Blue Emerald Resources (VSE) will acquire 47 claims in Price Twp., south of Timmins, Ont. The claims are 2 miles southeast of Band-Ore Resources (CDN) Thornloe Twp. property, where a gold discovery was recently reported. (Band-Ore’s recent drilling interescted 60 ft. of 0.25 oz. gold per ton.)
Blue Emerald can acquire the 47 claims by paying the vendors $20,000 and issuing 200,000 Blue Emerald shares. The claims cover a package of volcanic and sedimentary rocks which are reported to host several iron formation units.
The vendors will also retain a 3% net smelter interest.
The agreement is subject to the approval of regulatory authorities.
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