Gold Candle announced that it will acquire all of the assets comprising the Pan American Silver (TSX: PAAS) Larder estate in the Abitibi region of Ontario, Canada for 15,000,000 common shares, which will result in Pan American owning approximately 6% of Gold Candle on a pro forma basis.
Larder’s property includes three mineral deposits: Bear, Cheminis and Fernland. The property adds 388,000 ounces of indicated gold mineral resources (5.1 million tons at 2.39 grams per tonne gold) and 933,000 ounces of inferred gold mineral resources (6.9 million tons at 4.21 grams per tonne gold) from historical resources to the Gold Candle portfolio.
Located 35 km east of Kirkland Lake, the Larder property adds more than 6,400 hectares to the Gold Candle land package at Larder Lake Cadillac Break, bringing the company’s total land area to more than 27,000 hectares.
The property is adjacent to Gold Candle’s Kerr-Addison property to the west and totals more than 6,400 hectares along the Larder Lake Cadillac Break, the company said.
“Having just completed our acquisition of Fokus Mining, we are very excited to enter into this transaction, which will only enhance our already significant and highly prospective land holdings in the Larder Lake Cadillac Break,” Gold Candle CEO Rick Howes said. He said in a press release
“The addition of the Larder property provides us with more options in terms of exploration, development and, ultimately, operations. We look forward to immediately incorporating this property into our plans as we determine how to maximize the potential value of our land package now across the region and Abitibi’s growing mineral resource base,” Hawes said.
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