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.
In accordance 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.