SLAM Exploration Ltd. said Aug. 16 that it secured an option to acquire the Mount Uniacke gold project in Nova Scotia for C$450,000 in staged payments.
The vendors will retain a 3% net smelter royalty over the property, with SLAM holding the right to buy back the first 1% NSR for C$500,000 and the succeeding 1% NSR for a further C$1 million. The Canadian junior explorer holds the right of first refusal for the remaining 1% NSR.
The Mount Uniacke property comprises 25 claims within two exploration licenses covering 404 hectares. The explorer will conduct a drilling program to test the depth potential of gold-bearing leads below the historical workings.