- Endurance Gold Corporation (EDG) acquires an option to earn a 100 per cent ownership in the three gold prospects for approximately $2.69 million
- All conditions to earn the option are to be done by December 31st, 2024
- If Endurance finds 500,000 gold-equivalent ounces it has to pay $1 million
- Endurance Gold will initiate an early-stage 2022 exploration program of sampling
- Endurance Gold Corporation (EDG) is up 1.41 per cent and is trading at $0.36 per share as of 1:29 p.m. ET
Endurance Gold (EDG) has an option to earn 100 per cent ownership in three gold prospects for $2.69 million.
Endurance Gold can earn a 100 per cent interest in the former Minto Gold Mine, Olympic and Kelvin gold prospects for a total cash consideration of $100,000, the issuance of up to 1.5 million shares and $300,000 in exploration expenditures. All conditions are to be met by December 31st, 2024.
The claims will be subject to a 2.00 per cent net smelter return royalty, 1.00 per cent of which can be purchased by Endurance Gold for $750,000. The remaining royalty can be purchased for $1 million.
Endurance Gold agrees to grant Avino 750,000 share purchase warrants by December 31, 2024, providing Avino with the option to purchase additional shares in Endurance Gold for three years from the date of issuance.
If Endurance Gold is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the claims, then it will be obligated to pay Avino a $1 million discovery bonus.
As part of the option, Endurance Gold intends to initiate an early-stage 2022 exploration program of sampling to help prioritize targets for future work.
Endurance Gold Corporation (EDG) is up 1.41 per cent and is trading at $0.36 per share as of 1:29 p.m. ET.
