Richmond Hill Resources (RHR) has entered into a binding term sheet with Olerud Limited to acquire the Martello gold project in Ontario for £775,000 in shares, £200,000 in cash, and certain other smaller payments to be paid on a staged basis.
A further deferred consideration of up to £300,000 in cash will be paid subject to completion of drilling and the company obtaining a mineral resource estimate on Martello.
Martello comprises 88 mining claims located within 4,241 hectares situated in the Wabigoon Greenstone belt, which includes numerous other reported gold deposits. It lies south east of Dryden Ontario, a well-known gold district, and within 10 kilometres of highway access.
The area has been previously worked. There are three historic shafts on the project, and results from historic high grade grab sampling run as high as 1,050 grams per tonne gold.
Drilling permits are in place.
View from Vox
Richmond Hill continues its frenetic pace of activity right up to the close of 2025, after what’s been a very busy year. Good to see the company continuing its focus on gold and copper in Canada, and picking up even more prospective ground. With gold still trading a long way above US$4,000 per ounce, it’s hard to find fault with this strategy, especially given the historic sample of 1,050 grams per tonne gold that’s been returned from Martello. Further exploration work and drilling at Martello will be eagerly anticipated in the New Year.