TORONTO, ONTARIO and AUSTIN, TEXAS (January 26, 2015) – Cogonov Inc. ("Cogonov") announces it has entered into an option agreement (the "Option Agreement") with Tejas Gold Company ("Tejas Gold") for Tejas Gold to secure the right to earn a 51% interest in the Farmington and North Londonderry Epithermal Gold exploration project in central Nova Scotia, Canada (the "Project") by making certain expenditures and work commitments. The Option Agreement contemplates Tejas Gold having a Right of First Refusal ("ROFR") over the remaining 49% interest in the Project.
Cogonov staked the Project’s claims in central Nova Scotia as part of their regional exploration program. The Project is located in the “Avalon Zone” of Nova Scotia, a belt of rocks known to host numerous gold deposits from southern Newfoundland to the prolific gold producing district of the Carolina Slate Belt in the southern USA. The recent discovery of Rare Earth Elements and Gold in the Avalon Terrane in Nova Scotia has sparked new interest in the area. At Warwick Mountain, epithermal-style Au mineralization has been found along with anomalous trace elements generally associated with gold mineralization. East of Warwick Mountain, visible gold has been documented in many of the streams. At Burnt Lake, Rare Earth Elements have been located in small veins within the Byers Brook Formation. Epithermal style alteration has also been identified by government geologists.
Proposed Terms and Conditions
Tejas Gold has the right to earn a 40% interest in the Project from Cogonov by issuing common shares of Tejas Gold to Cogonov and by making certain exploration expenditures. Tejas Gold has a right to earn a further 11% in the Project by spending additional exploration expenditures and Tejas Gold has a right of first refusal over the remaining 49% of the Project. Tejas Gold is the overall operator of the Project.
“The Management Team at Cogonov is very excited and pleased to announce our new Joint Venture Partnership with the Tejas Gold Company. We are determined to advance this project and apply our IP and Technical prowess. Our team has high expectations for this Project at Farmington & North Londonderry” said PJ Cruickshank, CEO – Cogonov
“Tejas Gold Co is proud to partner with Cogonov to further develop the Farmington and North Londonderry Project. We look forward to creating value for both companies from this joint venture” said Tom Comfort, CEO Tejas Gold Company.
Cogonov Inc. is a private resource company based in Toronto, Ontario. Cogonov’s focus is the exploration and development of Iron-Oxide-Copper-Gold (IOCG) properties situated along the Cobequid Chedabucto Fault Zone (CCFZ), Nova Scotia.
About Tejas Gold
Tejas Gold is a private resource company based in Austin, Texas, focused on the exploration and development of Epithermal Gold deposits in central Nova Scotia, Canada. Contact Information Cogonov Inc.
Patrick J. Cruickshank, MBA
President & CEO
(647) 558-6017 firstname.lastname@example.org