Tasca Resources Ltd. said Sept. 26 that it secured an option to earn up to a 100% interest in the Princeton gold property, which comprises 13 claim units covering 4,013 hectares in British Columbia.
Under the agreement, the company will earn the full interest by spending C$1.2 million on exploration on the property over a period of about three years.
Tasca will also pay a total of C$30,000 in cash in various installments upon achieving certain milestones within the first two years of the agreement, and will issue 2.0 million shares within the first three years.
The optionor will retain a 2% net smelter return on the property, half of which Tasca can acquire by paying C$1.0 million.
Tasca will start trenching and drilling at Princeton upon obtaining approval for the deal from the Toronto Stock Exchange's Venture Exchange, as the optionor has secured a trenching and drilling permit from the Ministry of Energy and Mines for the property.