- Frontline Gold (TSXV:FGC) has announced a joint venture with Talisker Resources
- Frontline and Talikser are going to develop Frontline’s newly acquired English property in Ontario
- The deal includes Talisker assuming 50 per cent ownership of the English property, as they are adding their East Pukaskwa property to the joint venture
- Frontline has agreed to fund the acquisition costs of East Pukaskwa
- Frontline Gold (FGC) is up 100 per cent to C$0.01 per share and has a market cap of $1.4 million
Frontline Gold (TSXV:FGC) has announced it has entered into a joint venture with Talisker to develop its newly acquired gold property in Ontario.
The company has acquired a 100 per cent stake in 122 claim units on a property in Ontario, named the English Property.
The total area covers 2,500 hectares and sits next to the Wesdome Gold property on its western edge, which includes the Eagle River Gold Mine and the Mishi Gold Mine.
Further to this, Talisker will add their East Pukaskwa property to the joint venture, on the provision that Frontline covers the cost of acquisition for East Pukaskwa.
East Pukaskwa covers 56 mineral claim units and covers 1,200 hectares in the area near the north-eastern boundary of the Wesdome property.
Both properties sit on the Prolific Mishibishu Lake Greenstone Belt of northern Ontario.
CEO of Frontline, Walter Henry, said the company would be providing its financial update and more detailed information on the joint venture when possible. The delay is almost certainly due to coronavirus affecting the companies planned workflow.
To exercise its option and acquire 100 per cent interest in the Misthibishu lake area claims, Frontline must pay a total of C$56,000, of which a total of $37,000 is due in years 2 and 3 of the agreement. $10,000 is due on signing and $8,000 due on the first anniversary of the agreement.
That represents a substantial bargain for the company, to acquire 2,500 hectares of mineral lease for just over $56,000.
Frontline Gold (FGC) is up 100 per cent at $0.01 per share at 3:14pm EDT.