Maritime Resources Corp. said May 16 that it agreed to acquire the gold prospective King's Point property in Newfoundland and Labrador from Inomin Mines Inc.

The claims cover geological extensions to the company's Hammerdown gold deposit that host several high-grade gold veins and base metal occurrences.

The King's Point property comprises two separate claim blocks, with a total of 129 claim units across 3,225 hectares.

Under the terms, Maritime is required to pay a total of C$300,000, spend C$600,000 in exploration and issue 2.0 million shares over a three-year period.

The company will grant a 2.5% underlying net smelter return royalty, 1.5% of which can be repurchased by Maritime for C$1 million.

Maritime intends to continue exploration at King's Point while also developing Hammerdown.