VANCOUVER, BC / ACCESSWIRE / March 19, 2020 / IMC International Mining Corp (CSE: IMCX)(OTC:IMIMF)(3MX.F) (the “Company” or “IMC“), is pleased to announce, further to its news release issued February 20, 2020, that it has entered into a definitive agreement to acquire (the “Acquisition“) 100% of the issued and outstanding share capital of Thane Minerals Inc. (“Thane“), which holds a 100% interest in the Cathedral property (the “Cathedral Project“), located in north-central British Columbia.
Purchase Consideration
As consideration for the acquisition of 100% of the issued and outstanding Thane common shares, IMC has agreed to issue to the current shareholders of Thane (the “Vendors“) an aggregate of $2-million CAD worth of common shares in the capital of IMC at a deemed price of $0.38 per common share, representing 5,263,158 shares (the “Purchased Shares“). The Purchased Shares will be escrowed and released over a 36-month period (the “Purchased Shares“).
In addition to the foregoing, if through additional exploration programs, a resource calculation of at least 800,000,000lbs of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (“NI 43-101“) compliant resource estimate, is determined to be indicated within the Cathedral Project area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu) to the Vendors.
In connection with the Acquisition, Mr. Thomas Greg Hawkins will be appointed as a Director and Chairman of the Board of IMC.
IMC notes that closing of the Acquisition is subject to certain conditions, including completion of a satisfactory due diligence review by IMC.
Property Details
The Cathedral Project covers 206.58km2 (51,047 acres) and is situated in north-central British Columbia. The property is located within the Quesnel Terrane along the northeast contact of the Hogem Batholith, an alkalic suite of rocks hosting porphyry copper-gold deposits. The northern part of the Quesnel Terrane extends from south of the Mt. Milligan Mine northward to the Kemess Mine, with the Cathedral property located midway between these two copper-gold porphyry deposits.
“The Mount Milligan copper-gold porphyry deposit contains a combined Measured and Indicated Mineral Resource of 243.9 million tonnes (Mt) at 0.134% Cu and 0.226 grams per tonne (g/t) Au containing 717.7 million pounds (lbs) of copper and 1,769,000 ounces (oz) of gold and an Inferred Mineral Resource of 11.0 Mt at 0.306 g/t Au and 0.125% Cu, exclusive of Mineral Reserves,”1 while The Kemess Mine, also an open-pit copper-gold porphyry, “produced approximately 3 million ounces of gold and 700 million pounds of copper over its life of mine.” Near to the past-producing Kemess Mine is the Kemess Underground Project, also owned by Centerra Gold. This separate deposit that is currently in the development stage, and which has not yet been approved for production.”2
Mineralization at the Cathedral Project area occurs within a structurally controlled, moderately west-dipping (tilted) alkalic porphyry system. The system is dominated by stockwork, disseminated and vein hosted porphyry-type mineralization within a propylitic and sodic-calcic altered quartz monzonite (Cathedral and Cathedral South Showings) that has been thrusted onto shallower high-grade vein systems (Gully and Pinnacle Showings) located to the east and northeast.
As a result of the post-emplacement tilt, thrusting and subsequent erosion, an almost 2 km extent of the hydrothermal, alteration and mineralization system has been exposed. Styles of mineralization include stockwork and disseminated porphyry-type mineralization, vein-hosted, high-grade mineralization, late stage magnetite-chalcopyrite veins, and late stage quartz-chalcopyrite veins.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian Thurston
Chief Executive Officer and President
ABOUT INTERNATIONAL MINING CORP.
IMC International Mining Corp. is a junior exploration and development company. It is focused on creating shareholder value through the acquisition, exploration and development of gold assets, which include the Company’s 100% owned Bullard Pass Property in Arizona.
IMC continues to evaluate additional properties to add to its portfolio of mining assets.
This Press Release was originally published on Yahoo Finance at https://finance.yahoo.com/news/imc-international-mining-corp-enters-110000052.html
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