en.Wedoany.com Reported - Advanced Gold Exploration (CNSX:AUEX) has signed a definitive option agreement with Stage Capital, allowing the latter to acquire a 60% interest in the Buck Lake copper-silver project in Ontario, Canada.
The agreement is effective from May 12. Under the terms, Stage Capital must complete total cash payments of C$190,000, issue 1.5 million shares, and invest C$950,000 (US$957,960.6) in exploration over three years to earn a majority stake in the project.
Stage Capital has already made an initial payment of C$50,000. The agreement stipulates that the company must issue 400,000 shares within 10 business days of listing on a recognized exchange, and must complete the listing within 18 months, otherwise the agreement will automatically terminate.
Jim Atkinson, Chairman of Advanced Gold Exploration, stated that the top priority on the asset is to conduct VTEM and horizontal magnetic gradient geophysical surveys over the 3-kilometer-long VMS target.
The Buck Lake asset comprises 180 mining claims covering 3,886 hectares, located in the Batchewana Greenstone Belt, approximately 50 kilometers northeast of Sault Ste. Marie. The project is fully permitted and hosts a volcanogenic massive sulfide system with an electromagnetic corridor length of 3,000 meters.
In drilling conducted by Advanced Gold between 2022 and 2025, 13 of 15 drill holes intersected massive and semi-massive sulfide mineralization. Among them, discovery hole BL-22-05 returned 1.51% copper and 18.2 g/t silver over 11.75 meters, including 4.59% copper and 54.6 g/t silver over 3.2 meters. Historical sampling yielded peak grades of up to 15% copper and 15% zinc.
Upon completion of all obligations, the parties will form a joint venture, with Stage Capital holding a 60% equity interest and serving as operator.
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