The property is eight km northeast of Bitech Energy and Resources’ Nugget Pond gold project in Newfoundland’s Baie Verte Peninsula.
According to Varna, significant gold mineralization has been discovered on the 1,920-acre Tilt Cove property which contains a former copper mine. The property is subject to a 10% net profits interest payable to Gingrich.
Also, Varna has agreed to issue 5.44 million shares to settle outstanding debts of $1.42 million.
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