R.J.K. Explorations Ltd. said Sept. 6 that it optioned the drill-ready Rolling Pond property, located within the Moosehead gold belt in Newfoundland.
R.J.K. can earn 100% interest in the property by paying C$50,000 in cash and issuing 350,000 shares on signing. It must also do the same on the agreement's first to third anniversary.
The company is required to spend C$500,000 on work commitments for four years, with a minimum of C$150,000 on the first year. Rolling Pond will be subjected to a 2% net smelter royalty, which the company can reduce by half by paying C$1 million.
R.J.K. said it has applied for exploration and drilling permits for the property, which consists of 142 contiguous claims covering 3,550 hectares of highly prospective ground, containing a well-documented, gold-bearing epithermal system.
Rolling Pond will be R.J.K.'s newest acquisition in the Moosehead gold belt after the Moosehead Gold District and the Moosehead Extension property.