Meridius Resources Limited Announces Option Agreement to Acquire 100% Ownership in 120 Mineral Claims of the King Tut Property in Quebec
Meridius Resources Limited Announces
Option Agreement to Acquire 100% Ownership
in 120 Mineral Claims of the King Tut Property
in Quebec
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2020) - Meridius Resources Limited (
TSXV:
MRI
) ("
Meridius
" or the "
Company
") is pleased to announce that it reached an agreement to option
(the "
Option Agreement
") the King Tut Property (
King Tut
" or the "
Property
"), located
in the Ligneris
and Celoron townships in the Province of Quebec.
Under the Option Agreement, Meridius has the right
to acquire 100% ownership in 120 mineral claims that and cover 5,206 hectares for an aggregate of
$600,000 in cash.
King Tut was initially discovered in 1945 and worked by Dome Mines, which conducted a 307-metre
1
diamond drill program that included positive gold grades.
The results encouraged Continental Diamond
Drilling to conduct a 2896 metre (9500 feet) of diamond drill program the following year. The Property
had additional work during the years 1985-90 by Falconbridge & Lac Minerals and had several gold
intercepts. A field visit conducted on July,10 2020 confirmed the historical drill hole sites and blasted
trenches.
Strong iron carbonate alteration and deformation was evident.
King Tut is located in Abitibi Gold Belt,
a region of Canada that extends from Wawa, Ontario to Val-d'Or,
Quebec (see
Map 1
).
It is an established gold mining district having produced over 100 mines, and 170
million ounces of gold since 1901.
2
The property is located North of the Chicobi North Fault zone, a
regional structure controlling gold mineralization through extensive shearing and hydrothermal alteration
systems. About 65 kilometres westward, the Perron high grade gold deposit is currently being drilled by
Amex Exploration (TSXV: AMX) in a similar context (
amexexploration.com
)
Map 1:
Location of King Tut Property and other Abitibi Belt projects
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5785/61513_5f5f12a3d4fc89be_009full.jpg
The Company also advises it is changing its name from Meridius Resources to
BMEX Gold Inc
, which
better reflects the Company's focus in the gold sector.
Amrik Virk, Director, commented, "We are very excited about the prospects of King Tut opportunity.
While the Company is acquiring 100% of King Tut, I would like to highlight that King Tut's geological
team will remain in place and work closely with Meridius."
Qualified Person
Martin Demers, P.Geo. (Ordre Des Geologues #770) a consulting geologist to the Company is the
independent qualified person as defined by National Instrument 43-101 -
Standards of Disclosure for
Mineral Projects
for the technical disclosure contained in this news release.
About Meridius Resources
Meridius, which is in the process of changing its name to BMEX Gold Inc., is a mineral exploration
company that is engaged in the business of the acquisition, exploration, and development of mineral
resource properties. Meridius' common shares trade under the symbol "MRI" on the TSX-V.
On behalf of the Board of Directors
"
Amrik Virk
"
Amrik Virk
Director
Contact Information -
For more information, please contact: Amrik VIrk
Tel: (604) 765-9640
Fax: (604) 423-4498
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein.
1
The 1945 program was for 1007 feet which is converted at 3.28084 feet / metre
2
Abitibi Gold Belt:
https://en.wikipedia.org/wiki/Abitibi_gold_belt
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61513