International Samuel Exploration Corp. said June 5 that it will complete the acquisition of the Lucifer gold project in British Columbia via the issuance of 1 million shares to the sellers.
Lucifer comprises 4,588.41 hectares and is in the Golden Triangle region. Two historical drillholes completed on the property intersected 15.1 g/t of gold over 1.36 meters and 0.7 g/t of gold over 5.70 meters.
The sellers will also receive a 2% net smelter return royalty, 1.5 percentage points of which can be bought back by the company at C$500,000 per 0.5 percentage point.
In addition, International Samuel secured a drill permit for the property and will conduct geophysics before further drilling begins.
The company also announced that Shane Ebert stepped down from its board due to other work commitments.
