Aquiline Resources (AQI-V) has entered into an option agreement to acquire a 60% stake in Global Consolidated Minerals‘s Dome project in the Red Lake gold camp.
To acquire its interest in the 2.6-sq.-km property, Aquiline will pay $40,000 in cash and spend $160,000 on exploration over four years. Aquiline will also assume an underlying 2% net smelter return royalty and $95,000 in payments to the [property’s original vendor. The company will also pay a finder’s fee of 100,000 Aquiline shares.
The property is adjacent to the past producing Howey Gold Mines property, but has seen relatively little previous work. Aquiline plans to crank up a program of detailed geophysical surveying as soon as weather permits.
Aquiline is also gearing up for an initial drilling program on the Dana Lake North platinum-group-metal property in the River Valley area near Sudbury, Ontario. Aquiline recently came to a deal with Mustang Minerals, whereby Aquiline deferred its remaining exploration requirements by issuing 200,000 shares; the company now has until Sept. 4 of next year to spend about $200,000 and acquire a 70% interest in the project.
North Dana is contiguous to the Dana Lake PGM project held by a joint venture between Pacific North West Capital (PFN-V) and Anglo Platinum, a subsidiary of South Africa’s Anglo-American (AAUK-Q).
In other news, Aquiline has adopted a shareholder rights plan to ensure that any takeover bid for the company is for all of the issued and outstanding shares and that a bid is open for at least 60 days. The company is not aware of any such bid at present.
Finally, Aquiline has granted to two members of its technical team options for 100,000 shares with an exercise price of 25 per share.
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