Toronto-based Tintana Mines (TSE) has signed an agreement with the G.S.W. Bruce grubstake to acquire a 100% interest in 77 gold claims owned by the latter in English and Zavitz twps., near Timmins, Ont. Under terms of the agreement, Tintana can maintain its option by making payments totalling $70,000 over a 3-year period and by maintaining the claims in good standing. The company is preparing plans for an aggressive exploration program to be funded out of its working capital which amounted to about $750,000 at Sept. 30, 1990.
Tintana must exercise the option no later than the end of the third year by making a final option payment of $30,000, but it may cancel the agreement at any time with due notice.
The claims were staked last year by G.S.W. Bruce following a new gold discovery on the property near the Deloro-Tisdale geologic contact which is associated with other gold deposits in the area.
The discovery is hosted by a previously unexplored shear zone which measures about 600 ft. wide. The zone is strongly altered and contains anomalous gold values throughout most of its width.
The G.S.W. Bruce grubstake retains a non-transferable 2% net smelter return royalty, toward which annual advances of $50,000 become payable starting in January, 1996.
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