Vancouver, British Columbia–(Newsfile Corp. – June 11, 2024) – GOLD HUNTER RESOURCES INC. (CSE: HUNT) (OTC Pink: GHREF) (the “Company” or “Gold Hunter“), a Canadian exploration company focused on the acquisition, exploration, and development of precious & base metal projects, is pleased to announce that it has completed the acquisition of an option (the “Option“) to earn a 100% undivided interest in the Great Northern and Viking Projects (the “Projects“), located in the province of Newfoundland and Labrador, pursuant to the previously announced option agreement with Magna Terra Minerals Inc. (“Magna Terra”) (TSXV: MTT) (OTC Pink: BRIOF), dated May 28th, 2024, as amended on June 10th, 2024 (the “Option Agreement“).
MAP: Gold Hunter’s Consolidated Gold District, Including Magna Terra’s Great Northern & Viking Projects and Additional Land Packages
Pursuant to the Option Agreement, Gold Hunter acquired the Option by issuing 7,042,253 common shares (each, a “Share“) in the capital of the Company at a deemed price per Share of $0.142 and making a cash payment of $300,000 to Magna Terra. The Option expires on June 10th, 2026, and the next payment deadline to maintain the Option in good standing is June 10th, 2025, at which time Gold Hunter will need to issue Shares with an aggregate value of $2,750,000 and make a cash payment of $450,000 to Magna Terra. The amendment entered into on June 10th, 2024 clarified that the calculation of the deemed price per Share of the first issuance would be adjusted to exclude trading days before May 2nd, 2024. The Projects will remain subject to certain existing royalties on the licenses that comprise the property.
Concurrently with acquiring the Option, Gold Hunter is excited to announce that it has completed the previously announced acquisition of 195 additional mineral claims surrounding and adjoining the Projects through a series of mineral property purchase agreements (collectively, the “Property Purchase Agreements”) with four different vendors, being Sorrento Resources Ltd. (CSE: SRS) (OTCQB: SRSLF), Neal Blackmore, Stephen Keats, and Darrin Hicks. For full particulars regarding each of the property purchase agreements, please refer to Gold Hunter’s news release dated May 29th, 2024.
Gold Hunter is also pleased to announce that it has completed the acquisition of Long Range Exploration Corporation (“Long Range“) pursuant to a share purchase agreement (the “SPA“) dated May 29th, 2024, whereby Gold Hunter has acquired all of the issued and outstanding common shares of Long Range (the “Long Range Shares“) from the shareholders (the “Long Range Shareholders“) of Long Range, such that Long Range is now a wholly-owned subsidiary of Gold Hunter. As consideration for acquiring the Long Range Shares, Gold Hunter issued 9,000,000 Shares to the Long Range Shareholders, distributed on a pro-rata basis based on the number of Long Range Shares held by each Long Range Shareholder, and a cash payment of $50,000 (the “Cash Payment“) to be used to pay certain liabilities and expenses (the “Outstanding Expenses“) of Long Range. In connection with the SPA, Gold Hunter, Long Range, and two principal shareholders of Long Range, being Darrell Brown and GeoToria Holdings Limited, entered into a letter agreement on June 10th, 2024, pursuant to which the parties acknowledged and agreed that the full amount of the Cash Payment will be required by Long Range to pay the Outstanding Expenses following the acquisition.
About the Great Northern and Viking Projects
The Great Northern and Viking Projects are located near the communities of Sops Arm, Pollard’s Point, and Jackson’s Arm, Newfoundland and Labrador.
The Projects are centered along a 30 km section of the Doucers Valley Fault, a known geological control and host to several gold occurrences, including the Thor and Rattling Brook Deposits. Additional known gold mineralization on the Projects includes the Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond mineralized trends. This proven gold environment with the Thor Deposit Mineral Resource and numerous untested gold trends occurs over a cumulative 30+ km strike length. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites to granodiorites, as well as younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, arsenopyrite, galena, chalcopyrite, or sphalerite. These mineralized veins can also contain trace amounts of visible gold.
Finder’s Fee
Pursuant to a Finder’s Fee Agreement between Gold Hunter and Kluane Capital FZCO executed on June 10, 2024, Gold Hunter paid a finder’s fee of 1,824,225 Shares and $52,000 for services rendered in connection with the Option Agreement, the Property Purchase Agreements, and the SPA.
Appointment of Darrell Brown and Lew Lawrick to Gold Hunter’s Board of Directors
In furtherance of the strategic partnerships created by the Option Agreement and the SPA, Gold Hunter is pleased to announce the appointments of Darrell Brown and Lew Lawrick to the board of directors (the “Board“) of the Company.
