TSX-V-listed Orefinders Resources has acquired 11.8-million shares, or 31%, of Mistango River Resources from Osisko Gold Royalties.
In exchange, Orefinders issued five-million of its shares to Osisko.
Mistango owns a series of assets including the past producing Omega gold mine, which is located 5 km west of Orefinders’ McGarry mine, and 15 km northeast of the company’s Mirado project, in Canada.
The Omega mine previously produced 215 000 oz of gold between 1935 and 1947. The last resource estimate done in 2013 consisted of an indicated resource of 4.92-million tonnes grading 1.39 g/t gold for 219 808 oz and an inferred resource of 4.69-million tonnes grading 2.43 g/t gold for 365 400 oz.
"We are pleased to welcome Osisko as a shareholder of Orefinders. The acquisition of 31% of Mistango River Resources from Osisko is an excellent opportunity for Orefinders to increase its footprint within the prolific Kirkland Lake-Larder Lake camp.
“This acquisition is in line with our strategy of consolidating the Cadillac Larder-Lake Break. The Omega mine is strategically located along the Cadillac Larder-Lake Break proximal to Orefinders' McGarry mine and Barber Larder projects,” said Orefinders CEO Stephen Stewart.