Mar 5 2011
Beatrix Ventures Inc. (TSX VENTURE:BXV) has announced that it has acquired an option to earn a 100% right, title and interest in the Lower Seal Harbour Property located in Nova Scotia.
The Property hosts a number of gold veins that were formerly operated as the Lower Seal Harbour Gold Mine. It produced 34,188 ounces (1,063,253 grams) of gold from 1894-1949 and is ranked 12th among historical gold producers in Nova Scotia.
The Property is 4 km southeast of the Goldboro property where Osisko Mining Corporation and Orex Exploration Inc. have identified significant indicated and inferred categories of gold resources in the Upper Seal Harbour gold district. Orex reported a Measured and Indicated Resource of 397,200 ounces contained in 2,711,000 tonnes grading 4.56 grams per ton gold and an Inferred Resource of 405,900 ounces contained in 3,438,000 tonnes grading 3.67 grams per ton gold (cut-off grade of 1.50 grams per ton gold) in a NI 43-101 compliant Technical Report published in September 15 2009.
The Property comprises three (3) exploration licenses for 55 claims covering 870 hectares of highly prospective Meguma sedimentary rocks. Gold at Lower Seal Harbour is generally associated with veins and leads associated with fold structures within the Meguma sediments. Beatrix intends to conduct a compilation of historical records to determine potential gold resources and identify drilling targets.
In consideration of the issuance by Beatrix to the Optionors of 500,000 common shares and 500,000 warrants at a price of $0.10 for a period of two (2) years of Beatrix within five (5) days of the receipt of regulatory approval of the Agreement, the Optionors hereby grant to Beatrix the sole and exclusive right and option, subject to the terms of the Agreement, to acquire 100% of the right, title and interest of the Optionors in the Property, subject only to an aggregate 3% Net Smelter Return Royalty ("NSR"), by incurring exploration expenditures of $25,000 the first year and Royalty Payments of $5,000 per year after four (4) years from the date of the Agreement. 2% of the NSR can be bought by Beatrix for $2 million.
The Agreement is subject to the approval of all regulatory bodies and the Board of Beatrix.
Mike Taylor, P.Geo., a director of Beatrix, is the qualified person responsible for the technical information contained herein as well as the design of technical programs for the Property.