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(Sharecast News) - Gunsynd announced the signing of a binding term sheet on Wednesday, to acquire a 10% interest in the Eagle Gold Project in Ontario, marking a potential move into a high-grade exploration asset in Canada's Wabigoon Greenstone Belt.
The AIM-traded investing company said the proposed farm-in agreement with vendor Ulvestone would give it exposure to a 1,960-hectare package of 95 mining claims located around 27 kilometres southwest of Dryden, with road access to within three kilometres of the property.
It said the project had recorded historic grab samples of up to 204 grams per tonne of gold, while a 2025 field campaign returned 21 samples, including three above 25 grams per tonne, the highest at 75.7 grams per tonne.
Earlier drilling between 1951 and 1985 produced multiple shallow intersections, including 6.10 metres at 1.64 grams per tonne, 3.05 metres at 3.94 grams per tonne and 3.05 metres at 7.54 grams per tonne.
Under the terms outlined, Gunsynd would pay 0.17m in cash and issue 32,258,065 new shares at 0.155p each to acquire the 10% stake.
A 2% net smelter royalty would apply to the licences and permits within the project area.
Gunsynd also announced the appointment of AlbR Capital as its corporate broker, following the merger of Peterhouse Capital and Novum Securities' capital markets divisions into AlbR Capital effective 1 October.
At 1328 GMT, shares in Gunsynd were down 3.33% at 0.15p.
Reporting by Josh White for Sharecast.com.
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