After a year-long legal battle to secure its rights to the Shoal Lake claims in northwestern Ontario, Bond Gold Canada (TSE) has dropped its option to earn the remaining 50% interest in the gold property from Kenora Prospectors and Miners (CDN).
As a result, a 100% interest in claims reverts to Kenora, while Bond will retain a 5% royalty interest.
The property hosts a preliminary reserve of 1.23 million tonnes grading 9.62 grams per tonne. The gold-bearing alteration package is open in all directions, Kenora says, and the company intends to raise financing for further work.
Last summer, Bond and Kenora renegotiated an option agreement that allowed Bond to take a 100% interest in the property in return for several scheduled payments and a royalty interest.
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