Acadian Mining Corp (TSX: ADA) said it has exercised the option with Vostok Minerals Inc (RSX-V: VOS) to buy two exploration licenses covering 2,536 hectares on the Fifteen Mile Stream Trend in the Nova Scotia goldfields together with Vostok's extensive Nova Scotia gold exploration database.
Acadian now owns a 100 percent interest in the Vostok licenses subject to a 2 percent net smelter royalty which can be purchased at any time at Acadian's option for C$2 million. The deal brings Acadian's holdings on the FMS Trend to 32,910 hectares.
The FMS Trend is a northeasterly trending geological corridor which has been identified as being prospective for low grade, bulk tonnage gold deposits potentially amenable to surface mining. Three advanced gold projects currently being explored or developed in Nova Scotia occur on the FMS Trend, including the Beaver Dam and Fifteen Mile Stream properties controlled by Acadian.
The Vostok Licenses are strategically located in the 18 kilometre long interval between Beaver Dam and Fifteen Mile Stream which together host the bulk of Acadian's gold resources.