Solstice Gold Corp. has entered an agreement that would expand its Strathy Gold Project in Ontario’s Temagami Greenstone Belt to approximately 57 square kilometres and add the Leckie Gold Zone as a major drilling target.
The transaction covers two patented claims totalling 24 hectares containing the Leckie Gold Zone, plus 43 unpatented mining claims totalling 9.4 square kilometres. Leckie contains a 160-metre shaft, underground workings on five levels and more than 23,000 metres of historical drilling.
Historical intercepts include 4.85 grams per tonne gold over 17.10 metres, 7.24 grams per tonne over 10.45 metres, 9.10 grams per tonne over 5.24 metres and 4.35 grams per tonne over 10.30 metres. The zone remains open along strike and at depth. Solstice Gold Corp. cautions that these historical results are not current and require confirmatory drilling.
The purchase price consists of $600,000 cash, two million Solstice Gold Corp. shares and 11 unpatented claims transferred to the seller. The transaction remains subject to closing conditions and stock exchange approval.
A fully subscribed $650,000 private placement is intended to fund the cash portion of the purchase. Solstice Gold Corp. plans expansion drilling at Leckie with the goal of defining a potential mineral resource.