Upside Gold, a Canadian resource extraction company, has signed an agreement to acquire a 100% interest in seven mineral claims. Located on the northwestern portion of the company’s Kena Gold-Copper property, the new acquisitions total approximately 2.73 square kilometres.
The newly acquired region has historically been a high-quality production area as part of the Venus-Juno cluster. According to Upside Gold, previous recorded production was 5,411 tonnes, averaging 19.8 g/t gold and 17.7 g/t silver, during the first half of the 20th century.
To secure these claims, Upside Gold now controls a continuous stretch that was previously divided among multiple owners. The company hopes that linking its exploration sites will lead to meaningful discoveries soon. “The completion of this acquisition is an important step in enhancing the continuity of the Qena project,” said Sophie Cesar, CEO and Director. “The historic, high-quality production associated with these claims complements our broader region-wide exploration strategy and adds additional upside potential as we continue to develop Qena,” Cesar added.
The transaction remains subject to approval by the Canadian Securities Exchange. Once approved, Upside Gold will purchase the claims with a combination of cash, shares and a 0.5% royalty fee – the company reserves the right to repurchase.
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