GTA Resources and Mining reported it has signed an exploration agreement with Constance Lake First Nation. The company is exploring on its Auden gold and base metal property, a 280-square-kilometre block that's within the traditional territory of Constance Lake.
In an Oct. 30 release, the company said the agreement provides for compensation to Constance Lake for cultural and environmental impacts, and includes the issuance of 100,000 of the company's common shares on signing and the issuance of 200,000 common share purchase warrants on the first to the third anniversary dates.
There will also be local work opportunities and business ventures, and for continued consultation on land use issues.
“GTA has shown a commitment to work with our community while demonstrating respect of our people, lands and way of life,” said the Constance Lake band in a statement. “We expect this to become the start of a new and much more mutually beneficial relationship with GTA in the coming months."
The Auden property is located adjacent to Zenyatta Ventures Albany graphite project.
GTA is the largest land holder in this district with a total of 1,748 contiguous claim units of approximately 28,000 hectares.
Since acquiring the property in 2010 for its gold, base metal and PGM potential, the company has done some airborne geophysics but no field work has been carried out.
GTA has three exploration projects in its portfolio, including its main Northshore property, located near Schreiber.
