Stone Gold acquires Red Lake claims
Stone Gold Inc. [STG-TSXV] has entered into an asset purchase agreement with EMX Royalty Corp. [EMX-TSXV, NYSE American; 6E9-FSE] to acquire certain mineral claims in northwestern Red Lake, Ontario from EMX.
Under the terms of the agreement, EMX will receive a cash payment of $10,000, the grant of a 1.5% net smelter return royalty on the claims and will be issued 30,000 common shares of Stone Gold at closing in exchange for 100% ownership of the claims.
The claims, which are approximately 100 hectares, cover the extension of the Golden Arm ultramafics and the Newman Todd structure where they intersect the contact of the Killala Baird batholith. The mafic/ultramafic contacts and the structural corridors are prime targets to host gold mineralization similar to the Campbell/Red Lake-style mineralization and NT-zone-style mineralization, as identified on the West Red Lake and Trillium gold mines to the north.
The acquisition is subject to TSX Venture Exchange approval.
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