Work is moving ahead at Eagle Lake in Canada, a project in which Gunsynd (GUN ) has a significant interest in via a legally-binding term sheet.
An announcement made by Medcaw Investments, which controls Eagle Lake, notes that an exploration permit has been granted by the Ontario Ministry of Energy and Mines.
The permit is effective for a period of three years and authorises early exploration activities across the project area.
The project comprises 95 contiguous mining claims covering approximately 1,986 hectares within Ontario's Wabigoon greenstone belt.
Work is also moving ahead on Gunsynd’s Barb project, and announcements on that are expected soon.
"It's pleasing to see momentum at the Eagle Lake gold project, with the granting of the exploration permit representing an important step in advancing early-stage activities," said Hamish Harris, executive director of Gunsynd.
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Gunsynd has a legally binding term sheet to acquire a 10% interest in Eagle Lake, part of its wider portfolio of highly prospective Canadian assets. It will be interesting to see how the exploration programme unfolds, and what results it brings in.