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Lamaska Capital (TSXV: LCC.P) announced that it entered into an arm’s-length binding letter of intent with TinOne Resources (TOR), whereby Lamaska proposes to acquire all of the issued and outstanding securities of TOR by way of a share exchange, amalgamation or such other form of business combination as the parties may determine.
In a press release, Lamaska said that upon the successful completion of the proposed acquisition, the company plans to be listed as a tier-2 mining issuer on the TSX Venture Exchange and will carry on the business of TOR.
TinOne Resources has secured the highly prospective Panama gold property in North Eastern Tasmania
The new publicly traded resource company is expected to focus on New Zealand and Australia, particularly in TOR’s assets, which include both gold and tin projects and range from resource stage to highly prospective grassroots exploration grounds.
“TOR has secured the highly prospective Panama gold property in North Eastern Tasmania, which will serve as the qualifying property for the company. The Panama acquisition was a very important addition to the TOR portfolio given the enthusiasm for Eastern Australian gold exposure with the prospective ground being no longer available in either Victoria or over the geological extensions into Southern NSW,” the media brief states.
“TOR has also identified the Otago goldfield in New Zealand as the next stand-out region for gold exploration and has recently applied for four permits in the region.”
According to Lamaska, TOR also holds two tin licenses in Tasmania that are mature and include well-developed track networks on each license area.
“Substantial exploration upside exists on both project areas outside known resources due to effectively no modern exploration having been conducted on the licenses, an abundance of historic workings exist which are yet to be exploration tested using state of the art tools and techniques and the likely discovery of additional deposits through the use of modern exploration methods and tools,” the company said.
