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Canadian Metals acquiring stakes in 4 Canadian projects from Osisko Metals

Canadian Metals Inc. said Aug. 7 that it agreed to acquire interests in three base metal properties in New Brunswick and one silica property in Quebec from Osisko Metals Inc.

The base metal properties comprise the Six Mile Brook, the Middle River and the Tetagouche claim blocks, covering a total of 762.45 hectares in the Bathurst Mining Camp.

Canadian Metals may earn a 50% interest in the assets by funding C$250,000 in exploration expenditures over one year, during which it will also serve as operator. It will then form a joint venture with Osisko Metals after the earn-in period.

The company expects to start a drill program on the properties in the current quarter.

The Colline Tortue silica property, meanwhile, consists of 10 claims covering 569.08 hectares and is located 2.5 kilometers west of the company's Langis silica project.

Canadian Metals is required to issue 1 million shares to Osisko Metals to fully acquire the property.