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Anconia moves to fully acquire Grenfell gold property in Ontario

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Anconia moves to fully acquire Grenfell gold property in Ontario

Anconia Resources Corp. is exercising the option to fully acquire the Grenfell gold property in Ontario, it said April 10.

The company holds a 60% stake in the property under a 2014 earn-in deal with Cadillac Ventures Inc. To acquire the remaining 40% stake in the property, Anconia will issue 5 million common shares to Cadillac.

Cadillac will retain a 2% net smelter returns royalty on the property, half of which Anconia can purchase for C$1 million up to 2 years after starting commercial production.

The property comprises 16 patented mining claims and 2 staked claims covering 3.8 square kilometers. The property is about 5 kilometers along strike from Kirkland Lake Gold Ltd.'s Macassa mine.