Dixie Gold Inc. (DG:TSX.V; YWRLF:OTCMKTS) acquired the Red Lake gold project in Ontario, it announced in a news release.
The cost equaled that of claim staking fees paid to the Ontario government. Dixie Gold assumed the existing 2% royalty on the claims.
The Red Lake project spans 52,507 acres and encompasses 1,044 mining claims. It is situated to the north of the acreage and projects of Great Bear Resources and BTU Metals. "Our new project successfully positions Dixie Gold as a significant participant in one of Canada's newest exploration camps," Dixie Gold Chairman and CEO Ryan Kalt said in the release, referring to the emerging Dixie Gold District.
The Dixie Gold company intends to commence exploring for gold and base metals at this newly acquired property this year and states it is sufficiently cashed up to do so.
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