- Canada Silver Cobalt Works (OTCQB:CCWOF) signed an option agreement to acquire a 610 hectare land known as the Tinney property from a group of prospectors (Claim Holders).
- The property lies within the Abitibi Greenstone Belt in the Kirkland Lake district and is located ~7 km south-west of the high-grade Macassa Gold Mine currently operated by Kirkland Lake Gold.
- The company has the option to acquire, over a period of 5 years, 100% of the property for cash payments of $182K, the issuance of 400K Canada Silver common shares, and incurring a total of $1.2M in exploration expenditures on the property.
- In addition, the Claim Holders will retain a 3% royalty if the company completes the entire option. The company will operate and manage all exploration work throughout the term of the option.
- The company said the 610 hectares included in the acquisition are adjacent to the 200 hectares recently optioned on August 3 from geologist Doug Robinson and partners. This increases the total area of the land package to 810 hectares.