Karus Gold Corp.: Karus Gold Drills 12.4 Meters of 4.3 g/t Gold at FG Gold Confirming Continuity of the Lower Zone Discovery with Widely Spaced Holes
Vancouver, British Columbia (Newsfile Corp. - April 22, 2021) - Karus Gold Corp. (
Karus Gold or the
Company ) announces additional high-grade gold drill results including 12.4 meters (
m ) of 4.3 g/t gold in hole FG-20-376, starting at 239.4 m downhole in the Lower Zone of the FG Gold Project (
Project or
km ) South Cariboo Gold Property in British Columbia.
Additionally, hole FG-20-376 which intercepted 62.3 m of 1.7 g/t gold, confirms broad mineralization and higher-grade potential within the Upper Zone which hosts an at surface historical resource. All five holes included in this news release successfully expanded the footprint of gold mineralization beyond the historical resource area.
KORE Mining Completes Spin Out Transaction Creating Karus Gold, A Leading British Columbia Gold Explorer
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Karus Gold Corp. Logo (CNW Group/Kore Mining)
VANCOUVER, BC, Jan. 25, 2021 /PRNewswire/ - KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) (
KORE or the
Karus Gold ) are pleased to announce that they have closed the plan of arrangement (the
Arrangement ) previously announced on December 16, 2020, pursuant to which KORE has spun-out its Canadian assets to Karus Gold effective as of 12:01 a.m. (Vancouver time) (the
Effective Time ) on January 25, 2021 (the
Effective Date ).
KORE CEO and Karus Gold Director, Scott Trebilcock commented, Karus Gold is well positioned with a large 1,000 kilometer square land position in the re-emerging Cariboo Gold District of BC. With two advanced exploration projects, including FG Gold and Gold Creek, and supported by news flow from 19 drill holes at the lab, Karus Gold is strongly positioned to
Dominant 1,000 km
2 land position in the emerging Cariboo Gold District with Osisko Development Corp (TSX:ODV) investing heavily to the north
Flagship FG Gold project open for growth after 2020 Lower Zone discovery intercepts of:
10.0 meters of 3.9 g/t gold at 237 meters downhole
14.3 meters of 6.4 g/t gold at 386 meters downhole
Controls under-explored 110 km trend including five high-priority gold prospects
Results from 14 FG Gold holes and ongoing Gold Creek drilling expected through Q1 2021
Following the Spin-out, one hundred percent of Karus Gold common shares (the
Karus Shares ) will be distributed to KORE shareholders on a pro rata basis to their KORE holdings. Karus Gold will not initially be listed on a public stock exchange but will operate as a reporting issuer in British Columbia and Alberta. In early 2021, Karus Gold intends to conduct a rights offering to all Karus shareholders to initially capitalize the company, followed by a planned public stock excha