Canadian gold exploration company WestKam Gold has decided to acquire an additional 17% stake on its existing seven claims of the 75%-owned Bonaparte Gold property in British Columbia.
With this acquisition the company will increase its ownership to 92%, with its seven claims totalling 2,216-hectares (5,507 acres).
The Bonaparte property is located around 35km north of Kamloops, British Columbia.
Overall, the Bonaparte property consists of eight claims, representing 2,461-hectares (6,081 acres).
As per the terms of the option agreement, WestKam has the option to acquire its additional 17% interest by paying an aggregate $150,000 in cash to the Optionor on or prior to the first anniversary of the closing date, and to issue to the Optionor up to 6,500,000 common shares (4,500,000 issuable on or prior to the first anniversary of the closing date).
Initially, work on the Bonaparte Gold Property commenced in 1985 with the discovery of high-grade gold in quartz float.
The property hosts a series of well-developed shear/fracture zones hosting near-surface quartz veins. The veins have produced high-grade intersections for gold in drilling, trenching and underground sampling.
In the fall of 2013, Coast Mountain Geological conducted an exploration program to evaluate the copper-gold porphyry potential of the property and test for extensions to the shear hosted, high-grade gold in quartz veins located in the Discovery Zone.
To date, work at Bonaparte has outlined at least ten veins in an area 300mt wide and 350mt long with the targets remaining open in all directions.
Image: Work on the Bonaparte Gold Property commenced in 1985. Photo courtesy of WestKam Gold Corp.