Impact Minerals, Castillo Copper and Squadron Resources are joining forces.

The first bid round since 2017 will be held from March 15 to July 15, with subsequent ones taking place every four months.

This year, the company expects to produce 520,000 ounces to 550,000 ounces.

The Ontario-based company signed a letter of intent with Quadro Resources.

The Toronto-based miner is expanding its land position in the Chibougamau mining district.

Its hunger for gold cost India more than $31 billion in imports last year.

The country's Eastern desert is believed to be highly mineral-rich as it forms part of an area known as the Arabian-Nubian shield.

The company's CEO said the plan is to focus on the Klondike District gold project in the Yukon Territory.