Goldseek Resources Inc (CSE:GSK) (OTCMKTS:GSKKF) said it had optioned an advanced gold exploration project from Wallbridge Mining (TSE:WM), which the company says will become its flagship asset.
The Beschefer project in Quebec spans around 962 acres and borders Goldseek's Southern Arm project. It also lies 30 kilometres (km) southwest of Wallbridge’s Fenelon gold property and 45km northeast of the Casa Beradi mine.
READ: Goldseek Resources completes extended drill program at Bonanza property; awaits assays
"Beschefer will be our flagship project going forward, which I believe is a great addition to help derisk our current strong grassroots portfolio," said Goldseek's CEO Jon Deluce in a statement.
"We believe this project has significant near-term resource potential and we will announce our exploration plans for 2021 shortly with our medium-term goal of a maiden resource estimate in 2022."
Previous drill highlights at the project include 55.63 grams per ton (g/t) gold over 5.57 metres (m) in one hole and 13.07 g/t gold over 8.75m in another.
Gold mineralization was discovered in the B-14 Zone at the property in 1995 by Billiton Canada Inc and Excellon completed around 17,000m up to 2013 but there has been limited exploration since then, except for 1,600m drilled by Wallbridge in 2018.
Goldseek can acquire the project via funding exploration expenditures and issuing shares to Wallbridge in stages over four years. The total shares issued will amount to over 4.28 million and expenditures over the four years comes in at C$3 million.
The company says its mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.
Contact the author at giles@proactiveinvestors.com