Victory Ventures Inc. secured an option to acquire the Kittson cobalt property, covering 1,090 hectares in northeastern Ontario, it said Jan. 23.

The company can earn a 100% interest in the property for C$1.2 million, payable in common shares and cash. Kittson is also subject to an underlying 2% net smelter return, 1.5% of which can be purchased for C$1 million.

The deal remains subject to TSX Venture Exchange approval.

Victory Ventures noted that the property hosts two past producing mines, Shakt Davies and Cobalt Kittson. Sampling of the mine dump by the Ontario Geological Survey in 1987 returned 0.25% cobalt, 0.75% nickel, 0.05% copper and 3.4 g/t of gold.