Canada-based privately held exploration company Buck Gold owns around 1,200km² of mineral properties located near Houston, British Columbia.
The agreement will see 79 Resources issuing 80 million common shares to buy the outstanding Buck Gold common shares held by Ryan Kalt. This will offer the company a 100% interest in Buck Gold securities.
The deal awaits the approval of shareholders and regulators, with a shareholder meeting to clear the deal scheduled this August.
79 Resources CEO Steven Feldman said: “We are excited for this generational opportunity to acquire such a sizable and highly prospective land package ideally located in a mining-friendly jurisdiction.
“Helicopter-based geophysical work and ground-based follow-up by Buck Gold has defined a number of immediate high-priority targets adjacent to Sun Summit that 79 Resources will move quickly to further explore once the transaction closes.”
Buck Gold-controlled properties are contiguous to area-holdings of Newmont, Teck and Copper Mountain Mining.
Kalt said: “I am looking forward to providing my support to 79 Resources as it advances an impressive exploration model within a tier-one discovery camp for the benefit of shareholders.”
Earlier this year, 79 Resources signed an option to pick a 100% interest in the Lac Saint Simon lithium (LSS) property in the James Bay/Eeyou Istchee region of Quebec.
The property comprises nine mineral claims totalling approximately 480ha and is located 2km from the boundary of Nemaska Lithium’s Whabouchi Project.
79 Resources is engaged in mineral exploration and the acquisition of mineral property assets in Canada.