Canterra Minerals Corp. (TSXV:CTM) and Margaret Lake Diamonds Inc. (TSXV:DIA) announced that they have entered into an option agreement under which Margaret Lake has been granted the right to acquire up to an aggregate 49-percent right, title and interest to Canterra’s Northwest Territories-based Marlin property.
As quoted in the press release:
The Property comprises 23 mineral claims covering an area of approximately 26,000 ha and lies contiguous to the north and west of the Kennady Diamonds project and west of Margaret Lake’s Margaret Lake Property.
To earn its interest in the Marlin Property, Margaret Lake must make staged cash payments totaling $100,000, issue an aggregate of 600,000 common shares and incur $1,750,000 in exploration expenditures over a three year period. Canterra is the operator, and the initial exploration program which consists of basal till sampling is expected to commence immediately.
Randy Turner, president and CEO of Canterra, commented:
This Option Agreement with Margaret Lake Diamonds creates an opportunity between two companies that hold contiguous properties to the Gaucho Kue and Kennady Diamonds projects and share a similar geological environment. With the proximal nature of our land packages, the synergies of data collection and analysis, plus the additional capital to advance the Marlin Property expeditiously, we are delighted with this partnership and look forward to a mutually successful outcome.
For his part, Paul Brockington, president and CEO of Margaret Lake, said:
We are pleased to enter into this Option Agreement with Canterra, as we now have ground under option that surrounds all the northern and western boundaries of the Kennady Diamonds property. We look forward to combining the knowledge base of our two management teams.