Toronto-listed companies First Mining and Treasury Metals on Wednesday unveiled a deal to combine their Ontario projects, creating a district-scale, multimillion-ounce gold opportunity.
The companies will put together their adjacent Goldlund and Goliath projects in a transaction that will see advanced-stage developer Treasury acquire First Mining subsidiary Tamaka Gold. First Mining will be the largest shareholder in Treasury.
The consolidation solidifies the combined asset as one of the largest undeveloped gold assets in Canada, with a consolidated resource base of two-million ounces of gold in the measured and indicated resource categories, and 1.1-million ounces of gold in the inferred resource category.
Goldlund has 809 200 oz of gold in the indicated resource category and 876 954 oz of gold in the inferred resource category, and Goliath has 1 192 000 oz of gold in the measured and indicated resource categories and 222 000 oz of gold in the inferred resource category.
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