White Metal Resources Corp. said Dec. 19 that it secured an option to acquire Sokoman Iron Corp.'s early-stage Startrek antimony-gold project in central Newfoundland.
The company agreed to issue 2 million shares in stages over three years ending Dec. 18, 2021, to acquire the property.
Startrek is also subject to a 2% net smelter royalty in favor of the original owner and a 1% NSR in favor of Sokoman, half of which can be bought for C$500,000.
White Metal is planning to conduct an airborne geophysical survey over the property ahead of detailed prospecting and mapping. The company noted that many gold targets remain due to limited exploration.
In October, the company secured an option to acquire the Little Joanna gold property in Newfoundland.