Hemlo options Acabit property

Exploration Acabit’s (ME) gold property in Quebec’s Private Twp. has been optioned to Hemlo Gold Mines (TSE).

The latter can acquire the former’s 42 mining claims in the area, subject to a 2% net smelter return royalty, by paying $100,000 cash over four years.

Hemlo can also opt to buy shares of Acabit for a set rate.

The deal does not take effect until Nov. 30.