BHP Minerals to earn stake in Larder’s Ontario property

A recent agreement with CDN-listed International Larder Minerals sets the stage for BHP Minerals to earn an interest in a northern Ontario property owned by the junior company.

BHP has signed a letter of intent to enter into a joint-venture agreement on the 66-claim gold property situated in Ontario’s Matheson Twp.

The claims lie within a greenstone belt near the Hoyle Pond mine of Kinross Gold.

Under the terms of the agreement, BHP may earn up to a 70% interest in the Matheson property by spending $3 million over a 7-year period, including $100,000 in the first year.

BHP will also make annual option payments totalling $350,000, starting with a $25,000 payment upon execution of the agreement.

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