News Release
Not for distribution in the US
Calgary, Alberta, Aug. 16, 2021 – Long Range Exploration Corporation (the “Company” or “Long Range”) is pleased to announce it has completed a purchase and sale agreement (the “Agreement”) with New Found Gold Corp. (TSXV: NFG) for a 100% interest in its Unknown Brook Mineral Claim (the “Property” or “Unknown Brook”) in Western White Bay. The transaction closed on August 11th, 2021.
Agreement Terms
Long Range has issued 5,000,000 common shares at a deemed Private Placement price of $0.10 per common share reserved a 1% net smelter returns royalty (“NSR”) for New Found Gold Corp. An additional 1% NSR on the Property is reserved to other arm’s length parties from whom New Found Gold Corp. originally purchased the Property from. Long Range has the option to purchase the 1% NSR royalty for $1,000,000.
Pursuant to this transaction, New Found Gold Corp. has become a significant shareholder of Long Range Exploration Corporation.
Unknown Brook Property
The Property is located approximately 50 kilometers north of the Trans-Canada Highway along Route 420 and is accessible via a network of abandoned forestry roads.
The Property consists of 1 licence, 23951M, totaling 6 claims. Previously there has been at least 4 documented mineral occurrences and diamond drilling was completed in 1985 and 1986 which tested gold mineralization at Unknown Brook with notable results of 29.48 g/t over 0.34 m and 65.2 g/t over 0.12 m.
Exploration work conducted by New Found Gold Corp. on the property in 2017 resulted in the discovery of a “new” gold/silver/copper mineralized zone with value to 3221 ppb (3.2 g/t) Gold, 41.3 g/t Silver and 2.71% Copper.
General Regional Geology
The Property is located on the eastern margin of the Humber Zone of the Appalachian Orogen. The Humber Zone represents the remnant of the North American continental margin. This zone is comprised of Paleozoic shelf facies units deposited on crystalline Precambrian basement. Structure in the region is dominated by the Doucers Valley Fault. Gold mineralization is epigenetic and is associated with mesothermal-style quartz and quartz carbonate veins that typically also contain base metal sulphides.
About Long Range Exploration Corporation
Long Range is an emerging, privately held, Canadian mineral exploration company. Our core strategy is to acquire ownership of highly prospective projects and then undertake disciplined and focused exploration using proven and evolving geological techniques. Learn More.
Forward-Looking Statements
This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.