- Nicola Mining (NIM) has announced the signing of an amended agreement with High Range Exploration to acquire a 50 per cent interest of the Dominion Creek Property
- The property is located roughly 43 kilometres northeast of the Town of Wells and approximately 110 kilmoeters east-southeast of Prince George
- This amended agreement will close on June 15, 2021
- Together with High Range, the companies will bring the project towards a 10,000 ton bulk sample permit
- Shares of Nicola Mining were down 7.41 per cent to C$0.12 as of 1:45 p.m. EDT
Nicola Mining (NIM) has signed an amended purchase agreement with High Range Exploration.
The agreement, which will close on June 15, will allow the company to acquire a 50 per cent interest in the Dominion Creek Property for C$150,000 in addition to payment of $75,000 in expenses.
Combined with a 50 per cent economic benefit from the Profit Share Agreement will give the company a 75 per cent economic benefit in the Dominion Creek Property.
Thanks to the agreement, together with High Range the companies aim to bring the project to a 10,000 tonne bulk sample permit.
Nicola Mining has also agreed to finance start-up costs estimated at $525,000, while the company will also receive 100 per cent of the economic benefit from the bulk sample profits until all the startup costs have been fully repaid.
The Dominion Creek Gold Project is located 43 kilometres northeast of the Town of Wells and roughly 110 kilometres east-southeast of Prince George. Nicola Mining previously announced last September it had signed a Strategic Milling and Profit Agreement with High Range for the property.
The gold project also contains eight mineral claims totaling roughly 1,040 hectares, while a 1,180 tonne bulk sample from the South Zone was exavacted in 1992. Since then, limited drilling has taken place.
Shares of Nicola Mining were down 7.41 per cent to C$0.12 as of 1:45 p.m. EDT.