Ottawa-based microcap explorer Mazorro Resources (
TSX:V.MZO,
Stock Forum) has done a deal with Synergy Acquisition Corp (
CNSX:C.QMP,
Stock Forum) to acquire a 100% stake in 81 claims covering 4,300 hectares of the Monster Lake/Chibougamau area of northwestern Quebec that bring it alongside the high profile TomaGold (
TSX:V.LOT,
Stock Forum) property recently optioned by IAMGOLD (
TSX:T.IMG,
Stock Forum).
The property comprises two blocks, with one contiguous to the TomaGold property and another to the southeast, alongside other land holdings in the play.
"With this acquisition, Mazorro has secured two strategically located claim blocks within the emerging Monster Lake gold camp," stated André Audet, President and CEO of the company in a
news release.
“Mazorro looks forward to evaluating the significant exploration potential for gold at these new properties,” he added.
Mazorro will pay Synergy $50,000 in cash for the rights and issue 4 million common shares and a million warrants to the vendor. Synergy will also receive a 2% net smelter royalty.
The price of Mazorro stock yo-yoed Wednesday, initially dropping 14% before climbing back up to level-pegging later in the day. The company has climbed off the floor in November, rising from half a cent in value up 600% to $0.035 today.