Vancouver’s First Mining Finance is making a move to acquire Tamaka Gold and its Goldlund project near Sioux Lookout.
First Mining announced May 16 that it has signed a “definitive amalgamation agreement” with privately-held Tamaka and its 26,000-hectare gold project, halfway between Dryden and Sioux Lookout.
The project’s 167 claims and three leases straddle Highway 72, some 20 kilometres north of the Trans-Canada Highway. The ground previously hosted an underground and open-pit mine between 1982 and 1985.
The transaction will be voted on at a shareholders meeting in late June.
Tamaka commissioned a technical report and resource estimation update for Goldlund which has not been publicly filed. First Mining said this report is only a “general guide” in categorizing the report’s estimates as historic, not current.
First Mining is planning a new report once the Tamaka acquisition is finalized. The company said it will not require any additional exploration, but rather some analysis of previous assay results.
In a news release, First Mining chair Keith Neumeyer said his company is in full acquisition mode, having picked up 28 projects over the last 12 months.
In early May, First Mining announced it was acquiring the Cameron Gold project, 80 kilometres southeast of Kenora, from Chalice Gold Mines.
“We believe Goldlund possesses tremendous exploration upside, and has excellent existing infrastructure, including roads and power,” said Neumeyer in a release. “Going forward, we will continue to look for other compelling opportunities. However, after such an aggressive and successful campaign of acquisitions, we expect that our focus will start to evolve towards adding value to our current portfolio."
The company is fixated in picking up “high quality mineral assets” in gold, silver, copper, lead, zinc and nickel across Canada, the U.S. and Mexico.
