Help Desk -
9958816305, 9810335381

UrbanGold & Argonaut Gold to Combine Troilus Area Exploration

Mining News - Published on Wed, 18 Sep 2019

Image Source:
UrbanGold Minerals Inc announced the signing of an option agreement dated September 4, 2019 with gold producer Argonaut Gold Inc, an arm's length party, to earn a 50% interest in their claims, combining properties to form the Bullseye Project, located approximately 17 kilometer south of the former Troilus Gold-Copper Mine in James Bay region, Quebec. As part of the transaction, a 50% interest in the surrounding claims under UrbanGold’s control will be granted to Argonaut once the conditions listed above are fulfilled.

Under the terms of the Agreement, which remains subject to regulatory approvals, UrbanGold has an option to earn a 50% interest in Argonaut’s claims which hosts several historic gold and copper occurrences, some of which are listed further below. UrbanGold already owns a large land package surrounding the Bullseye Project and as part of the arm's length transaction will issue 750,000 common shares of UrbanGold over the first two years of the Agreement and complete at least USD 300,000 of exploration work on the Bullseye Project until the third anniversary of the Agreement.

Source :

Posted By : Rabi Wangkhem on Wed, 18 Sep 2019
Related News from Mining segment