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Be the first with the news that moves the market- Kapa Gold (KAPA) has signed an agreement to acquire a 100-per-cent interest in the Mastodon Nickel Project
- Mastodon Nickel Project is a large historic nickel project located in Southern British Columbia, east of Christina Lake
- The property spans 2,118 hectares and contains several historic workings dating back to the turn of the 20th century
- Kapa Gold is focused on exploring its 100-per-cent-owned historic Blackhawk Gold Mine and surrounding under-explored properties for economic mineralization
- Kapa Gold Inc. was up 73.333 per cent, trading at $0.13 at 9:47 AM ET
Kapa Gold (KAPA) has signed an agreement to acquire a 100-per-cent interest in the Mastodon Nickel Project.
Mastodon Nickel Project is a large historic nickel project located in Southern British Columbia, east of Christina Lake, a 6.5 hours drive from Vancouver along the Canada-US border.
The property spans 2,118 hectares and contains several historic workings dating back to the turn of the 20th century.
In the 1970s, southern BC had a period of exploration by numerous companies focused on nickel-copper-cobalt-chromium mineralization. The Mastodon was identified as a potential large sulphide nickel zone and had a follow-up drill campaign undertaken by Chromex Mines.
Currently, the company is compiling all the available historic data and will report on the geological model and historic results with a recommendation to advance the project. Good road access exists throughout the project area.
Terms of the option agreement include an initial $25,000 deposit within 30 days of signing, 50,000 share issuance, and an expenditure of $150,000 in the first year. Thereafter annual share payments spread over 6 years will total an additional 1,150,000 shares.
Furthermore, property payments consist of 10 per cent of exploration expenditures, capped at $ 1 million, with no annual commitments on the work performed.
The acquisition provides Kapa with additional interest in strategic metals while also providing project diversification.
Kapa Gold is focused on exploring its 100-per-cent-owned historic Blackhawk Gold Mine and surrounding under-explored properties for economic mineralization.
Kapa Gold Inc. (KAPA) was up 73.333 per cent, trading at $0.13 at 9:47 AM ET.
