International CanAlaska Resources (ICA-V) has acquired mineral claims from Royal Oak Mines (RYO-T) near Timmins, Ont.
The 36 claims are in Timmins Twp., about 10 km southeast of Cross Lake Minerals’ polymetallic discovery. In return for the 100% interest, CanAlaska must make exploration and cash payments to the tune of $55,000 in the first year, and $20,000 annually over the following three years. The company also will issue 100,000 shares to the Royal Oak. The property is subject to a 2% net smelter return royalty, of which CanAlaska can buy 1%.
An initial work program, including line-cutting, ground magnetic and very-low-frequency electromagnetic surveys, is planned.
Be the first to comment on "CanAlaska grabs ground in Timmins"