Canadian Brascan Gold hit three The agreements with undisclosed companies (Optionor(s)) to obtain up to 100% interest in three properties in northern and central Newfoundland, Canada.
The agreements cover the Mountain Pond, Birchy Lake and Miguel’s Lake properties.
Under the agreed terms, Brascan Gold will have the option to acquire a 100% interest in each of the properties by making total cash payments of $168,000 and issuing a total of 670,000 of its common shares.
The firm will also incur exploration expenditures of $725,000 on the property, before the fourth anniversary of the date of the agreements.
Brascan Gold CEO and Director Balbir Johal said, “Brascan is pleased to have an option on the Birchy Lake, Miguel’s Lake and Mountain Pond gold properties.
“This significantly increases our portfolio of gold properties in Newfoundland, as well as the Black Cat and Middle Arm Fault gold properties.
“Brascan is funded to carry out exploration programs on all of these properties and on the Alegre Gold property in Para State, Brazil in the near future.”
In addition, the optional(s) will retain a 2.5% Net Smelter Royalty (NSR) on the affected property.
Located 6 km northeast of Springdale on the Halls Bay tide, the Mountain Pond property comprises six adjacent licenses covering an area of 1,175 ha.
Comprising three adjacent licenses covering an area of 1,050 ha, the Birchy Lake property is located 45 km southwest of Springdale, at the northeast end of Birchy Lake.
The Miguel’s Lake property comprises four adjacent licenses, which cover 3,000 ha approximately 60 km southwest of Newfound Gold’s Queensway Gold Project.
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