Canadian exploration company Parlane Resources has acquired a 100% stake in the Big Bear project in Central British Columbia in a deal worth $1.25m.
The agreement amount comprises initial cash payment of $600,000 and an additional sum of $650,000 towards two year’s exploration expenditures.
The company is also liable to issue an aggregate of 1,200,000 common shares and 1,200,000 warrants to the vendor of the property.
Big Bear project covers about 14,366 hectares in Omineca Mining Division, southwest of Prince George, between New Gold’s two mineralized systems – Blackwater and the Capoose properties.
The agreement subjected to the requirements of the Exchange and the Company’s Stock Option Plan is expected to be closed by 3 December 2017.
Also the company reported that the drilling process of 1500mt commenced in early November is likely to be done by December.