Metals Creek Resources Corp. said May 31 that it signed a letter of intent to acquire 10 patented mining claims in Ontario's Garrison Township.
The claims are contiguous with Osisko Mining Inc. to the west, south and east and contiguous with Kirkland Lake Gold Ltd. to the north.
Under the terms, Metals Creek is required to pay C$310,000 over four years following the execution of the letter of intent.
The vendors will retain a 2% net smelter returns royalty on the claims, half of which the company can repurchase for C$1 million.
The transaction is subject to securing regulatory approvals and completion of due diligence.
