True Grit Resources Ltd. said Aug. 8 that it optioned a large property package near Sokoman Iron Corp.'s Moosehead gold project in Newfoundland and Labrador.
The company agreed to pay C$15,000 and issue 2.5 million shares upon exchange approval.
The property is 2 kilometers long by 2 kilometers wide and roughly on trend with the gold-mineralized mesothermal orogenic quartz vein system that is Sokoman's exploration diamond drilling program.
Sokoman recently reported a drill result of 11.9 meters grading 44.96 g/t of gold at Moosehead. Companies angling to acquire nearby ground include Makena Resources Inc., R.J.K. Explorations Ltd., New Point Exploration Corp., Tasca Resources Ltd., New Tech Lithium Corp. and Sunvest Minerals Corp.