Gatling Exploration Inc (CVE:GTR) (OTCQB:GATGF) (FRA:G28A) said it has signed an exploration agreement with the Matachewan and Wahgoshig First Nations for continued cooperation as the Larder gold project in the Abitibi continues to advance.
"This major milestone for Gatling marks the culmination of more than two years of relationship building and discussions between the company and the Matachewan and Wahgoshig First Nations, and sets forth a solid foundation for continued cooperation as the Larder project advances further along the value chain," Jason Billan, Gatling’s CEO said in a statement.
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"We are pleased to have the Matachewan and Wahgoshig First Nations Groups as positive supporters and key stakeholders of the Larder gold project, with strong alignment to our shareholders. We look forward to laying the groundwork, following the signing of the exploration agreement, as we head towards an Impact Benefit Agreement (IBA) in due course," Billan added.
As part of the agreement, Gatling has granted incentive stock options authorizing the purchase of 100,000 shares to the First Nations Groups.
The options are exercisable at C$0.365 per share for three years from the date of grant. In addition, Gatling will issue to the First Nations Groups a total of 100,000 common shares, subject to the acceptance of the TSX Venture Exchange.
Aims of the exploration agreement include establishing a cooperative and collaborative working arrangement between Gatling and the First Nations Groups and establishing a relationship through which the groups can identify opportunities for their businesses and citizens to participate in Gatling's activities.
The 3,370-hectare Larder property sits in the prolific Abitibi greenstone belt in Ontario and hosts three high-grade gold deposits - Fernland, Cheminis and Bear - which are all connected.
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