MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) has announced the commencement of a drill program on its Preview-North property and Comstock's Preview SW property in the La Ronge Gold Belt, Saskatchewan.
MAS Gold said the 8,000-meter (m) program was initiated on the North Lake Deposit and will also include drilling at both the Preview SW Deposit and the Point Deposit later in the program.
Drilling on the Preview SW property is subject to a proposed agreement under which Comstock has agreed to sell 100% of its interest in its Preview SW gold deposit and property to MAS Gold in consideration of the issuance of 30 million common shares in MAS Gold.
READ: MAS Gold signs definitive agreement to acquire Comstock Metals' Preview SW gold project
The agreement is subject to a number of conditions, including final TSX Venture Exchange acceptance and shareholder approval (pending).
MAS Gold noted that Comstock has also been able to obtain the signed support agreements in favor of the sale from its shareholders -- representing 69.2% of Comstock's outstanding shares.
Winter Drilling Program Summary
--North Lake Deposit (MAS Gold):
- A 4,500m drill program.
- Follow up on promising near-surface mineralization intersected in NL21-064 (850m).
- Extend mineralization to the Northeast with aggressive drill strategy (550m).
- Infill drilling with a 50m x 25m spacing targeting near-surface gaps in the resource (2,400m).
- Twin up to four historic drill holes with robust QAQC protocols to upgrade the resource (700m).
--Preview SW Property (Comstock)
- The drill program is anticipated to complete 2,700m which will include expenditures from Comstock.
- Further define the resource at the Preview SW Deposit.
- Extend mineralization at the North Zone.
- Test historical mineralization at the C Zone.
- Test mineralization at the A Zone.
--Point Deposit (MAS Gold)
- An 800m drill program.
- Test three high-priority targets identified during 2019 drilling program.
- Test high priority anomaly identified in the 2021 summer field program.
- Extend mineralization to the south with strategically planned drill holes.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham