Market Update 13/7/2020

Roscan Gold, Komet Resources property agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a share purchase agreement dated June 15, 2020, between Roscan Gold Corp. and Komet Resources Inc. Pursuant to the agreement, the company has acquired from the vendor all the issued and outstanding shares of Komet Mali SARL, which owns the Dabia Sud project, a gold exploration and resources property.

Under the terms of the agreement, the aggregate $3.2-million purchase price is satisfied via cash consideration of $1.6-million and the issuance of approximately 4,060,336 common shares of the company to the vendor at a deemed value of 39.4 cents per share.

Copper Fox to complete IP survey at Mineral Mountain

Copper Fox Metals Inc. and its subsidiary, Desert Fox Copper Inc., have provided exploration plans for its Mineral Mountain porphyry copper project located approximately 15 miles east of Florence, Ariz.

Geofisica TMC has been contracted to complete an 18.2Km resistivity survey is planned to test two targets. Age dating of the quartz monzonite stock yielded a mean age of 69.7 million plus or minus 400,000 annum, confirming a Laramide age for the intrusive. The geophysical survey is expected to commence on receipt of permit approvals from the BLM and the Arizona State Land Department.

The study included four classes of intrusive dikes and four classes of hydrothermal vein types of Laramide age. All classes show modal dips within 20 degrees of vertical, though strike directions vary from north 15 degree west to due north to north 68 degrees east. These results demonstrate that since the Laramide igneous and hydrothermal events, the intrusive remained upright and that there was no tilting of the porphyry system.

Highgold to issue 422,925 shares to shareholder

In connection with the company’s $12-million bought deal private placement, an existing shareholder has elected to exercise its participation right. The strategic shareholder is a senior North American gold mining company.

Pursuant to the Participation Right Exercise, the shareholder has indicated their intent to purchase, on a non-brokered private placement basis, from Highgold, that number of common shares that results in the shareholder maintaining its pro-rata ownership interest in the Company at the same price per share as the Offering. Up to a total of approximately 422,925 Participation Shares will be issued for proceeds of approximately $731,661 to the Company. Proceeds raised will be additional to proceeds raised under the C$12 million bought deal.

The Company intends to use the net proceeds from the Participation Right Exercise for mineral exploration and general corporate purposes.

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