N.E Quebec, Canada
40 square kilometres
The York Gold Property is on trend (the “Elmer Trend”) between Azimut’s Elmer Property (and their recent Patwon Prospect discovery) and the Eleonor Gold Mine. The Eleonor Mine is hosted by rocks similar to the clastic sediments known to host the Ukaw gold showing which consists of gold-bearing quartz veins at the contact of sediments and a thin intrusive gabbro unit.
The Elmer Trend is part of an underexplored greenstone belt of the La Grande Sub-province that is considered highly prospective for intrusion-related and shear-related gold deposits. The trend is dominated by felsic volcanics, andesite, diorite, basalt, gabbro, and porphyry dykes.
The York Gold Property is comprised of 77 claims and exceeds 40 square kilometres in size. The York Property is located approximately 550 km north of Val d’Or. The region benefits from quality infrastructure that includes major access roads, a hydropower grid and airports.
The acquisition terms provide for a payment of $12,000 and the issuance of 1,250,000 units of King to the vendor. Each Unit is comprised of one common share and one twelve-month warrant. Each warrant is exercisable to acquire one share at $0.07 in the first 6 months and $0.10 in the following 6 months. The vendor retains a 2% NSR of which 1% can be acquired for $1 Million.