Beaufield Resources Inc. said May 23 that it signed a letter of intent granting Bonterra Resources Inc. an option to acquire a 70% interest in the Duke gold property in Quebec.
The property comprises 81 claims covering 3,590 hectares and is located near Bonterra's Urban Barry properties, which host the Gladiator gold deposit and extensions.
The Duke project also hosts several gold showings with expansion potential, including Lac Rouleau and Zone 18.
Bonterra can earn the interest by issuing 4 million shares upon closing as well as paying a total of C$750,000 and spending C$4.5 million on exploration over three years.
The companies will then form a joint venture upon completion of the option, with Beaufield retaining a 30% interest in the project.
The deal remains subject to acceptance from the TSX Venture Exchange.
