JOHANNESBURG (miningweekly.com) – TSX-listed MacDonald Mines will buy Sage Gold’s interest in the Soocana claims, which are adjacent to its Holdsworth property, in the Esquega and Corbiere townships of Northern Ontario.
MacDonald will issue four-million units of its class A common shares and warrants to Sage, which will also hold a 1% net smelter return royalty on the property.
"We have secured the remainder of the 99-year lease on the Soocana claims. Work done on the claims in the 1930s and 1940s uncovered several quartz veins with varying concentrations of gold,” MacDonald CEO Quentin Yarie said in a statement on Tuesday.
The Soocana claims comprise a contiguous block of 12 claims that cover 437.3 acres.