Nexus Gold Corp. (NXS:TXS.V; NXXGF:OTCQB) announced in a news release it agreed to acquire a series of mineral claims in central Newfoundland, commonly known as the Gummy Bear copper-gold project.
For Gummy Bear, which consists of seven claims and 2,525 hectares of property, Nexus Gold will issue 4,000,000 common shares. It also will grant a 2% net smelter returns royalty on commercial production from the project, 50% of which may be purchased at any time for $1 million in cash.
When the acquisition closes, Nexus Gold will issue 400,000 common shares to a third party who made introductions that led to the deal.
Previous exploration work at the project revealed anomalous gold occurring in an outcrop that showed grades up to 4.2 grams per ton and several large boulders containing pyrrhotite, pyrite and chalcopyrite to the southwest.
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