Joshua Gold Resources Inc. Announces Acquisition of Gold Property

Rhea-AI Summary

Joshua Gold Resources Inc. (JSHG) has acquired a 100% interest in the Joe-Anne Property, a mineral property located in Benoit Township, Northern Ontario, approximately 50 miles southeast of Timmins. The property spans 42 acres and has reported gold values exceeding 13 grams per tonne from previous sampling. The acquisition was completed through the issuance of 2,400,000 common shares to the vendors, who retain a 2% Net Smelter Royalty. JSHG has the option to acquire 50% of the NSR for C$1 million. CEO Ben Fuschino expressed optimism regarding precious metals amid low interest rates.

Positive

• Acquisition of Joe-Anne Property could enhance gold reserves.
• Historical gold values exceeding 13 grams per tonne indicate potential profitability.
• Strategic location near Timmins enhances accessibility and market potential.

Negative

• Issuance of 2.4 million shares may dilute existing shareholders' equity.

WOODSTOCK, ON, April 27, 2021 /PRNewswire/ -- Joshua Gold Resources Inc. ("JSHG" or "Joshua") (OTCMKTS: JSHG) a mineral exploration company headquartered in Canada, is pleased to announce that it has acquired a one hundred percent (100%) interest in a mineral property (the "Joe-Anne Property") located in Benoit Township in Northern Ontario.

The Joe-Anne property is approximately 50 miles (80 kilometers) southeast of Timmins, ON.  It consists of about 42 acres, and has an old adit (see picture above) where previous prospectors have conducted sampling. Geologically, the area around Benoit Township lies between the Larder Lake and Destor-Porcupine Faults. This area of Abitibi volcanics extends from Timmins, Ontario to Chibougamau, Quebec. The area was mapped by H. L. Lovell in 1965 and appears to be composed of metavolcanic rocks that are tholeitic in appearance and part of the Knojevis Group.

The property has yielded gold values over 13 grams per tonne in grab samples from previous prospectors.  For more information on the Joe-Anne property kindly see this report: http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000015238/20000015238_01.pdf

Joshua acquired a one hundred percent interest in the Joe-Anne Property through issuance to the   vendors of two million, four hundred thousand (2,400,000) JSHG common shares. The vendors retained a two percent (2%) Net Smelter Royalty ("NSR") on the property, of which JSHG has the option to acquire 50% of the NSR from the vendors for a payment of one million ($1,000,000) Canadian dollars at any time.

Ben Fuschino, CEO of JSHG comments, "We are pleased to acquire another high-quality gold prospect, and our geological team will figure out precisely the exploration program needed for the property."

Ben Fuschino further adds, "With historical low interest rates, and central banks printing money hand over foot, I think precious metals is the place to be for the next few years."

Joshua Gold Resources Inc. (OTC Pink: JSHG) a publicly traded American gold and mineral exploration company headquartered in Canada, home to the three-billion-year-old Canadian Shield which contains a wealth of minerals from nickel, gold, copper, cobalt, niobium to chromium. Please visit http://www.joshuagoldresources.com/ for more information.

Safe Harbor Statement: This press release contains forward looking statements of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward looking statements are not a guarantee of future performance and results, and will not be accurate indications of the times, or by, which such performance will be achieved.

Investor Relations Contact:
Peter Nicosia
President, Bull In Advantage, LLC
Phone: (585) 703-6565
Email: bullinadvantage@aol.com

 

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SOURCE Joshua Gold Resources Inc.

FAQ

What is the Joe-Anne Property acquired by JSHG?

The Joe-Anne Property is a 42-acre mineral property in Benoit Township, Northern Ontario, known for its historical gold values.

How did Joshua Gold Resources finance the acquisition of the Joe-Anne Property?

The acquisition was financed through the issuance of 2.4 million common shares to the vendors.

What are the expected impacts of acquiring the Joe-Anne Property for JSHG?

The acquisition may enhance JSHG's gold reserves and potential profitability, leveraging historical gold values.

What are the terms regarding the Net Smelter Royalty for the Joe-Anne Property?

The vendors retain a 2% NSR, which JSHG can acquire 50% of for C$1 million.