Z-Gold Exploration has signed a letter of intent (LoI) to buy Explor Resources’ Chester Copper Property in New Brunswick, Canada for an undisclosed sum.
Located in Northumberland County within the Bathurst Mining Camp, the property comprises four claim groups with 114 contiguous mineral claim units covering around 2,508 hectares.
Discovered in the mid-1950s, the Chester deposit has since undergone various exploration and drilling programs. It has several small zinc-copper sulphide deposits which lie beneath an extensive copper-bearing Stringer zone.
As per the LoI terms, Z-Gold will have an option to acquire the property over a three year period by paying C$80,000, issuing 7,250,000 common shares, providing financial commitment for C$100,000 as well as complete a C$500,000 program.
The LoI is subject to the receipt of approval from the TSX Venture and shareholders of Z-Gold Exploration.