Toronto, Ontario--(Newsfile Corp. - October 8, 2019) - Meryllion Resources Corporation (CSE: MYR) ("Meryllion" or the "Corporation") announced that effective today the Corporation had signed, and that it had entered into a non-binding letter of intent ("LOI") between the Corporation and Advanced Mineral Technology Inc., ("ATM") where the two parties wish to enter into a mutually beneficial transaction involving the purchase by the Corporation of certain business assets owned by Advanced Mineral Technology Inc. The LOI states that the Corporation proposes to acquire the subject assets and properties owned and held by ATM in accordance with principal terms and conditions, which will be memorialized in a definitive written agreement upon completion of due diligence and acceptance of applicable terms and conditions.
Proposed Transaction
The Corporation will acquire all rights, title and interests in and to ATM's option to acquire up to 100% of the gold-silver project known as the "Little Jupiter and Four Sisters" property (the "Property") located in Pershing County, Nevada. The Little Jupiter claim group consists of 35 lode claims located on the east side of the Northern East range, plus a mill site 5 miles to the east in Grass Valley, of the Sierra Mining District near Winnemucca Nevada.
The little Jupiter lode is classified as a low-sulfide gold-quartz vein. While the vein deposit is rated as unimportant, this type of deposit is associated with Kuroko massive sulfide and Homestake gold deposits. It is likely that the upper parts of the vein were enriched due to fluid movement along a high angle thrust plane; there is evidence of supergene processes on the surface, but this disappears at depth. Analysis of a mineralized material sample taken by the USGS shows 15 grams/metric ton silver, 5.3 g/mt gold, 1.5 kg/mt lead and 10 kg/mt zinc. The USGS also sampled an unworked vein structure on the eastern part of the property with values as high as 3.37 oz./t gold and an average grade of .71 oz./t over 80' of exposed vein.
Upon the entering into a definitive agreement, the Corporation shall, concurrent with the closing of the transaction, complete a private placement financing of up to $500,000 CDN or more to satisfy the listing requirements of the CSE on terms acceptable to both of the parties.
Upon completion of the proposed transaction, the Corporation's board will be reconstituted to comprise of a minimum of three (3) directors, including one current director of the Corporation, subject to the policies of the CSE and applicable corporate and securities laws. The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Mr. Paul Haber, CEO of Meryllion, stated: "We are extremely pleased to be entering into this LOI with AMT. We strongly feel that should the two parties enter into a definitive agreement and complete this proposed transaction it will greatly enhance shareholder value for both Meryllion and ATM."
For further information please contact:
Mr. Paul Haber
Interim CEO & Director
Meryllion Resources Corp.
T: (416) 363-3833
E: paul.haber@gunpowdercapitalcorp.com
W: www.meryllionresources.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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