Toronto-based Redbird Gold (RBD.A-A) will earn a half-interest in three diamond exploration properties comprising a total of 525,000 acres in east-central Alberta.
The junior will issue 30,000 shares to the vendor, Ellesmere Minerals (ELM-N), and spend a total of $500,000 on exploration by Oct. 15.
Thereafter, costs will be shared equally.
Redbird reports that the permit areas are favorably situated over the easterly portion of the Buffalo Head craton.
Gravity lows are suggestive of a thick crust (considered to be a prerequisite for diamondiferous kimberlites). Overburden, which is described as relatively thin, contains diamond indicator minerals along part of the Fort Mackay trend.
Dallas Davis has been named Redbird’s new president, replacing John Wahl.
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