MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) told investors that Comstock Metals Ltd (TSX-V:CSL) has received shareholder approval for the proposed sale of its Preview SW property to MAS.
In January, Vancouver-based MAS signed a definitive agreement with Comstock to acquire 100% of its interest in the Preview SW gold project and property in return for 30 million MAS Gold common shares.
The 843-hectare Preview SW property is contiguous with MAS’s Preview North property in the La Ronge Gold Belt of northeastern Saskatchewan, both of which are located within the Mineral Exploration Zone of Lac La Ronge Provincial Park.
READ: MAS Gold signs letter of intent with Comstock Metals to acquire Preview SW gold project in La Ronge, Saskatchewan
Comstock recently initiated an 8,000-metre drill program at the Preview SW deposit.
In a statement, the firm said it expects to have spent $200,000 in drilling and exploration and expects to sink 2,700 metres on the property by March 15, 2022, in accordance with the terms of the definitive agreement with MAS Gold.
The program is designed to further define the historical resource on the property, extend mineralization at the North zone, and test mineralization at the C and A zones.
Meanwhile, MAS is engaging in a 4,500-metre drill program at the North Lake deposit and another 800 metre program at the Point deposit, to be completed over the rest of the winter season.
The North Lake deposit is located at the Preview-North property and is estimated to contain an inferred resource of 18.1 million tons grading 0.85 grams per tonne (g/t) gold, or 494,000 contained ounces.
MAS Gold operates four properties in the belt, including the Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake, which extend along nearly 60 kilometres of the geologically prospective La Ronge gold belt of Saskatchewan.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas