12:17 PM EDT, 06/19/2019 (MT Newswires) -- Manitou Gold (MTU.V) on Wednesday it more than doubled the size of its land holding over the Goudreau-Localsh deformation zone north of Wawa, Ontario, acquiring two property packages in option agreements for cash, five-million shares and exploration spending.
The company said it is optioning the Stover property, earning up to a 100% interest for 2-million shares, $510,000 in exploration spending and paying out $600,000 in cash and shares over three years. It is also optioning the adjacent Renabie East-Easy Lake property for 3-million shares, $600,000 in spending and $200,000 paid out over four years.
Manitou said that with the new properties, it controls 37 kilometers of land above the gold-prospective Goudreau-Localsh deformation zone.
The company's shares were last seen up $0.005 to $0.05 on the TSX Venture Exchange.