VANCOUVER, BC, July 9, 2020 /CNW/ - NxGold Ltd.
("NxGold" or the "Company"), (TSXV: NXN) is pleased
to announce the engagement of Ironbark Pacific Pty Ltd
("Ironbark"), based in Queensland
Australia, effective July 1,
2020. Under the agreement Peter
Mullens has been appointed as VP Business Development of
NxGold.
President and CEO Philip Williams
commented; "I am excited to welcome Peter
Mullens to the NxGold team. Pete is an accomplished
geologist with 35 years of experience across a range of commodities
around the world including over 10 years in the uranium sector.
Through Ironbark Pacific he will spearhead the evaluation and
development of the newly optioned Ben Lomond and Georgetown properties and will also play an
important role helping to execute our business plan of
consolidating uranium projects in Australia and around the globe."
Ironbark Pacific is a geological consultancy, led by
Peter Mullens, with considerable
Uranium experience based in Queensland
Australia. Ironbark has been engaged to evaluate the
exploration and development potential of both the Ben Lomond and
Georgetown projects prior to
exercising the purchase option. Ironbark will undertake the
following work streams:
- Review the resource and exploration potential of Ben Lomond and
Georgetown including providing an
assessment of potential drilling requirements to test exploration
potential and for updated resource calculations and QA/QC
purposes;
- Undertake an updated PEA of the development potential of Ben
Lomond including reviewing and evaluating potential off-site
processing locations;
- Engage with key local and state stakeholders;
- Establish relationships with utilities and trading houses,
particularly in the Asia Pacific Region.
Mr Mullens is a very experienced geologist with 35 years'
experience across a wide range of commodities and countries. He
worked as a mine geologist at Broken Hill Australia from 1983 to
1987 then with Mt Isa Mines in Queensland from 1987 thru 1997. In this role
he was district manager for firstly Argentina then Central America from 1994 thru to 1997
exploring for gold and base metals. Following this he was based in
Lima Peru and consulted to the
mining industry.
Mr. Mullens joined Laramide Resources and Aquiline Resources in
2002. Both companies were successful with Mr. Mullens being
responsible for the acquisition of key projects in Argentina for Aquiline which subsequently led
to the buyout by Pan American Silver in 2009 for CAD $645 million. At Laramide he was VP Exploration
and a Director playing a key role in helping to identify and
acquire the Westmoreland and
Homestake projects in Queensland
and the USA respectively. Laramide
was ranked the #1 company on the TSX venture exchange in 2005. Mr.
Mullens was also a founder and director of Lydian Resources which
discovered the 5 million-ounce Amulsar gold deposit located in
Armenia and is currently under
construction.
In connection with the engagement, the Company has granted
150,000 options to purchase common shares, exercisable at a price
of $0.50 per common share for a
period of five years from the date of issuance, to Ironbark
Pacific. The common shares issuable upon exercise of the options
are subject to a four-month-and-one-day statutory hold period from
the original date of grant. The options are subject to
regulatory approval and are in accordance with the Company's
incentive stock option plan.
About NxGold Ltd.
NxGold is a Vancouver-based
exploration company. The Company has recently entered into an
option agreement with Mega Uranium Ltd. (TSX: MGA) to acquire a
100% interest in the Ben Lomond and Georgetown uranium projects in Australia and owns 80% of the Mt. Roe gold
project located in the Pilbara region of Western Australia. The Company has also
entered into an earn-in agreement with Meliadine Gold Ltd. to earn
up to a 70% interest in the Kuulu Project (formerly known as the
Peter Lake Gold Project) in Nunavut.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
"Forward-looking information" includes, but is not limited to,
statements with respect to activities, events or developments that
the Company expects or anticipates will or may occur in the future
including whether the proposed acquisition will be completed.
Generally, but not always, forward-looking information and
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes
no obligation to update or reissue forward-looking information as a
result of new information or events except as required by
applicable securities laws.
SOURCE NxGold Ltd.
