The purchase of 35 crown-granted mineral claims near Barkerville, B.C., by Gold City Mining (VSE) marks another in a series of property deals for the company in central British Columbia.
Gold City acquired the ground from Newmont Exploration in return for $225,000 in payments and work commitments over five years, plus a 3% net smelter return on any future mineral production from the claims.
Gold City now holds 9,000 hectares of mineral lands in the historic Cariboo gold fields. Previous placer and hardrock gold production in the area is estimated at over 3.24 million oz.
The company expects to conduct a major exploration program in the area over the next two years in a search for hard-rock, low-grade, bulk-tonnage gold deposits.
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