Equity Metals has obtained approval from the TSX Venture Exchange to exercise an option for acquiring a 100% interest in the Arlington Gold Property in Canada from Origen Resources.
The property, located in the Boundary District of south-central British Columbia, comprises nine claims over an area of 3,583.89 hectares.
Under the terms of the Arlington Agreement signed with Origen Resources in November, Equity Metals has paid $80,000 (C$112,863) and issued 944,686 common shares valued at $200,000.
The payment includes $30,000 for the reimbursement of costs related to the bond for the current drill permit, which will be transferred to Equity.
To fully exercise its option, Equity Metals must meet additional obligations within one year.
These include a further payment of $50,000 to Origen, the issuance of two million shares and the commitment to spend $250,000 on exploration at the Arlington Property.
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Origen Resources will maintain a 2% net smelter return royalty on the property. However, Equity Metals has the right to buy back 1% of this royalty for $1m at any time.
Equity Metals plans to initiate detailed soil sampling, geological mapping and prospecting on the Arlington Gold Property.
This preliminary work aims to refine the known targets, with the prospect of trenching and initial drilling planned for 2025.
The Arlington gold-copper-silver Property is situated in the West Kettle River Valley, 17km north of Beaverdell and 65km south of Kelowna, within the Greenwood Mining Division.
The area’s mining history dates back to the late 1890s, with the nearby Beaverdell Camp producing approximately 35 million ounces of silver and 16,500oz of gold from 1913 to 1991.
The Arlington property offers an exploration opportunity within a historic mining district, with a geological setting and mineralisation styles similar to known productive deposits in the region.
Recent exploration has greatly enhanced its potential, identifying two new polymetallic surface soil anomalies with a cumulative strike length of 3km.
