Caprock Mining Signs Binding Agreement to Acquire Destiny Gold Property

By Kevin Vincent

Caprock Mining Corp. has entered into a binding option agreement to acquire a 100% interest in the Destiny Gold Property, a 127-claim project spanning 5,013 hectares near Val d’Or, Quebec. This acquisition positions Caprock to expand its portfolio with advanced-stage exploration assets in the prolific Abitibi Greenstone Belt, known for hosting numerous gold deposits along the Cadillac-Larder Lake and Destor-Porcupine fault zones.

“We are excited about the opportunity to acquire the Destiny Gold Property, which aligns with our strategy to develop high-quality exploration assets in premier jurisdictions,” said Vishal Gupta, President and CEO of Caprock Mining.

Highlights of the Destiny Gold Property

1. Historical Resource Estimate (DAC Deposit):

• Indicated: 10.8 million tonnes at 1.05 g/t Au, containing 364,000 oz Au.

• Inferred: 8.3 million tonnes at 0.92 g/t Au, containing 247,000 oz Au.

• Prepared in 2011 by Todd McCracken, P.Geo., using a gold price of US$973/oz and a cut-off grade of 0.5 g/t Au.

2. Geological Potential:

• Gold mineralization at the DAC Deposit remains open along strike, at depth, and in parallel structures.

• Multiple underexplored zones offer additional resource expansion opportunities.

3. Strategic Location:

• The property lies along the Despinassay Shear Zone, a splay off the regional Chicobi Fault, in a region rich with producing and development-stage gold projects.

Terms of the Option Agreement

Caprock will acquire the property by fulfilling the following obligations over three years:

1. Share Issuance:

• 8 million shares at a deemed value of $400,000 on the closing date.

• Additional shares valued at $250,000 (Year 1), $350,000 (Year 2), and $700,000 (Year 3), based on a minimum share price of $0.05.

2. Cash Payments:

• $100,000 (Year 1), $250,000 (Year 2), and $400,000 (Year 3).

3. Exploration Expenditures:

• Total of $2.45 million, with milestones at $200,000 (Year 1), $750,000 (Year 2), and $1.5 million (Year 3).

4. Net Smelter Royalty (NSR):

• Optionor retains a 1% NSR, which Caprock can purchase for $1 million.

Conditions for Closing

• A $400,000 capital raise by Caprock.

• Completion of due diligence.

• Regulatory and stock exchange approvals.

Future Plans

Caprock aims to re-evaluate the historic resource estimate using updated gold price parameters and incorporate 10,000 metres of additional diamond drilling completed since the 2011 estimate. The updated estimate will also consider today’s operating costs and economic assumptions.

About Caprock Mining Corp.

Caprock is focused on acquiring and developing gold properties in North America. With the addition of the Destiny Gold Property, the company is poised to unlock resource potential in one of Canada’s most prolific gold belts.

The transaction reflects Caprock’s strategy to consolidate high-potential exploration assets and advance them toward development.

Tags: Quebec / Exploration / Gold / All Articles