An option agreement to earn a 100% interest in the Sagar III property in Quebec’s Labrador Trough has been finalized, Virginia Gold Mines (ME) reports.
The junior says the property, 50 sq. km in size, is characterized by a field of radioactive boulders. A total of 32 boulders has been sampled, with gold grades in the range of 0.11-474 grams gold per ton and uranium grades in the range of 0.06-3.54%.
The company plans an exploration program this year to find the source of the boulders.
Virginia may earn its interest in the property by spending $550,000 on exploration during a 3-year period and by issuing 250,000 shares. The agreement, subject to regulatory approval, has been entered into with two independent geologists.
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