- 83
claims for approximately
10,000 acres (4,000 hectares),
Val d’Or Area, Québec
- Staking
activity based on recent news
from Alto Ventures/Pacific
North West Capital’s high
grade Destiny gold project and
announcements from Maudore
Minerals Comtois Project
- Winter
Geophysical/Summer Geochemical
program slated with objective
to outline drill targets
- Québec
rated #1 mining jurisdiction
in the world by Fraser
Institute
The
Fate project is located in the
Abitibi Greenstone Belt of
Northwest Québec, one of the most
famous gold and base metals
regions in the world. Portions of
the area surrounding the Fate
project have thicker over burden
and Management believes it has
hindered exploration
efforts.
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Company
has reached an agreement
with Anglo Alaska Gold
Corp., a privately owned
Alaska Corporation to
acquire a 100% interest in
the Silver Chalice
epithermal gold/silver
project consisting of 31
State of Alaska mining
claims for 4,960 acres,
located in west-central
Alaska approximately 345
miles northwest of
Anchorage and 330 miles
west southwest of
Fairbanks. The Tertiary
volcanic caldera which
hosts the Silver Chalice
project represents an
excellent exploration
target with potential to
host significant
epithermal gold and silver
mineralization. Stream
sediment samples anomalous
in gold and indicator
minerals and pan
concentrate samples with
anomalous gold and mercury
strongly support the gold
and silver potential of
the caldera and adjacent
areas. There has been no
past lode mining on the
project and there are no
other active mining claims
in the project.
Under the terms of the acquisition agreement, Next Gen Metals Inc. can earn a 100% interest in the property over a two-year period as follows: 500,000 shares after Board and Exchange approval, US$5,000 on Board and Exchange approval, US$20,000 on the first anniversary, US$25,000 on the second anniversary, 100,000 shares upon transfer of the property to a third party and 300,000 warrants exercisable at CDN$0.30 for a period of two years. As well, the company must expend $24,800 by December 31st, 2009 and $12,400 in exploration and development over the ensuing two years. There is a 1.5% NSR royalty which the company may re-purchase 1.0% for a cash payment of US$1.0 million.
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