Great Northern Gold (ASE) has acquired an option to earn a 50% interest in a gold prospect owned by Winteroad Resources (COATS) in Garrison Twp., Ont.
Under the terms of the agreement, Great Northern can earn its interest in the western 10 claims of Winteroad’s 20-claim property, by spending $5 million on exploration and paying $500,000 by Feb. 28, 1992.
A first payment of $25,000 has been made to Winteroad and a first- phase exploration program, budgeted at $325,000, is scheduled to begin in early January.
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