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Decade Resources secures 55% option on Teuton's Del Norte gold property

Decade Resources Ltd. secured an option to acquire up to 55% of Teuton Resources Corp.'s Del Norte gold property in the Stewart area of British Columbia.

The company can own the stake by paying C$400,000 over four years, issuing 800,000 shares on signing, issuing C$180,000 of stock over four years, and spending C$4 million on the project over five years, it said Jan. 7.

Decade Resources has the right to earn an additional 20% stake by achieving production. The 5,830.16-hectare property has an underlying 2% net smelter royalty.

The company also announced that it is selling noncore properties in the Stewart area.