Blue Emerald gets B.C. opal property

A Toronto-based junior has acquired a 108-claim opal property in the Vernon area of British Columbia.

In return, Blue Emerald Resources (VSE) must issue the vendors 100,000 shares and pay $60,000 cash over three years. It must also spend $300,000 on exploration and development over three years. The vendors retain a 3% gross revenue royalty on gemstones.

Three areas containing precious opal have been located on the 5,000-acre property, and other occurrences are present on some neighboring claims. The discovery of multiple occurrences suggests the presence of a large precious opal field similar to the Australian opal fields, the company notes.