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Sage Gold expands Onaman copper-gold property in Ontario

Sage Gold Inc. signed a deal to acquire a 698-hectare land package at its Onaman copper-gold-silver property in northwestern Ontario from Jien Nunavik Mining Exploration Ltd.

The land package comprises 43.6 units, including a combination of both patented and unpatented claims, leased claims and one license of occupation, the company said Jan. 18.

Sage will issue 1.25 million common shares to Jien Nunavik and spend C$300,000 on exploration over a five-year period.

The land package is subject to a 2% net smelter return royalty, with an open-ended option to buy back half of the NSR for C$500,000.

The acquisition brings Sage's Onaman holdings to 2,859 hectares, or 28.6 square kilometers.