Winmar Resources Ltd. said Dec. 8 that it signed a binding agreement with CBLT Inc. to acquire rights to three claim blocks covering 2,240 hectares in Ontario. The transaction is expected to close in early January 2018.

The company will pay A$50,000 in cash and A$50,000 in shares priced at 0.3 cent each to acquire the Bloom Lake claims after paying an initial deposit of A$15,000.

Winmar can also pay an additional A$20,000 for a 12-month option to acquire either or both of the United Reef and Calcite Reef claim blocks.

If it exercises the option, Winmar will pay an additional A$100,000 in cash and shares per claim block, with the option vesting upon the completion of at least C$50,000 of exploration on each claim block during the 12-month period.

Winmar is planning initial ground reconnaissance of the Bloom Lake claim block this month.