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Be the first with the news that moves the market- Xander Resources (TSXV:XND) has expanded its mineral claims to over 21,000 acres in the Val d’Or East Senneville Camp
- The company has entered into an option agreement to secure up to 100 per cent of the site’ 62 mineral claims
- In order to secure the claims, Xander must initially issue 450,000 common shares and pay C$5,400 in cash to the seller before the closing date, with further cash and share tranches to follow
- A previous drill program at the site intersected 9.79 grams per tonne gold over one metre and 11.03 grams per tonne gold over one metre
- Xander Resources (XND) is up two per cent and is trading at 18 cents per share
Xander Resources (TSXV:XND) has expanded its mineral claims to over 21,000 acres in the Val d’Or East Senneville Camp.
On May 18th, the company entered into an option agreement to secure up to 100 per cent of the site’s 62 mineral claims.
In order to secure the claims, Xander must initially issue 450,000 common shares and pay C$5,400 in cash before the closing date.
Further cash and share amounts are will follow in a series of tranches stretching up to two and half years from the closing date.
Xander also issued a two per cent net smelter fee to the seller.
Senneville was most recently drilled in 2012. The program returned assays of 9.79 grams per tonne gold over one metre and 11.03 grams per tonne gold over one metre.
The property sits atop the eastern portion of the Abitibi Greenstone Belt, a regional deformation that has hosted a large number of gold projects.
CEO of Xander Resources, Rodney Ireland said adding to the company’s presence in Val d’Or gave it a strategic position.
“Gold showings and exploring along the intrusive volcanic contact south of the Mckenzie Break deposit will be priorities this Summer.
“We are excited to have so many targets already identified and to be contiguous to Probe metals recent discovery and to the north, Monach Gold’s Mckenzie Beak, Swanson and Beacon properties,” he said.
The agreement is expected to finalise on July 15th, 2020.
Xander Resources (XND) is up 2.8 per cent and is trading at 18 cents per share at 1:45 pm EDT.
