TomaGold (TSXV: LOT) announced on Friday an agreement with Quinto Resources (TSXV: QIT) to acquire Quinto's 5% interest in the Monster Lake property for a cash payment of $500,000. Following this transaction, TomaGold will own a 50% interest in the Monster Lake property, with IAMGOLD holding the other 50%.
TomaGold has also entered into an agreement with Brunswick Resources Inc. to acquire the Irene Lake property, which consists of 14 claims immediately west of the Monster Lake property.
"The resource calculation reported by IAMGOLD shows that we have a high-grade, high-value gold deposit with excellent exploration potential," said David Grondin, President and CEO of TomaGold in a statement. "We have decided to make the most of this asset by consolidating our position in the Monster Lake property and the surrounding area. The transactions with Quinto and Brunswick are a first step in that direction."
The transactions are subject to closing of the required financing and to regulatory approval. The company expects to close the transactions on or about February 15.