Clarity Gold Acquires Strategic Surface Rights Over the Destiny Project in the Abitibi Region

Rhea-AI Summary

Clarity Gold Corp. announces the acquisition of surface rights for two lots totaling approximately 82 hectares within the Destiny Project in Quebec. The purchase, amounting to $250,000, will enhance project efficiency and security, facilitating ongoing drilling activities. Payment terms include an initial cash payment and installments over time. The Destiny Project is strategically located in the Abitibi Greenstone Belt and has previously undergone extensive drilling. This acquisition positions Clarity for improved project infrastructure and future exploration success.

Positive

• Acquisition of 82 hectares of surface rights enhances operational efficiency.
• Total purchase price of $250,000 promotes investment in the Destiny Project.
• Strategic location in Abitibi Greenstone Belt supports potential growth.

Negative

• None.

VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to announce the purchase of surface rights of two lots for a resulting total area of approximately 82 hectares over a key portion of the Destiny Project in the Abitibi Greenstone Belt in Quebec.

The surface rights cover the core of the historic work and were purchased from a local family in the region. Securing these surface rights will allow the company to work efficiently and provide security to advance the project.

“After much due diligence, we are thrilled to acquire these surface rights. It will allow the company to cost effectively carry out its work as our drilling program progresses. It is a move forward for the security of advancing this Project as a long-term investment," said James Rogers, CEO of Clarity. “In addition to providing easier access to the work area these surface rights secure a space for project infrastructure as we advance.”

The total purchase of $250,000.00 for two lots, at $125,000.00 per lot involves a cash payment of $25,000.00 per lot at closing, with the remaining balance of $100,000.00 per lot payable in 4 equal consecutive installments of $25,000.00 every quarter following the closing. The previously mentioned total area is net of an approximately 1.86 hectare portion of one of the lots that will be subdivided and transferred to the vendors. Clarity will have a right of access servitude through this subdivision.

About the Destiny Project

Clarity Gold Corp. is actively drilling and advancing the 5,013 ha Destiny Project is located in the prolific Abitibi Greenstone Belt along a major structural break which is largely underexplored. The project has excellent infrastructure, with road access approximately 75 km NNE of the city of Val d’Or and has considerable work done to date including over 50,000 m of diamond drilling.

For a more detailed account, the reader is encouraged to refer to the Company’s website.

About Clarity

Clarity Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company has entered into an option agreement to purchase 100% of the Destiny Project, Clarity’s flagship asset, a gold-focused project in the mineral rich Abitibi region in Quebec. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “CLAR”. To learn more about Clarity Gold Corp. and its projects please visit www.claritygoldcorp.com.

ON BEHALF OF THE BOARD
“James Rogers”
Chief Executive Officer
Tel: 1 (833) 387-7436
Email: info@claritygoldcorp.com
Website: claritygoldcorp.com

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

 

FAQ

What is the significance of Clarity Gold's acquisition of the surface rights?

The acquisition of surface rights enhances operational efficiency and project security for Clarity Gold's Destiny Project.

What is the total cost of the surface rights acquired by Clarity Gold?

The total cost for the surface rights acquisition is $250,000.

Where is the Destiny Project located?

The Destiny Project is located in the Abitibi Greenstone Belt in Quebec.

How will the acquisition impact future exploration at the Destiny Project?

The acquisition is expected to facilitate easier access for drilling and infrastructure development, promoting further exploration.

What are the payment terms for the surface rights acquisition?

The payment includes an initial $25,000 cash payment per lot, with the remaining balance paid in four quarterly installments of $25,000.