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Tower Resources secures option over gold-copper property in British Columbia

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Tower Resources secures option over gold-copper property in British Columbia

Tower Resources Ltd. secured an option to acquire the Voigtberg gold-copper property in British Columbia from Goldcorp Inc. subsidiary Kaminak Gold Corp.

The company can acquire the 3,144-hectare property by issuing 3 million units and spending C$1.9 million over three years.

Tower will issue an additional 1 million shares upon delineating a mineral resource of over 500,000 gold equivalent ounces.

The property will be subject to a 1% net smelter return royalty, according to a Dec. 19 release.

Tower intends to conduct detailed geological and geochemical work and exploration at Voigtberg during 2018.

The company also entered into an investor rights agreement with Goldcorp, allowing the latter to maintain its interest and increase its stake in Tower up to 9.9%.