TomaGold Corporation (TSXV:LOT) entered into an option and joint venture agreement to acquire a 70% interest in each of the Fancamp and Embry properties from Murgor Resources Inc.
As quoted in the press release:
The Company must issue an additional 250,000 common shares of the Company (the “Common Shares”) for each tranche of 250,000 proven ounces of gold in a 43-101 resource estimate, up to a maximum of 1,000,000 Common Shares for both properties collectively.
The Fancamp property consists of 43 claims covering 1,710 hectares, and the Embry property consists of 52 claims covering 2,895 hectares. The Fancamp property is adjacent to the eastern edge of the Monster Lake, Cookie Monster and Little Monster properties in the Fancamp deformation corridor, and the Embry property lies 8 km northeast of the Monster Lake property, in the same gold corridor. The Fancamp property also hosts the Murgor A, B and C zones.
TomaGold President and CEO, David Grondin, said:
This transaction brings our total number of claims in the Monster Lake area to 275 claims for a total area of 13,094 hectares, of which 10,199 hectares are contiguous. The Fancamp property has two exploration ramps, and was subject to trenching and drilling work that led to the discovery by Murgor of five gold zones with very interesting grades and widths. On the Embry property, preliminary exploration work has showed some gold potential.