Bullion Gold (BGD) has entered an option agreement to sell up to 100 per cent of its Turgeon Lake Property to Xcite Resources.
The property consists of 39 claims covering 2,203 ha in the Chazel and Lavergne townships in Quebec.
Bullion Gold grants Xcite the option to acquire up to 100 per cent of the property over three years in return for a cash payment of C$150,000, 1.5 million Xcite common shares and $500,000 in exploration expenditures.
The company will retain a 2 per cent NSR royalty if Xcite completes its entire option.
Bulllion will serve as manager and supervisor of the exploration work throughout the option.
Bullion Gold is focused on the identification, exploration and development of viable mineral properties in the provinces of Quebec and British Columbia.
Bullion Gold (BGD) is trading flat at $0.12 per share as of 1:46 pm ET.