Intact Gold Corp. (ITG.V) a company engaged in the mineral exploration and development with focus of operations in western North America has announced that it has entered into an option agreement with Caprock Ventures Corp. under which Intact Gold will acquire an undivided 100% interest in and to certain mineral properties, including surface rights, mineral rights, personal property and permits associated with the business located five kilometres east of the town of Belleterre, Temiscamingue, Quebec.
Collectively, the “Guillet Property”, which is comprised of 21 claims, is an area of approximately 600 hectares. The previous Belleterre mine, located fewer than two kilometres northwest of Guillet, produced 735,000 ounces of gold.
Before the agreement will be closed there are number of conditions that must be met, including the approval of the TSX Venture Exchange (the “TSX-V”).
Anthony Jackson of Intact Gold said in a statement, “Intact is excited to acquire an advanced Gold asset such as the Guillet Property. This acquisition falls in line with our current strategy of adding to our portfolio of advanced stage projects.”
According to the agreement between Intact Gold Corp. (ITG.V) Caprock Ventures Corp. Property is subject to a 0.5% net smelter royalty on all future gold productions which includes advance royalty payments of $25,000 annually on Dec. 31, beginning in 2020 to Caprock. In addition, the original vendors of the property will retain a 3.5% NSR Royalty on the Guillet Property. Intact Gold will have the right to purchase the first 1% for $1.0 million, the second 1% for $1.5 million, and the third 1.0% for $2 million at any time.