Atlantic Gold buys Nova Scotia exploration properties
PERTH (miningweekly.com) – Dual-listed Atlantic Gold has entered into an agreement with Singapore-listed LionGold Corp to acquire its subsidiary Acadian Mining Corporation for a mixture of cash and shares.
Atlantic Gold recently completed a merger with Atlantic Gold Corporation, which was formerly known as Spur Ventures.
The ASX- and TSX-V-listed company said on Monday that it would acquire all the issued share capital in Acadian Mining for 8.9-million of its own shares and A$4-million in cash.
Once the transaction had been completed, LionGold would hold an 8% interest in Atlantic Gold.
Acadian holds the Beaver Dam and Fifteen Mile Stream gold projects, in Nova Scotia, as well as an extensive portfolio of exploration properties totaling some 22 000 ha, also in Nova Scotia.
“The acquisition of these properties is consistent with Atlantic’s strategy of consolidating ownership of the significant identified resources in the Meguma Terrane in close proximity to our existing Touqouy and Cochrane Hill properties, with a view to investigating the optimisation of the resources in the district,” said Atlantic executive chairperson Steven Dean.
The Beaver Dam project currently has a measured and indicated resource of about six-million tonnes, grading 1.53 g/t gold for 299 000 oz of gold, while Fifteen Mile Stream has an inferred resource of some 10.32-million tonnes, grading 1.34 g/t gold for 444 000 oz of gold.
The transaction was expected to close by the end of September. While the transaction would require TSX-V acceptance, the acquisition would not be subject to shareholder approval.
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