The Titan Project covers 90 square kilometers with over 50 historic high grade mines under a single exploration permit 27507. Like the Big Hill Gold Project, the Titan Project has had limited modern exploration since the 1980's and provides the Company with a broader range of targets to search for the source of the historic gold mines.
Figure 1: Map of Big Hill (red) with the adjacent Orefox Titan license (blue).
Blair Way, CEO of Queensland Gold Hills, commented, "This is a milestone for the Company as we quadruple our land holdings in the historic Queensland goldfields. This latest acquisition positions the Company as a significant owner of over 110 square kilometers in the Warwick-Texas gold district."
Pursuant to a share sale agreement entered into between the Company and Orefox Titan Pty Ltd, Queensland Gold Hills will acquire 100% of the outstanding common shares of Orefox from its sole shareholder, Warwick Anderson. In exchange, Queensland Gold Hills will issue 300,000 common shares, subject to the approval of the TSX Venture Exchange. The acquisition of Orefox is a transaction not subject to a third party and the common shares to be issued are subject to a statutory 4-month hold period.
Summary: Queensland Gold Hills has been public for less than a full month and is already reporting its first strategic acquisition. The company is quadrupling its footprint and increasing tenfold the number of historic projects in the license area. That should provide plenty of fodder for geologists for the foreseeable future. They want to investigate the historical mining sites with modern exploration methods, similar to what E79 Resources (CSE: ESNR), for example, has successfully demonstrated in the Australian state of Victoria. Apparently, the vendor has great confidence in Queensland Hill's capabilities. He is selling his license for just 300,000 shares. At today's share price of around CAD 0.31, that is just the equivalent of CAD 100,000. The shareholders of Queensland Hill certainly can't complain about that.
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