Argo Gold is selling its Rockstar Property near Wawa.
The company announced on Dec. 1 it has entered into a letter agreement with an arm’s length purchaser to sell 100 per cent of its interest in Rockstar for CDN$700,000.
Under the terms of the agreement, Argo will be paid $200,000 on the date of closing, $250,000 on or before Dec. 30, 2018, and $250,000 on or before Dec. 30, 2019.
The company will also receive a one per cent net smelter return royalty on the property. Additionally, the purchaser will have a one-time right to purchase 0.5 per cent of the royalty from Argo Gold for CDN$500,000.
The deal is expected to close by Feb. 28, 2018.
Located roughly 50 kilometres north-northeast of Wawa, the Rockstar property is comprised of 16 unpatented mining claims. Argo notes that two significant gold prospects have been identified on the Rockstar property: the Rockstar Prospect and the Tracanelli Project.
Argo Gold retains a number of other gold projects across Northern Ontario, including Abbie Lake, Macassa Creek, Mishi Lake, South Wawa, all located near Wawa, and McVicar Lake and Woco Gold, near Thunder Bay, in addition to the Hurdman zinc-silver property near Timmins.