Tartisan Nickel Corp.'s shares rose 17% on March 26 after it announced plans to acquire the Sill Lake lead-silver property in Ontario from Klondike Bay Resources Ltd.
Under a binding letter of intent, Tartisan Nickel agreed to pay C$25,000, issue 500,000 shares and grant a 2% net smelter royalty, which can be halved for C$250,000.
Sill Lake, which covers 372.8 hectares, has experienced two distinct periods of underground development and production. An estimated 7,000 tonnes of ore containing and lead and silver have been mined from the property.
A 2010 estimate for the project estimated measured and indicated resources of 112,751 tonnes grading 134 g/t silver, 0.62% lead and 0.21% zinc.
Tartisan Nickel owns the Kenbridge nickel-copper project in Ontario and the Don Pancho zinc-lead-silver property in Peru.