- Mariner Resources (RNR) has signed an option agreement to consolidate its land holdings in the Great Bend Project area in Newfoundland
- All together, the properties consist of 277 mineral claims over 69.25 square kilometres
- Under the terms of the deal, Mariner will acquire 100 per cent of the properties by issuing a total of two million common shares
- The vendors will also retain a two per cent net smelter return royalty, of which Mariner may purchase half for C$1 million
- Mariner Resources (RNR) is currently steady and is trading at 60 cents per share
Mariner Resources (RNR) has signed an option agreement to consolidate its land holdings in the Great Bend Project area in Newfoundland.
All together, the properties cover 69.25 square kilometres, both within and surrounding the company’s previously staked Great Bend Project, and consist of 277 mineral claims.
According to historical work conducted by Paragon Minerals in 2007 and 2010, the region returned significant drilling results, including 103.5 metres at 0.67 grams per tonne of gold and 35 metres at 2.21 grams per tonne of gold.
In addition, a previous non-43-101-compliant resource estimate outlined 564,400 ounces of gold at a 0.3 grams per tonne cut-off grade.
Under the terms of the acquisition, Mariner will issue a total of 2 million common shares to the vendors in exchange for the properties. This will be comprised of 1 million shares issued upon signing of the purchase agreement, with a second slot of 1 million shares issued upon the completion of a Pre-Feasibility Study.
The vendors of the properties will also retain a two per cent net smelter return royalty, half of which may be purchased by Mariner for a fee of C$1 million.
John Williamson, CEO of Mariner Resources, commented on the proposed acquisition.
“Mariner continues to build its land position within the Exploits Subzone through both staking and in this case, acquisition of key claims.
“The acquisition of these additional Great Bend claims solidifies our land position in the Great Bend Project area and will allow for more effective exploration programs as we move to active exploration on our Exploits Subzone projects,” he said.
Mariner Resources (RNR) is currently steady and is trading at 60 cents per share at 1:11pm EDT.