The 850ha property is adjacent to and west of Transition’s 100% owned Haultain property, located near the town of Gowganda in northeastern Ontario.
As per the agreement terms with Goldeye, Transition will pay $40,000 over three years, subject to a 2% net smelter royalty (NSR). Transition will incur $250,000 in work expenditures.
Referred to as Haultain West, the property consists of six claims (53 units) totaling roughly 850ha, in Van Hise and Milner Townships, in the Larder Lake Mining District.
Earlier sampling at the property indicated 2.17 g/t gold, with elevated copper, silver and bismuth.
Transition Metals CEO Scott McLean said that the option agreement doubled Transition’s access to the potential strike extent of favorable geology along the main mineralized gold trends defined at Haultain.
