Cartier Iron Corp. said Nov. 22 that the registration of title for the early stage Big Easy gold-silver property is complete. Big Easy consists of 278 mining claims covering 69.5 square kilometers in Newfoundland and Labrador.
Under the definitive agreement signed in late October, the company must spend C$2.5 million on exploration and issue 2.5 million shares over a 36-month period following closing.
The property is also subject to an underlying 3% royalty, half of which Cartier can repurchase for C$700,000 within 60 months of closing.
Cartier plans to undertake a geophysical survey in early winter once the bogs and ponds are frozen, to be followed by an initial phase-one diamond drilling program to define the nature and extent of Big Easy's low sulfidation epithermal system.
