Tamaka Gold has signed a strategic agreement with Fladgate Exploration Consulting to expand its exploration work on its Goldlund Property in northwestern Ontario.
According to Tamaka in a Jan. 9 statement, a “strategic investment” is coming through a Fladgate affiliate to start on a 9,000-metre drill program this winter, “one of the largest current drill campaigns among its peer groups.
It’s the first of a two-phase program that will include an additional 9,000 metres of drilling later this year.
The first round of assays will be available late in the first quarter of this year with drilling to continue into the middle of this year.
It’s expected that Fladgate will accrue a $2 million stake in Tamaka upon completion of the first phase. Fladgate must deliver drill core to Tamaka for splitting and assaying.
“We are extremely pleased to become a strategic partner of Tamaka,” said Fladgate president and CEO Michael Thompson. “We believe the Goldlund project, with its current resource, excellent exploration potential, and proximity to roads and power, combine to make it one of the most attractive Gold projects in Ontario.”
Similarly pleased with the arrangement was Tamaka president and CEO Howard Katz. “We have already established a large deposit with a higher grade zone. We are now further advancing our project forward in a decisive manner which will benefit all Tamaka shareholders.”