Canada-based exploration company Transition Metals has signed an option agreement with Goldeye Explorations to fully acquire the 850ha Van Hise property in the town of Gowganda in north-eastern Ontario.
According to the agreement, Transition will pay $40,000 over three years to earn 100% interest in the claims, subject to a 2% net smelter royalty (NSR).
The Van Hise property is now referred to as Haultain West, located in close proximity to the west of Transition’s 100%-owned Haultain property.
The Haultain West property includes six claims in the Larder Lake Mining District’s Van Hise and Milner townships.
Transition Metals discovered gold at the Haultain property in 2010 and the company has since undertaken further assessment of the property while seeking an exploration partner.
Sampling by Lake Superior Resources on the optioned property in 1997 identified 2.17g/t gold, with elevated copper, silver and bismuth.
Earlier exploration on the Haultain property, including trenching, detailed mapping, channel sampling and 21 drill holes over 2,258m, has identified widespread gold mineralisation over a strike length of 1.25km.
Transition expects to complete mapping, geochemical sampling and trenching on the Haultain West property in Q4 of 2012.
The company will continue to advance exploration at both the original discovery and the optioned property.
Transition Metals CEO Scott McLean said, "This option agreement more than doubles Transition’s access to the potential strike extent of favourable geology along the main mineralised gold trends defined at Haultain."