- Gold’n Futures (FUTR) has signed a letter of intent with Argonaut Gold to acquire up to a 90 per cent stake in the Hercules–Elmhurst property
- The company may acquire an initial 50 per cent interest by paying C$3.5 million in cash over a three-year period and assuming $7 million in exploration expenses over a four-year period
- A further 40 per cent interest may be acquired thereafter according to terms which are yet to be negotiated
- A historical resource estimate for the property was completed in May 2010, outlining an inferred resource of 761,300 tonnes at 4.13 grams per tonne of gold
- Gold’n Futures (FUTR) is currently down 3.39 per cent and is trading at 28 cents per share
Gold’n Futures (FUTR) has signed a letter of intent with Argonaut Gold to acquire up to a 90 per cent stake in the Hercules–Elmhurst property.
Located 120 kilometres northeast of Thunder Bay, Ontario, in the townships of Elmhurst and Rickaby, the property consists of 372 contiguous claim cells over a total land package of 6,951 hectares.
Under the terms of the deal, Gold’n Futures may acquire an initial 50 per cent interest in the property by paying a total of C$3.5 million over a three-year period and assuming $7 million in exploration expenses over a four-year period.
Once this phase has been completed, the company will have the option to acquire a further 40 per cent interest in accordance with terms which are yet to be negotiated.
Theo van der Linde, CEO of Gold’n Futures, said the property is an extremely exciting project with a lot of history.
“We plan on spending the next few months remodelling the deposit incorporating an additional 196 drill hole logs from 2011 not included in the WGM 43-101 report of 2010 as well as performing select downhole surveys.
“This will provide a much more detailed and accurate model of the deposit as well as an expected increase in the report’s mineral resource estimate…” he added.
In May 2010, Watts, Griffis and McOuat Limited was engaged by Kodiak Exploration, the previous owners of the property, to complete a mineral resource estimate.
The estimate used data from a number of key zones, and outlined an inferred resource of 761,300 tonnes at 4.13 grams per tonne of gold, representing 101,050 ounces of contained gold.
Gold’n Futures (FUTR) is currently down 3.39 per cent to $0.28 per share at 12:35pm EDT.