Granby Gold Ltd.(" Granby "), an arms-length private company.
Alice Arm North is located approximately 50 kmsoutheast of Stewart, British Columbia and 9 km south of the DollyVarden Silver Mine owned by Dolly Varden Silver Corp. The Propertycomprises 16 mineral tenures, 100% owned by Granby, covering an areaof approximately 842 hectares. Hecla Canada Ltd. currently owns allclaims that immediately surround the Property.
Four mineral occurrences of polymetallic veins arecurrently known on the property: Eagle (Ag-Pb-Zn+/-Au), La Rose(Ag-Pb-Zn+/-Au), B and C (Zn-Pb), Cape Nome (Ag-Pb-Zn+/-Au). TheBunker Hill occurrence (Ag-Pb-Zn+/-Au) is adjacent to the claim group. Geophysics has identified a high resistivity axis in a northwest tosoutheast trend across the northeastern portion of the claim block,between the La Rose and Eagle mineral occurrences. This may reflect azone of enhanced silicification. *
A magnetic low and coincident conductivity high arelocated approximately 600 m to 800 m north ofthe Bunker Hill mineral occurrence. The geophysical anomaly extendsnortherly to the area of the La Rose past producer.
Under the terms of the Agreement, the Company will begranted the right to acquire up to a one-hundred percent interest inthe Property in consideration for completing a series of cash paymentstotaling $1,000,000 over a five year term, of which $10,000 is due andpayable to the Company initially, and incurring expenditures on theProject of at least $1,000,000 over a five year term. Granby willretain a 2.5% NSR on the Property with the Company having a right tomake a one time buy-down of 1% of the NSR for $1,000,000. The Companyis required to make the cash payments, and incur the expenditures, inaccordance with the following schedule in order to maintain theAgreement in good standing and acquire the Property:
The Company anticipates that the Property will form part of aportfolio of exploration-stage gold projects and does not anticipatethat the majority of its working capital or resources will be devotedto the Property in the next twelve months. No finders' fees orcommissions are payable in connection with theAgreement.
* Campbell, December 2017, p29
QualifiedPerson
Christopher Campbell, P. Geo is a Qualified Person inaccordance with National Instrument 43-101 - Standards of Disclosure forMineral Projects . Mr. Campbell hasreviewed and approved the scientific and technical content of thisnews release.
For more information please visitwww.guyanagoldstrike.com.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
This news release may containcertain "Forward-Looking Statements" within the meaning ofthe United States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words "anticipate", "believe","estimate", "expect", "target,"plan", "forecast", "may","schedule" and other similar words or expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the intended development ofthe Property, and other factors or information. Such statementsrepresent the Company's current views with respect to future eventsand are necessarily based upon a number of assumptions and estimatesthat, while considered reasonable by the Company, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance, or achievementsto be materially different from the results, performance orachievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affections such statements and information other than asrequired by applicable laws, rules and regulations.
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