Clarity Gold Corp. (CSE:CLAR) has an option on a potentially world class project that is back end loaded
Bob Moriarty | April 15, 2021 | SmallCapPower: Clarity Gold Corp. (CSE:CLAR) went public in an IPO in June of 2020 at $.175 a share. The company began with two minor gold prospects on Vancouver Island named the Tyber and Gretna Green projects and another in BC called the Empirical gold property, however, their focus has changed to advance the Destiny property located in the heart of the Abitibi Greenstone Belt.
(The following is an article originally published on 321gold.com on April 5, 2021)
The 5,013 ha Destiny property comes with a historic gold resource of just over 600,000 of fairly low-grade gold, about 1 g/t gold but with 50,000 meters of core drilling completed. Destiny sits on the same structure as does Amex Gold that I recently wrote about. The Abitibi Greenstone Belt of course has produced over 180 million ounces of gold historically.
Clarity picked up an option on 100% of the Destiny project from Big Ridge Gold for a total of $3 million in cash and issuance of $5.5 million in shares of CLAR. Big Ridge will retain a 1% NSR that Clarity can pick up for $1 million.
Clarity Gold has been aggressive in raising cash and put away $4.5 million at $.96 a unit for a full share and a half warrant at $1.25 good for one year. The company is in the process of doing another placement, a flow-through pp at $1.85 per share for a total of $3 million. The company is cashed up for a 10,000-meter drill program. Just days ago, Clarity announced completion of the first two holes at Destiny.
The young company has assembled a team of experienced geos and management. They have money in hand, a solid address in one of the safest jurisdictions in the world, and an option on a potentially world class project that is back end loaded. It is now up to management to put up or shut up but I suspect they will be assisted by a tailwind from an increasing price of gold.
Clarity Gold is an advertiser. I have participated in the latest PP so naturally I am biased. Do your own due diligence.
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