Anconia Resources Corp. has begun exploration at property in the Sault Ste. Marie mining district.
The property comprises 23 unpatented mining claims—354 claim units or 5,664 hectares—located in Gapp, Lunkie and Dablon Townships located 65 km northeast of Sault Ste. Marie. The property is located in the southeast portion of the Batchawana Greenstone Belt.
A geological team is currently on the property to undertake prospecting, geological mapping, and rock sampling, focusing on areas that are prospective for gold mineralization.
The company acquired a 50 per cent interest, and the option to acquire up to a 100 per cent interest, in the property, pursuant to an agreement reached on Sept. 2.
Under the terms of the agreement, Anconia acquired a 50 per cent interest in the property by paying CAD$0.05m ($0.05m) and issuing 140,000 shares, additional 25 per cent interest upon payment of CAD$0.11m in cash or shares by the first anniversary of the agreement, and the final 25 per cent interest in the property upon payment of CAD$0.11m in cash or shares by the second anniversary of the agreement. The vendor will retain a 1.5 per cent net smelter royalty (NSR).
Anconia is a base and precious metals exploration and development company with additional properties in Nunavut.
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