The company has issued three million common shares, paid $1m (C$1.39m) in cash and incurred more than $2.1m in exploration expenditures for the initial majority stake. Credit: Mark Agnor/Shutterstock.

Canadian mineral exploration company Omega Pacific Resources has acquired a 51% interest in the Williams Property in the Toodoggone District of northern British Columbia, Canada, from Copaur Minerals.

The acquisition follows an option agreement signed on 29 February 2024, allowing Omega Pacific to incrementally purchase up to 100% of the property in several stages.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The agreement outlines a four-year plan for Omega Pacific to increase its stake.

The first phase, now complete, required a C$1m payment, the issuance of three million common shares and C$2m in exploration expenditures, satisfying the terms for the initial majority stake.

An additional 29% interest can be acquired with a further C$500,000 payment and the issuance of two million common shares, plus C$4m in exploration costs before the third anniversary.

The final 20% can be purchased at fair market value after the second stage is complete.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

If Omega Pacific chooses to utilise its option for an 80% interest but decides against pursuing a full 100% interest within the permitted time frame, the parties involved in the agreement will be considered to have formed a joint venture based on an 80:20 ownership ratio that corresponds to the property’s ownership structure.

Omega Pacific CEO Jason Leikam said: “We are thrilled to have achieved this significant milestone so quickly, demonstrating measurable results from our exploration efforts. The success of the 2024 exploration programme at Williams gives us confidence that the property will evolve into a premier asset within a top-tier jurisdiction. This is just the first of many milestones we anticipate reaching at the Williams Property.”

Since the agreement’s inception, Omega Pacific has concentrated its exploration efforts on the GIC Prospect at the Williams Property, building on promising historical drill results. The company’s initial 1,714m drill programme has led to a mineral discovery, including a drill result of 2.16 grams per tonne of gold over 96.92m.

The company has also expanded its control over a 12km geophysical target, which could lead to further mineralisation and new discoveries. All exploration costs contribute to the property’s earn-in interest.