Notice of a plan by Midas Minerals (TSE) to acquire up to a 60% interest in the Tisdale gold project at Timmins, Ont., from Total Energold (TSE) and Davidson Tisdale Mines (TSE) has been accepted by the Toronto Stock Exchange.
To earn its interest, Midas must spend about $2 million on exploration work over about a 4-year period.
An exploration program set to commence soon will primarily test for depth continuation of a gold- bearing system. Previous exploration concentrated on ground above 500 ft.
Total Energold (formerly Getty Resources) will remain as operator for the joint venture during Midas’ earn-in phase, with Midas retaining the option to become operator once it has earned its 60% interest.
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