Covering an area of around 26,000 hectares, the property is said to host 23 mineral claims, and lies contiguous to the north and west of the Kennady Diamonds project and west of Margaret Lake’s Margaret Lake property.
The option deal calls Margaret Lake to make staged cash payments of $100,000, issue 600,000 common shares and spend $1,750,000 in exploration expenditures over three years.
Margaret Lake will initially acquire 30% interest in Marlin by paying $80,000, issue 300,000 common shares and spent more than $1,000,000 in exploration expenditures over two years.
Additional 19% interest will be purchased by paying $20,000 and incurring an additional $750,000 in exploration expenditures by the end of the third year.
Following the transaction, Margaret Lake and Canterra will create a joint venture (JV) to continue exploration and development of the Marlin property.
A further Margaret Lake’s 300,000 common shares will be issued to Canterra execution of the JV.
The initial exploration program at Marlin is set to soon begin and will include basal till sampling.
Canterra president and CEO Randy Turner said: "This Option Agreement with Margaret Lake Diamonds creates an opportunity between two companies that hold contiguous properties to the Gaucho Kue and Kennady Diamonds projects and share a similar geological environment."
