PERTH (miningweekly.com) – ASX-listed and TSX-V-listed Atlantic Gold has completed the acquisition of Acadian Mining Corporation from Singapore-listed LionGold Corp.
In exchange for control of the subsidiary, Atlantic issued 8.87-million of its own shares, as well as A$3.61-million in cash. A total of two-million shares were held back from issue, pending the completion of certain post-closing deliverables.
Acadian holds the Beaver Dam and Fifteen Mile Stream gold projects, in Nova Scotia, as well as an extensive portfolio of exploration properties totalling some 22 000 ha, also in Nova Scotia.
The Beaver Dam project currently has a measured and indicated resource of about six-million tonnes, grading 1.53 g/t gold for 299 000 oz of gold, while Fifteen Mile Stream has an inferred resource of some 10.32-million tonnes, grading 1.34 g/t gold for 444 000 oz of gold.