Canadian mineral exploration company Omega Pacific Resources has acquired a 51% interest in the Williams Property in the Toodoggone District of northern British Columbia, Canada, from Copaur Minerals.
The acquisition follows an option agreement signed on 29 February 2024, allowing Omega Pacific to incrementally purchase up to 100% of the property in several stages.
The agreement outlines a four-year plan for Omega Pacific to increase its stake.
The first phase, now complete, required a C$1m payment, the issuance of three million common shares and C$2m in exploration expenditures, satisfying the terms for the initial majority stake.
An additional 29% interest can be acquired with a further C$500,000 payment and the issuance of two million common shares, plus C$4m in exploration costs before the third anniversary.
The final 20% can be purchased at fair market value after the second stage is complete.
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By GlobalData
If Omega Pacific chooses to utilise its option for an 80% interest but decides against pursuing a full 100% interest within the permitted time frame, the parties involved in the agreement will be considered to have formed a joint venture based on an 80:20 ownership ratio that corresponds to the property’s ownership structure.
Omega Pacific CEO Jason Leikam said: “We are thrilled to have achieved this significant milestone so quickly, demonstrating measurable results from our exploration efforts. The success of the 2024 exploration programme at Williams gives us confidence that the property will evolve into a premier asset within a top-tier jurisdiction. This is just the first of many milestones we anticipate reaching at the Williams Property.”
Since the agreement’s inception, Omega Pacific has concentrated its exploration efforts on the GIC Prospect at the Williams Property, building on promising historical drill results. The company’s initial 1,714m drill programme has led to a mineral discovery, including a drill result of 2.16 grams per tonne of gold over 96.92m.
The company has also expanded its control over a 12km geophysical target, which could lead to further mineralisation and new discoveries. All exploration costs contribute to the property’s earn-in interest.
