NEWFOUNDLAND – Maritime Resources announced its intentions to expand in northeastern Canada.
In a press release, the miner said it entered into an option agreement to earn a 100% interest in the Sprucy Pond property which is contiguous to its Hammerdown project.
According to the Toronto-based company, the 6.25-sq.-km Sprucy Pond property consists of 25 claim units owned by United Gold and G2B Gold on a 50-50 basis.
“Historical work on the Sprucy Pond property has uncovered abundant angular gold-bearing quartz-pyrite float, bearing a strong resemblance to the Hammerdown high-grade gold-quartz sulfide veins,” the media brief reads. “With the Sprucy Pond option, the company increases its land position a further 2.5 km east along the Hammerdown mineralized structural trend.”
Under the terms of the agreement, Maritime can earn a 100% interest in Sprucy Pond over a two-year period by making cash payments totaling $60,000 and issuing 750,000 shares.
This story originally appeared on www.Mining.com.