First Mining partners with Big Ridge on Newfoundland gold project
Barge drilling at Springhole. Credit: First Mining Gold
First Mining Gold (TSXV: FF; US-OTC: FFMGF) has entered into a definitive agreement with
Big Ridge Gold (TSXV: BRAU), allowing the explorer to earn up to an 80% stake in the past-producing Hope Brook gold project in southwestern Newfoundland.
Big Ridge may earn up to 80% in Hope Brook through a two-stage, five-year earn in that calls for a total of $20 million in spending on the project, the issue of 36.5 million of its shares to the vendor and a $2 million payment to First Mining at the start of commercial production. First Mining will keep a 1.5% net smelter return (NSR) royalty on the property and have its interest carried for free through to a feasibility study.
First Mining partners with Big Ridge on Newfoundland gold project mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
First Mining partners with Big Ridge on Newfoundland gold project April 6, 2021
Topics
Developer
First Mining Gold (TSXV: FF) has entered into a definitive agreement with
Big Ridge Gold (TSXV: BRAU), allowing the explorer to earn up to an 80% stake in the past-producing Hope Brook gold project in southwestern Newfoundland.
Big Ridge may earn up to 80% in Hope Brook through a two-stage, five-year earn-in that calls for a total of $20 million in spending on the project, the issue of 36.5 million of its shares to the vendor and a $2-million payment to First Mining at the start of commercial production. First Mining would keep a 1.5% net smelter return (NSR) royalty on the property and have its interest carried for free through to a feasibility study.