As consideration, Victoria will receive approximately 21.84 million common shares of Sitka as an initial payment, representing 8% of those outstanding. It will also be owed a total of C$11 million in deferred payments, payable in cash or shares, due in three instalments over the next three years.
“The purchase of Victoria Gold’s Clear Creek property marks a significant milestone in the evolution of the RC gold project as it consolidates the entire Clear Creek intrusive complex under one owner,” Sitka Gold’s CEO Cor Coe said in a news release.
Historical work on the property targeted the southern portion of the complex, with initial work focused on discovering a “Fort Knox” type mineralization. In the 1990s, both Noranda and Kennecott conducted drilling on the property, highlighted by one hole returning 1.03 g/t gold over its entire length of 67.1 metres. Redstar Resources also made a discovery with an intersection of…
