Taku Gold Corp. (CSE: TAK; OTCQB: TAKUF) (the “Company” or “Taku”) is pleased to announce that it amended its previously announced property option agreement (the “Agreement”) with Golden Predator Mining Corp. (TSXV:GPY) (“Golden Predator”) and has now acquired Golden Predator’s 100% interest in the Sonora Gulch Property in Yukon’s White Gold District, in exchange for a final payment of 4,750,000 shares of Taku under the option and a 1% net smelter return royalty.
“This Agreement allows our shareholders to secure 100% interest in the attractive prospect of Sonora Gulch and the White Gold District while minimizing shareholder dillution,” said Neil Swift, Chief Executive Officer.”
Under the terms of the amended option agreement, the Company issued 4,750,000 common shares of Taku (in addition to the 4,500,000 common shares of Taku previously issued on August 1, 2017) to Golden Predator in consideration for the Sonora Gulch property. This final issuance of 4,750,000 shares replaced the Company’s previously announced second and third year share issuance obligations under the option. The securities issued pursuant to this transaction will be subject to a four-month hold period in accordance with applicable securities laws.
Sonora Gulch Project
The Sonora Gulch Project is 259 mineral claims covering approximately 5,414 hectares located in the Yukon’s White Gold District. The Sonora Gulch property is located 110 kilometres (km) northwest of the town of Carmacks along the Casino Trail which extends to the Casino property located to the northwest. The property is centrally located within the Dawson Range Mineral Belt which includes many known deposits in central Yukon, including, the Coffee and White Gold deposits in the northern portion of the belt, the Casino deposit 45 km to the northwest and Klaza and Freegold Mountain area deposits to the south.
Golden Predator, through its predecessor, Northern Tiger Resources, explored the property from 2007-2011 and intersected gold in various zones of mineralization which have potential for expansion.