March 28, 2017, Vancouver, BC – StrikePoint Gold (TSX.V:SKP) (“StrikePoint” or the Company) is pleased to announce that it has completed the purchase of an extensive portfolio of properties located in the Yukon from IDM Mining Ltd. (TSX.V:IDM) (“IDM”).
Terms of the Transaction:
StrikePoint has issued 10.5 million common shares and paid $150,000 in cash to IDM.
StrikePoint must incur $1,500,000 in exploration expenditures on the Yukon Properties by December 31, 2017.
IDM has the right to appoint two representatives to the StrikePoint board of directors. IDM has the first right of refusal over any proposed disposition of the Yukon Properties and has been granted certain anti-dilution rights.
The Yukon portfolio consists of 14,031 claims covering 22 properties totaling 282,000 hectares (the “Properties”). The Properties cover multiple tectonic and metallogenic environments as well as a variety of mineral deposit styles common in Yukon. The Properties were previously held by Ryan Gold Corp. (“Ryan Gold”) and its subsidiaries, and received significant exploration work, with approximately $25 million (as disclosed in Ryan Gold’s 2014 year end MD&A) in expenditures incurred. The Properties have limited holding costs. Previous work by Ryan Gold included significant exploration drill programs on two of the Properties, with tens of thousands of rock and soil samples collected during exploration programs in several districts throughout Yukon. Additionally, geophysical surveys and geologic mapping programs have outlined many anomalous areas that have not received follow-up work.
Maps, photos and descriptions of the extensive portfolio are available on the company’s website www.strikepointgold.com
Andy Randell, PGeo, of SGDS Hive, has acted as the qualified person under National Instrument 43-101 and has reviewed and approved the content of this news release.
ON BEHALF OF THE BOARD of STRIKEPOINT GOLD
CEO and Director
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