Beauce Gold Fields Issues Increasing Royalty Payment HPQ Silicon Holding
Montreal, Quebec–(Newsfile Corp. – March 5, 2021) – Beauce Gold Fields (TSXV:BGF) (Golden Fields in Beauce) (“BGF”), settles outstanding debts of $50,000 due as NRS balance of $35,000 and $25,000 payable to HPQ-Silicon Resources Inc (TSXV: HPQ) for the 24-month period including the years 2019 and 2020, in accordance with the sale agreement dated December 27, 2018 entered into between HPQ and the Company by which the Company acquired 120 mining claims located in the SNRC 21L02 and 21L07 sectors as well as as 7 Real Estate Lots, known as Beauce Placer Property, by issuing 166,667 shares at a price of $0.30 per share. Each share issued under the Debt Settlement will have a mandatory hold period of four (4) months and one (1) day from the closing date. It is understood that this settlement is subject to the approval of the TSX Venture Exchange.
With this share issue, HPQ will hold 3,036,800 BGF shares, or 7.25% of BGF’s outstanding float. BGF was spun off from HPQ through a plan of arrangement to become, on February 4, 2019, a TSX-V trading company.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on hard rock placer exploration in the Beauce region of southern Quebec. The Company’s flagship property is the site of the St-Simon-les-Mines Gold Project of Canada’s first gold rush which predated the Yukon Klondike. The Beauce region was home to some of the largest historic placed gold mines in eastern North America that were active from the 1860s through the 1960s. It produced the largest gold nuggets in the world. Canadian mining history (50 oz to 71 oz). The intention of Beauce Gold Fields is to trace the work to the bedrock source and discover economic gold mineralization.
Comprising 152 contiguous claims and 7 real estate lots, the project area contains a six kilometer long placer channel composed of unconsolidated gold bearing units of lower saprolite and upper brown diamictite. The Company has calculated a theoretical gold exploration target for all historical ranges of the Placer Channel between 61,000 ounces (2,200,000 m3 at 0.87 g Au/m3) and 366,000 ounces* (2,200,000 m3 at 5.22 g Au/m3).
*Source: Beauce July 4and 2018[Report43-101[43-101Report[Rapport43-101[43-101Report
The Company has identified a major fault line that coincides with an interpreted fault structure across the property. The evidence suggests fault line erosion as the likely source of the historic Placer Gold Channel, and conducted bedrock sampling and geophysics outside the expression of the Placer Gold Channel. The company will focus on remote sensing surveys and the compilation of new information to prioritize its future programs.
Beauce Gold Fields website www.beaucegold.com
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “have the “intent to”, “expect”, “ongoing” and other similar expressions that constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties, including, but not limited to, our expectations regarding mineral exploration. These statements reflect the Company’s current views with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time to time in the Company’s current filings with regulatory authorities. securities regulations, which documents may be viewed at www.sedar.com. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.
For more information contact
Patrick Levasseur, President and Chief Executive Officer Tel: (514) 262-9239
Bernard J. Tourillon, President and Chief Operating Officer Tel (514) 907-1011