PIVIT EXPLORATION INC. TO ACQUIRE PINOT GOLD INC.; SECURES STRATEGIC & DISTRICT-SCALE RED LAKE POSITION ON-TREND WITH AND ADJACENT TO GREAT BEAR RESOURCES DIXIE PROJECT
Vancouver, British Columbia, September 10th, 2018 - Pivit Exploration Inc. (CSE: PIVT) (the "Company" or "Pivit") is very pleased to announce that, as further described below, it has agreed to acquire the Whirlwind Jack Gold Project (“Whirlwind Jack”) situated adjacent to and on-trend with Great Bear Resources’ (GBR-TSXV)(“Great Bear”) Dixie Project near Red Lake, Ontario. The Whirlwind Jack project is district-scale and consists of 613 mining claims covering approximately 30,584 acres (12,382 hectares).
Figure One (above): Whirlwind Jack Claim Map (www.pivitx.com/whirlwind_claims.pdf)
“Pivit has secured a district-scale Red Lake land position covering a significant portion of an underexplored greenstone belt most recently highlighted by Great Bear Resources high-grade drill discovery at their adjacent Dixie gold project. This acquisition immediately positions Pivit’s shareholders in Canada’s most preeminent gold camp while retaining an exceptional share structure. Management could not be more pleased to secure such a major greenstone holding within the Red Lake camp, particularly given the district’s historic and ongoing production which now stands at more than 30 million ounces of gold,” stated Michael England, CEO of Pivit Exploration.
About the Whirlwind Jack Gold Project
The Whirlwind Jack Gold Project tenures, as described above, are contiguous to the west of Great Bear’s recently announced high-grade discovery hole (Great Bear Resources Ltd. news release, Great Bear Announces High-Grade Discovery; Drills 16.5 m of 26.91 g/t Gold and 7.00 m of 44.47 g/t Gold in Two Holes at Hinge Zone, Dixie Project, Red Lake District dated August 22, 2018). Subsequent to the referenced drill discovery on the adjacent Dixie gold project, Great Bear promptly secured a $10 million investment led by Rob McEwan and McEwan Mining (Great Bear Resources Ltd. news release, Great Bear Resources Announces $10 Million Private Placement, Investment from Rob McEwan and McEwan Mining dated August 24, 2018). The Company is of the view that go-forward exploration work by Great Bear at the adjacent Dixie project will continue to highlight the exploration potential of the greenstone belt which underlies the length of the Whirlwind Jack and the Dixie projects, respectively.
The Whirlwind Jack Gold Project shares similar greenstone and geologic assemblages as the contiguous Dixie gold project.
In addition to significant geological likeness, past airborne geophysical work covering Whirlwind Jack has defined a similar and continuous geophysical footprint as demonstrated at the adjacent Dixie gold project, with a long-length, arcing, magnetically disrupted trend visible across both properties (see geophysics map below).
Figure Two (above): Regional Exploration Belt (www.pivitx.com/whirlwind_belt.pdf)
Past exploration work has identified the presence of gold on the Whirlwind Jack Gold Project, including a historic grab sample reaching 7 g/t (see Mineral Deposit Inventory of Ontario, Deposit #MDI52N04SE00057)(https://goo.gl/41ovrt).
The Whirlwind Jack Gold Project is named after “Whirlwind” Jack Hammell, one of Red Lake’s most successful gold pioneers.
In conjunction with the above, Pivit has entered into a binding memorandum of understanding to acquire 100 per cent of the common shares of a privately-held company, Pinot Gold Inc., which owns the Whirlwind Jack Gold Project, from arm's-length vendors (the “Acquisition”). Consideration for the Acquisition shall be eight million common shares of the Company and a cash payment of $75,000. Pivit shall also grant a two percent gross royalty on the Whirlwind Jack Gold Project. The Acquisition will be done by way of a three-cornered amalgamation. Finders' fees may be payable on this transaction, subject to exchange policies.
Garry Clark, P.Geo, a qualified person as defined by National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press release.
About Pivit Exploration Inc.
Pivit Exploration Inc. (CSE:PIVT) is engaged in the business of mineral exploration and the acquisition of mineral properties for the benefit of its stakeholders, with a Canadian focus on Newfoundland’s Moosehead Gold District and Ontario’s Red Lake Gold District.
On Behalf of the Board of Directors
Chief Executive Officer, President and Director
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.Back to Past News