Bullion Gold Resources has agreed to divest the Turgeon Lake Property in Quebec, Canada, to Xcite Resources.

The property includes 39 mining cells covering a 2,067-hectare area in the province.

Xcite earlier held an option to acquire Turgeon Lake from Bullion Gold as part of an option agreement. However, the option agreement was replaced by the parties with the purchase and sale agreement.

Under the purchase and sale agreement, Xcite will acquire a 100% interest in the property by paying $20,000 in cash to Bullion.

Xcite will also issue 600,000 Xcite common shares, each holding deemed price of $0.0862 and grant a 2% net smelter returns royalty on the property to Bullion Gold.

The transaction is subject to receipt of all necessary regulatory approvals.

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By GlobalData

In a press statement, Bullion Gold said: “The transaction is an arms-length transaction for the company and does not constitute a fundamental change or result in a change of control of the company, within the meaning of the policies of the CSE.”

Bullion Gold currently owns the Bodo SM Lithium Project located 200km north of the municipality of Chibougamau, and the 2,369-hectare Bousquet Property on the Cadillac Larder Lake Fault in Quebec’s Abitibi region.

The firm plans to undertake a prospecting campaign and potentially a geochemical survey for the entire northern part of the Bousquet project.

Based on the results, the firm plans to assess the relevance of a drilling programme.

On the property’s southern part, the company plans to carry out an autumn drilling programme on the Decoeur showing.

ALS GoldSpot Discoveries has been mandated by Bullion to define the prospecting targets at the Bodo SM Lithium Project for the summer 2023 campaign.