Alianza Minerals Ltd. said Sept. 10 that it optioned the gold-prospective KRL property in British Columbia's Golden Triangle from prospector Bernie Kreft.
Under the terms, Alianza is required to spend about C$2.3 million on exploration, issue 800,000 shares over five years and pay a total of C$250,000 in cash over a four-year period. Kreft will retain a 1% net smelter royalty on the property.
Kreft is entitled to receive additional shares upon the disclosure of an inferred resources estimate equal to 1 share per ounce of inferred resource, to a maximum of 350,000 shares. An additional 500,000 shares will be issued at the start of commercial production.
"The KRL option presents an excellent opportunity for early-stage gold exploration in the Golden Triangle," said Jason Weber, president and CEO of Alianza.
Alianza will initially focus on prospecting and sampling to identify gold-bearing veins at lower elevations, according to a press release.