SGX Resources has
completed an agreement giving it a 100 per cent interest in Timmins-area property.
According to a
news release, the agreement, between SGX and Shoreacres Exploration Ltd., dates
from May, 2010. It solidifies the company’s land position around its Edleston
gold deposit located south of Timmins between the Côté Lake deposit and the
Young Davidson mine.
The company plans
to extend the known limits of the deposit and to more broadly explore the land
package based on geological signatures and patterns identified while discovering
and expanding on the Edleston deposit.
SGX has undertaken
an extensive diamond drilling program on the property since September of 2011
as a follow-up to geophysical targets, with the objective of locating
near-surface gold deposits.
with the terms of the option agreement, Shoreacres will transfer ownership of
the property to the company within 30 days, and it will retain a 2 per cent net
smelter returns royalty on the property.
SGX has a number
of other interests in the Timmins area.