Joint venture agreements between affiliates Golden Rule Resources (TSE) and Hixon Gold (VSE) have paved the way for further exploration on the Graveyard and Nation River projects in British Columbia.
In order to earn a 50% interest in the 5,500-hectare Graveyard property near Taseko Lake, B.C., Golden Rule has agreed to spend $250,000 on exploration. Soil sampling has outlined gold and copper anomalies, and an airborne survey will be flown this summer to pinpoint trenching and drilling targets.
The Nation River joint venture consists of the Skidoo and Mill properties near Placer Dome’s Mt. Milligan project. In order to earn a 50% interest in both properties, Golden Rule will spend a total of $250,000 on exploration. Detailed geophysical and geochemical surveys will be used to follow up previously outlined, multi-element anomalies.
In order to settle an outstanding debt of $348,705, Hixon will issue 2.3 million shares to Golden Rule, increasing the Toronto-based company’s interest in Hixon to 82.3%. But after terminating its interest in the Hixon Creek property, Hixon will also cancel 1.2 million shares issued to Golden Rule in return for Hixon Creek. Golden Rule’s stake in the junior will then drop to 78.8%, or 4.8 million shares.
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