Dryden Gold has signed an option agreement to acquire full ownership of the Lost Lake Property, a package of 123 mineral claims within the historic Gold Rock Mining Camp, from Orebot.
Gold Rock lies south of Dryden in Ontario, Canada, just off Highway 502 (the Trans-Canada Highway).
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The Lost Lake Property is situated among Dryden Gold’s existing claims and lies within an area known for gold mineralisation associated with brittle-ductile deformation zones, including the Manitou-Dinorwic Deformation Zone.
Orebot previously carried out quaternary mapping, bulk till sampling and heavy metal processing at Lost Lake, identifying a 2.4km gold grain in-till anomaly that aligns with a regional geochemical anomaly.
Under the terms of the option agreement, Dryden Gold will provide cash payments and issue a total of 125,000 common shares to Orebot if all conditions are met and the TSX Venture Exchange grants approval.
The payment schedule includes C$10,000 ($7,034.45) and 25,000 shares upon signing, an additional C$40,000 and 50,000 shares by the first anniversary of the agreement’s effective date and a final C$50,000 and 50,000 shares by the second anniversary.
All shares are to be issued pursuant to an exemption from prospectus requirements and will be subject to a hold period of four months and one day.
Upon final acquisition, Dryden Gold will grant Orebot a net smelter return royalty of 3% after commercial production commences.
The company retains the right to purchase half of this royalty for C$1m. There are no other royalties attached to the Lost Lake Property.
Dryden Gold is a mineral exploration company concentrating on high-grade gold targets.
The company holds full ownership of mining claims that form a major land package in the Dryden District of north-western Ontario.
Its property covers more than 50km of prospective ground along the Manitou-Dinorwic deformation zone, an area known for occurrences of high-grade gold mineralisation.
