JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed Chalice Gold has entered into an agreement to sell its 51% interest in the Ardeen gold project, in Ontario, to TSX-V-listed Kesselrun.
The company acquired the project from Coventry Resources in 2014, along with the Cameron gold project.
In consideration, Kesselrun would issue Chalice 2.04-million shares with a current market value of A$570 000, giving the company a 5.5% stake in Kesselrun.
“The Ardeen project is a noncore asset of Chalice and we are pleased to have completed the transaction, which will generate further value for shareholders. We look forward to Kesselrun advancing the project over the coming months,” commented Chalice MD Tim Goyder.
Kesselrun announced separately that it had entered into an agreement to acquire the rest of the project from Pele Mountain Resources. In consideration, the company would issue Pele 1.96-million shares.
The project, which Kesselrun referred to as the Huronian gold project, consisted of 153 unpatented mining claims and four patented mining claims for a total land package of 5 040 ha. The project is situated in the Shebandowan greenstone belt, west of Thunder Bay.
“We are excited about this strategic acquisition. We believe the Huronian gold project holds tremendous potential,” said Kesselrun president and CEO Michael Thompson.