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Tasca secures option over gold-prospective Handcamp property

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Tasca secures option over gold-prospective Handcamp property

Tasca Resources Ltd. said Sept. 5 that it struck an option deal with the arm's length vendors to acquire the Handcamp property in Newfoundland and Labrador.

The 2,100-hectare property, comprising five licenses totaling 84 claims, has been explored for base metals since the 1960's and has recently been recognized for its gold potential.

Under the terms, Tasca is required to pay C$40,000, issue 4,250,000 shares and spend C$2.4 million in exploration expenditures over the next four years. The vendors will retain a 2% net smelter return royalty, while Tasca will have the option to acquire half of the royalty for C$1 million at any time.

The historical database contains soil geochemistry, rock geochemistry, mechanical trenching and induced polarization geophysical surveys, which need to be compiled and analyzed to direct the next phase of drilling at the property.