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TomaGold Corporation (TSXV:LOT) announced the acquisition of a 100% interest in the Lac Cavan property, consisting of 66 claims covering 3,670 hectares just west of Chapais, from 2736-1179 Quebec Inc.
As quoted in the press release:
Under the terms of the agreement, the acquisition price is $150,000, payable through the issuance of 1,000,000 common shares of the Company (the “Common Shares”) and a 2% NSR, of which 1% can be repurchased for $1 million. The transaction is subject to regulatory approval and the Common Shares are subject to a mandatory 4 month and 1 day holding period.
The Lac Cavan property lies in a volcanic belt north of a large batholith (the Lapparent batholith). The Monster Lake property is located at the edge of the batholith, farther southeast in the same volcanic belt.
TomaGold President and CEO David Grondin said:
The Lac Cavan acquisition is part of our plan to consolidate our land position in the Chibougamau mining camp. Our geologists and external technical team feel that Lac Cavan is a good fit with our existing portfolio of promising mining properties in the area.
Click here to read the TomaGold Corporation (TSXV:LOT) press release
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