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Affinity Metals has signed a three-year option to acquire 100% of the Northline Gold property in the Patricia Mining Division of Ontario, about 10 km south of the Golden Patricia mine and sitting between the Red Lake and Pickle Lake gold camps.
To fully exercise the option, Affinity will pay an aggregate $99,000 in cash and issue 300,000 common shares to the optionors — Gravel Ridge Resources and a private company owned by Perry English — over the three-year term. The optionors will keep a 1.5% net smelter return royalty, half a percentage point of which Affinity can buy back for $500,000, leaving a 1.0% royalty in place. Shares issued under the agreement will be subject to a four-month-and-a-day hold period.
The Northline property sits in the southwestern extension of the Meen-Dempster greenstone belt, within the Uchi Subprovince — what Affinity describes as one of the world's most metal-endowed Archean greenstone assemblages, with resources and past production now exceeding 65 million ounces of gold.
Affinity Metals is focused on acquiring and developing strategic metal deposits in North America. The Vancouver-based company also holds the 100%-owned Regal high-grade silver property near Revelstoke, British Columbia, and recently optioned the Discovery Lake property near Sioux Lookout, Ontario.