(TheNewswire)
Vancouver, B.C. - TheNewswire - October 21, 2020 - (TSXV:KING ) ; ( Frankfurt:5LM1); (OTC:KGLDF) King Global Ventures, Inc. ( " King " or the " Company " ) is pleased to announce theacquisition of three gold exploration properties with high-gradeindications, in the province of Newfoundland and Labrador,
They are the Gold Boulder Property, The Golden NuggetProperty and the Miss Pickle Property
The Gold Boulder Prospect consists of four contiguous claim blocks (100 ha) and islocated near the small town of Glenwood in Central Newfoundland.Geologically the property is underlain by siliciclastic sediments ofthe Davidsville Group which is the same geological belt which hostsNew Found Gold's (NFG-TSX) recent high-grade gold intercept of 92.84g/t over 19 meters at the Queensway project.
Located only nine kilometers away from this historicalintercept, the property is also host to high grade gold values, up to160 g/t gold from as yet unsourced gold boulders. Additionally, it haswidespread untrenched gold and arsenic soil anomalies with gold valuesin soils up to 1781 ppb.
John Cook stated: "Given its proximity to theQueensway project and its very similar geology, the property has thepotential to host similar gold occurrences. The high-grade nature ofthe gold boulders and the significant soil anomalies of this prospect,gives King Global Ventures Inc. a serious foothold in this newemerging gold district."
To complement this acquisition King Global alsoacquired two additional gold exploration properties adjacent to theDavidsville group.
The Golden NuggetProperty is a gold exploration property thatlies just to the north of the Davidsville group. Golden Nuggetderives its name from gold nuggets discovered by the vendors in beachsand sediments while prospecting the property.
The property consists of a 10-kilometer-long contiguousland package (1850 ha.) also of siliciclastic sediments within beds ofconglomerates and mafic materials. High grade gold occurs in all rockgroups with channel samples having returned values of 50.2 g/t goldover 1.10 m, 87g/t over 0.8 m and 29.2 g/t over 2.5 m. Thesehigh-grade channels are contained within extensive areas of lower tomedium grade gold values along the entire length of this 10-kilometerstructural corridor and the potential of this property is quicklyrealized.
The Miss Pickle Property (950 ha), is also north of the Davidsville Group and lies inanother parallel structure to the Golden Nugget Property known as theCoaker Trend. Geologically it is somewhat unique in that goldmineralization is somewhat restricted, but not exclusively, to QuartzFeldspar Porphyry intrusives. Grab samples to the west of the propertyin very similar, if not identical intrusive bodies, have returnedvalues of up to 360 g/t gold. On the property itself grab samples inthese intrusive range from 0.2 to 18 g/t gold.
Acquisition Terms subject to Exchangeacceptance:
Gold Boulder: Cash of $15,000 and 2,000,000 units ofKing and $25,000 initial year exploration commitment. Each Unit iscomprised of one common share and one 12 month warrant exercisable at$0.10. The vendors retain a 2% NSR of which 1% can be acquired for$1,000,000. Advance royalties of $15,000 commence on thirdanniversary of signing of agreement.
Golden Nugget: Cash of $35,000 on signing plus2,000,000 units of King and $100,000 initial year explorationcommitment. Each unit is comprised of one common share and one 12month warrant exercisable at $0.10. For years 1 to 3 aggregate cashpayments of $215,000 and 9,000,000 shares. The vendors retain a 2% NSRof which 1% can be acquired for $1,000,000. Advance royalties of$25,000 commence on fifth anniversary of signing of agreement.
Miss Pickle: Cash of $50,000 on signing plus 3,000,000units of King and $100,000 initial year exploration commitment. Eachunit is comprised of one common share and one 18 month warrantexercisable at $0.10. For years 1 to 3 aggregate cash payments of$215,000 and 8,000,000 shares. The vendors retain a 2% NSR of which 1%can be acquired for $1,000,000. Advance royalties of $25,000 commenceon fifth anniversary of signing of agreement.
About King Global VenturesInc.
King ' s,Nicaragua Gold/Copper Project is joint-ventured with TSX listedCalibre Mining Corp. (TSX-CXB) and with Century Mining Limited, aprivate Nicaraguan company, to advance the development of the SantaRita Project. In addition, King holds the Marylin 3 property in NLand the 77 claim York gold property which is ontrend between Azimut's Elmer property (and its recent Patwon prospectdiscovery) and the Eleonor gold mine.
The technical contents of this news release wereapproved by John F. Cook, MIMMM, a qualified person as defined byNational Instrument 43-101.
Contact
For further information, contact Mr. John Cook,President of King Global Ventures Inc. at: (416) 200-8073 and johncook@kos.net or visit www.kingtsxv.com
Cautionary and Forward-LookingStatements
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Certain information in this news release may containforward-looking statements that involve substantial known and unknownrisks and uncertainties. These forward-looking statements are subjectto numerous risks and uncertainties, certain of which are beyond thecontrol of the Company, including but not limited to, the uncertaintyof the financing, the impact of general economic conditions, industryconditions, dependence upon regulatory approvals. Readers arecautioned that the assumptions used in preparing such information,although considered reasonable at the time of preparation, may proveimprecise and undue reliance should not be placed on forward-lookingstatements. Forward-looking statements in this press release areexpressly qualified by this cautionary statement.
The forward-looking statements in this press releaseare made as of the date of this press release, and the Companyundertakes no obligations to update publicly or to revise any of theincluded forward-looking statements, whether because of newinformation, future events or otherwise, except as expressly requiredby applicable securities law.
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