Hinterland Metals entered into a mining property acquisition agreement with Mistango River Resources (CSE: MIS) to sell its non-core asset, the Teck property, located in the Kirkland Lake Gold Camp in Ontario, Canada.
According to Hinterland, the 2,105-hectare property has been inactive for several years.
The expanded land package is contiguous to Kirkland Lake Gold’s Macassa mine, one of the worlds highest-grade gold mines, and gives Mistango one of the largest land positions in the Kirkland Lake district
The deal entails that Mistango has to pay C$15,000 as well as issue 1,500,000 common shares to Hinterland in exchange for the transfer of 47 mining claims, 22 mining patents, and two mining licenses of occupation, all situated in the Eby, Teck and Grenfell Townships, together with all exploration data and technical information associated with claims.
The additional claims bring Mistango’s adjacent Eby-Baldwin property to a total of 4,300 hectares, which makes the Toronto-based miner one of the largest landowners in the Kirkland Lake camp.
“This acquisition establishes Mistango as a major landholder in Kirkland Lake, particularly along with the western extension of the Amalgamated and Main breaks which hosts excellent geology but has seen substantially less exploration due to its fragmented ownership,” Mistango’s director, Stephen Stewart, said in a media statement. “This Teck-Kirkland acquisition gives us additional coverage along the intersections of the major breaks in the area including the Amalgamated, Main, Cadillac and Kirana faults. The focus of our exploration going forward will be where these major structures crosscut.”