Vancouver, British Columbia--(Newsfile Corp. - October 24, 2017) - Westridge Resources (CSE: WST) is the latest new listing on the Canadian Securities Exchange, trading under the symbol "WST", having previously traded on the TSX Venture Exchange.
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Westridge Resources is focused on the acquisition, evaluation and exploration of mineral resource properties.
In May 2017 the company entered into an Option Agreement with Intact Gold to acquire 100% interest in the 240-hectare Black Jack Gold Property, located in the Kenora mining division of Ontario, approximately 20 kilometres southeast of Kenora. The company will pay up to $155,000 and issue up to 150,000 shares in staged payments over 3 years.
Gold mineralization occurs in high concentrations sporadically within recrystallized quartz veins. For a full history of the property, please refer to the NI 43-101 Technical Report filed on Sedar.
The company has recently completed an initial Phase I work program on the property, including a High Resolution UAV-MAG survey at 20 metre line spacing for a total of 140 line kilometers, UAV orthophoto and DEM creation and compilation, digitization and interpretation of available historical data.
Over the next 12-month period, the company has budgeted $325,000 to complete further work programs to determine viability going forward, including a trenching program and a detailed IP survey of targets identified in Phase I.
The company will continue to pursue other viable gold properties and investment opportunities.
The company has retained Mackie Research on a best-efforts basis to raise gross proceeds of up to $4.2 million. The brokered private placement will consist of up to 12 million units, priced at $0.35 per unit, with each unit consisting of 1 share and 1 full warrant, with each warrant exercisable at $0.50 for 24 months.
The shares are currently trading at $0.32, and with 35.6 million shares outstanding, the company is capitalized at $11.4 million.
For more information Michael Young, President and CEO, at 604-565-5100 or email michael@goldmetalcorp.com.
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