Canada-based mineral explorer Blackwolf Copper and Gold has signed a non-binding letter of intent (LOI) to acquire mineral exploration company Optimum Ventures.

Also based in Canada, Optimum Ventures has its properties and projects in British Columbia (BC), as well as the extensions of the ‘Golden Triangle’ region of northern BC into Alaska.

It owns a highly prospective Harry project in the south section of Golden Triangle. The project comprises three contiguous claims covering an area of 1,333ha.

According to the LOI, Blackwolf plans to acquire all of the securities of Optimum. Optimum shareholders will get a 0.65 Blackwolf share for each share held.

Optimum's directors and officers and other significant shareholders who will collectively hold at least 30% of the shares are expected to enter the voting in favour of the transaction.

Once the acquisition is completed, the new company will include a board of directors comprising six parties, five of which will be current directors of Blackwolf or chosen by Blackwolf and one will be Optimum nominee Andrew Bowering.

Optimum CEO Tyler Ross said: “We are very pleased to announce the proposed business combination with Blackwolf Copper and Gold. Blackwolf not only has excellent experience working in the region, but has a very similar focus to our Company and its goals.

“We believe there is a real synergy between the project portfolios of both companies. Blackwolf’s management includes industry professionals with a consistent track record of identifying and advancing successful exploration projects and we believe the combination will create significant value for our shareholders.”

In addition, Blackwolf announced the recruitment of Robert McLeod as executive chairman and Morgan Lekstrom as CEO and director.