Evergold Corp (TSX-V:EVER, OTC:EVGUF) announced it has struck a deal to acquire a 100% ownership interest in four mineral claim groups located within the northern half of its Golden Lion property in British Columbia, bolstering its copper-gold exploration footprint in the Toodoggone district.
The deal gives Evergold the option to acquire the 173-hectare claim package — comprising the Goat, Chuck, Copper King, and Claw prospects — through a staged issuance of C$80,000 worth of post-consolidation shares over two years.
To proceed, Evergold must first complete a 10-for-1 share consolidation and secure two-thirds shareholder approval.
Upon exercising the option, Evergold will grant the vendor a 2.5% net smelter return royalty, of which 1.5% may be repurchased for C$1.5 million.
“These new claims encompass the best porphyry prospects within the current limits of our Golden Lion property,” said Evergold CEO Kevin Keough.
Keough said the acquisition supports a renewed exploration push this season, spurred by regional interest following Freeport-Amarc’s copper-gold discovery to the south.
Historical work on the newly acquired tenures identified copper and silver mineralization, including native copper and bornite, though no drilling assays were reported at the time. The prospects lie within the British Columbia Geological Survey’s “Red Line” trend, a geological setting favorable for porphyry systems.
Separately, Evergold announced that all staged cash and work commitments for its DEM property option near Fort St James have been deferred for one year at no cost. The company reported promising results from early drilling in 2023 and 2024, with high-grade intervals for both precious and critical metals.
Evergold said it may return to the site, subject to financing.