Shasta, Esso Minerals in Toodoggone pact

International Shasta Resources has a letter of intent with Esso Minerals Canada, whereby Esso can earn a 70% interest in Shasta’s Toodoggone, B.C. gold property.

To earn the interest, Esso could develop the property through to completion of final feasibility, or spend up to $10 million. Esso will come to a final agreement within 30 days.

As previously reported, the property has drill-indicated geologic reserves of more than 500,000 tons averaging 0.172 oz ton gold equivalent. Only a small portion of the epithermal deposit has been drilled, Shasta says.