Buscar Company is putting up for sale its wholly-owned subsidiary Gold Mining LLC for $3,500,000

Rhea-AI Summary

Buscar Company (OTC: CGLD) is selling its subsidiary Gold Mining LLC for $3.5 million, which possesses 30 unpatented claims covering 600 acres in Plumas County. These claims were identified via analysis by the US Geological Survey and backed by a geological report from Strategic Metals, confirming significant mineral content, including approximately 6.45 ounces of gold and 22.5 ounces of silver per ton. The area is historically rich in gold, enhancing its exploration potential. The company holds a total of 1,860 acres of claims in Northern California.

Positive

• Sale of Gold Mining LLC subsidiary for $3.5 million will generate funds.
• Claims exhibit strong mineral evidence: ~6.45 oz gold/ton, ~22.5 oz silver/ton.
• Location is part of California's historically rich 'Mother Lode' gold region.

Negative

• Further testing and drilling required to verify ore grade and depth.
• Risks of unfavorable exploration results and regulatory challenges.

Beverly Hills, California, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Buscar Company (OTC: CGLD) is putting up for sale its wholly owned subsidiary Gold Mining LLC for $3,500,000 that owns 30 unpatented claims consisting of 600 acres in Plumas County. The Plumas County claims were staked, recorded, and then moved into a wholly owned subsidiary to facilitate the sale and to keep them separate from the projects the Company is currently developing.

The Plumas County claims were identified based on a regional analysis of soil and outcrop sampling done by various agencies, including the United States Geological Survey (USGS), a fact-finding research organization and scientific agency of the United States government, specializing in natural resources nationwide. The Company also had a geological report prepared by Strategic Metals, LLC, which has also completed lab tests of the samples to confirm their mineral composition, including gold, silver, and other precious metals. The regional analysis together with the ground surveys and the data confirmed by Strategic Metals, LLC identified the claims as an area that historically contained a high concentration of gold, silver, base, and strategic metals. The analysis of the samples conducted by Strategic Metals, LLC showed approximately 6.45 ounces of gold per ton and approximately 22.5 ounces of silver per ton. Although the evidence of precious metals and minerals in the tested samples is not indicative of the entire target area, it certainly proves that gold and silver do exist within prospect boundaries. Additional testing and core drillings are required to determine the grade and depth of the ore body within the claims.

The Company is excited about this opportunity in a prolific gold production zone in the Sierra Nevada Mountains, known as the “Mother Lode” of California. The abundant geology of the area is historically proven by existing rich gold mining sites nearby, which leads us to believe that all 600 acres of the Plumas County claims are the first-priority target for exploration and development.

ABOUT BUSCAR COMPANY: The Company is a mining operation that holds the rights to ten gold mining claims at Treasure Canyon located in Plumas County, California. More recently, the company has also acquired thirty additional claims in the Plumas County area of Northern California. Combined, the Company has a total of 1,860 acres of unpatented claims in Plumas National Forest, California, and Nevada.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are "forward-looking statements." Actual results could differ from those projected in any forward-looking statements due to numerous factors. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development, or production, general economic conditions, and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate.

SOURCE: Buscar Company
Jose Kreidler, President
833.539.4777
eondiscovery.com

FAQ

What is Buscar Company planning to sell for $3.5 million?

Buscar Company is selling its subsidiary Gold Mining LLC, which holds 30 unpatented claims in Plumas County.

What valuable minerals were identified in the claims owned by Buscar Company?

The claims exhibit approximately 6.45 ounces of gold per ton and approximately 22.5 ounces of silver per ton.

Why is the Plumas County area significant for gold mining?

The area is historically part of California's 'Mother Lode,' known for rich gold deposits.

What are the risks associated with the claims owned by Buscar Company?

Risks include unfavorable exploration results, regulatory hurdles, and economic conditions affecting mineral prices.

How many total claims does Buscar Company hold?

Buscar Company holds a total of 1,860 acres of unpatented claims in Plumas County, California and Nevada.