International CanAlaska Resources (ICA-V) has picked up new ground in the growing mineral play in southwestern Chihuahua state, Mexico.
The Vancouver-based junior can acquire two property packages, the Feliz and Colores, both of which are near the border with Sinaloa state. The company is currently conducting a due diligence review.
The Feliz properties consist of four concessions — Feliz, Fortuna, Alegre and Encanto — totalling 10,000 ha. They lie 40 km north of the Sauzal gold discovery held by Francisco Gold (FGX-V).
The Colores properties consist of four concessions — Azul, Rojo, Amarillo and Suerte — totalling 20,000 ha. CanAlaska will pay the propery owners US$70,000 and 100,000 shares of CanAlaska. Also, the company must spend US$50,000 on exploration in the first year.
To complete the acquisition, CanAlaska must make a final payment of US$25,000 after one year.
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