Canadian company Harfang Exploration has exercised its option to acquire a 100% interest in the Egan Gold Property in Ontario.
This was facilitated through a combination of cash and share payments to the property vendors.
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In accordance with the option deal and its subsequent amendment from August 2020 and August 2022, Harfang had the right to earn a full interest in the property.
The agreement with the vendors included dividing the final cash payment of C$170,000 ($126,293) into two instalments of C$85,000 each.
Vendors have now consented to accept the final instalment as a combination of C$27,554 in cash and 510,670 common shares of Harfang.
Harfang will complete the cash payment and share issuance upon receiving the necessary approvals, securing a 100% interest in the Egan Property.
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By GlobalDataThe acquisition is subject to a 2% net smelter return royalty to the vendors.
Egan Gold Property is situated in the prolific Abitibi gold camp and has been a focus of Harfang’s exploration efforts, which have identified several high-priority targets.
The property was initially optioned following the discovery of the E1 Zone, where logging activities uncovered a north-east-trending shear zone with a network of quartz veins within a syenite host.
Harfang president and CEO Rick Breger said: “We are pleased to proceed with the acquisition of a 100% interest in Egan.
“From the beginning, it has delivered solid results from our exploration campaigns with numerous targets to follow up on.
“We are particularly intrigued by the delineation of a large, gold-in-soil anomaly south of the E1 high-grade gold occurrence, adding another high-priority target, as well as the E1 South discovery that returned an altered syenite grab sample assaying 25g/t [grams per tonne] gold.”
In January 2022, Harfang Exploration entered an agreement to acquire all of the issued and outstanding shares of LaSalle Exploration.
