Gunsynd (GUN) has entered into a sale and purchase agreement with Ulvestone Ltd with respect to acquiring a 10% interest in the Eagle Lake gold project in Canada. The terms of the SPA are the same as those outlined on 19 November 2025, when the acquisition was first announced.
Work has already commenced on historic data compilation and digitisation is ongoing to define high-priority drill targets for a maiden drill program at Eagle Lake.
Gunsynd has been informed the database compilation is almost complete and that a drill permit application has been submitted to the Ontario Ministry of Mines.
In a related move Medcaw Investments is proposing to purchase the other 90% of Eagle Lake from Ulvestone for an aggregate consideration payable in cash and shares of £4.17 million.
"The Eagle Lake Gold Project continues to be advanced,” said Gunsynd’s chairman Hamish Harris.
“To have achieved so much in a month not least an upgrade in valuation is pleasing. We look forward to providing further updates in the new year."
Meanwhile, Gunsynd is expecting an update on work carried out on the Barb gold project by its consultants next week. Gunsynd has also updated on investee company Richmond Hill this week, which is buying the Martello gold project in Ontario.
View from Vox
Looks like Gunsynd will be closing out 2025 strongly, with activity on several fronts, and against the backdrop of a very favourable gold price. Lots of newsflow has already been lined up for 2026 across the company’s portfolio, and it looks like being a busy year.