Gold Candle announced it will acquire all the assets that comprise Pan American Silver’s (TSX: PAAS) Larder property 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.
The Larder property includes three mineral deposits: Bear, Cheminis and Fernland. The property adds 388,000 ounces of indicated gold mineral resources (5.1 million tonnes at 2.39 grams per tonne gold) and 933,000 ounces of inferred gold mineral resources (6.9 million tonnes at 4.21 grams per tonne gold) of historic resources to Gold Candle’s portfolio.
The Larder property is 35 km east of Kirkland Lake, and adds over 6,400 hectares to Gold Candle’s land package on the Larder Lake Cadillac Break, increasing the company’s total land position to over 27,000 hectares.
The property is contiguous to Gold Candle’s Kerr-Addison property to the west and totals over 6,400 hectares along the Larder Lake Cadillac Break, the company said.
“Having just closed our acquisition of Fokus Mining, we are very excited to enter into this transaction, which will only further enhance our already significant and highly prospective land holdings on the Larder Lake Cadillac Break,” Gold Candle’s chief executive Rick Howes said in a news release
“Adding the Larder Property provides us with further optionality as it relates to exploration, development and, eventually, operations. We look forward to immediately integrating this property into our plans as we determine how to maximize the value potential of our now district-scale land package and growing mineral resource base in the Abitibi,” Howes said.
