Mountain Lake Resources (CVE:MOA) said late Thursday the Supreme Court of British Columbia granted a preliminary order to allow the junior minor to hold a shareholder meeting to approve Marathon Gold Corp.’s (TSE:MOZ) takeover bid.
The special meeting is scheduled to take place on June 29, at 10 a.m. The meeting will be held at the Halifax Club, Nova Scotia.
Last month, the junior miner announced a deal to be acquired by
Marathon Gold for $15.1 million, in a move that will see Marathon get a
100 percent stake of the two companies’ Valentine Lake joint venture in
The deal will also see Mountain Lake's remaining projects transferred
to Mountain Lake Minerals, a newly created exploration company.
Marathon Gold is a North American gold resource development company,
with projects located in the mining friendly province of Newfoundland
and Labrador, the prolific Coeur d'Alene Mining District of Idaho and
the historic gold rich Greenhorn District of Oregon, U.S.
Under the terms of the deal, Mountain Lake stakeholders will receive
0.40 common shares and 0.40 shares of the new entity for each share they
Mountain Lake said the new company allows its shareholders to retain
equity exposure to 100 percent of the Glover Island gold property, 100
percent of Little River gold and antimony asset and 100 percent of the
Bobby's Pond base metals property, all located in Newfoundland.
These remaining projects will be transferred to the newly formed
company, which will be led by the existing management team and the board
of Mountain Lake.
Earlier this week, Mountain Lake also announced high-grade gold
mineralization from initial results of a spring and summer drill program
at the joint venture Valentine Lake project.
The company noted that the Leprechaun deposit intersected new
high-grade main and footwall zone mineralization that adds to the
development of down-dip underground mining targets.
Among the highlights, hole VL-12-440 hit 3.81 grams per tonne (g/t)
gold (Au) over 21.6 metres. This includes 10.16 g/t Au over 2.4 metres;
10.41 g/t Au over 2.4 metres and 11.37 g/t Au over 1.6 metres.
Hole VL-12-437 returned 6.1 g/t Au over 10.2 metres. This includes
13.33 g/t Au over 3.4 metres and 1.57 g/t Au over 12.75 metres and also
includes 3.43 g/t Au over 3.4 metres.
As of March, the Leprechaun deposit held a NI 43-101 compliant
measured and indicated resource of 6.45 million tonnes grading 2.05 g/t
gold, for a total estimated 424,000 ounces of gold.
In the inferred category, the resource stands at 5.74 million tonnes
grading 1.65 g/t gold for an estimated 305,000 ounces of gold.
Mountain Lake is a junior exploration company engaged in the
exploration and development of mineral properties located in