Junior Atna Resources (VSE) can acquire a 75% stake in the Cumbre gold property in Chile.
To do so, it has paid US$3,500 to owner Princeton Mining (TSE). It must pay a further 50,000 shares on signing a letter of intent, 50,000 shares in both the second and third years of the agreement, and $1.5 million over three years.
On completion of the earn-in, Princeton can elect to back-in for a 51% interest by spending the next $1 million within one year.
Cumbre, which hosts a large silica cap alteration zone, has the potential to host a bulk tonnage gold deposit and/or a “bonanza” vein-type deposit, according to Atna.
Results from geological mapping and sampling are expected shortly.
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