Independence Gold declared that it has signed a Letter of Intent (LOI) with Lucky Strike Resources to investigate and develop the Grizzly and Aspen properties, which are situated in the White Gold District, Yukon.
As per terms of the LOI, Lucky Strike Resources may earn a 60% interest in the Aspen and Grizzly properties by issuing 600,000 shares, paying $200,000, and incurring $3,000,000 in reconnaissance costs. After a vesting interest of 60%, the company may earn a further 10% interest in the Aspen and Grizzly properties by releasing an additional 500,000 shares, paying $250,000, and incurring a further $2,500,000 in reconnaissance costs on the properties.
Independence Gold will operate the Aspen and Grizzly projects through the initial year of the LOI. Back in 2011, the company had staked both these properties to explore regions that were believed to contain positive geology. Grizzly and Aspen properties lie in the western Yukon’s White Gold Area and are situated 118 km and 150 km southeast of Dawson City, respectively. The Grizzly property includes 600 claims of around 12,540 ha, while the Aspen property includes 510 claims of about 10,660 ha. Exploration program conducted in 2011 on both these properties included geochemical soil sampling.
Source: http://www.ingold.ca/