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Knick Exploration secures option over 579-hectare property in Quebec

Knick Exploration Inc. said Jan. 26 that it secured an option to acquire 10 claims covering about 579 hectares in Val-d'Or, Quebec, from a private prospector.

Under the terms, the company can acquire the claims by paying C$40,000 and issuing 800,000 common shares in stages over two years.

The prospector will retain a 2% net smelter return royalty, half of which may be repurchased at any time for C$1.0 million. Knick will also have the right of first refusal to acquire the other half of the NSR for C$2.0 million.

Separately, Knick noted that it completed its previously announced acquisition of a 1.75% NSR held on its East-West gold property, also in Quebec, after securing TSX Venture Exchange approval.

The transaction called for the payment of C$50,000 and the issuance of 5 million shares. The company has so far paid the royalty holder C$30,000 and completed the share issuance.

According to a Jan. 25 statement, the acquisition of royalty increases the East-West property's potential as a forward-moving project.