Vancouver, British-Columbia-based Zone Resources Inc. announced Wednesday that it has acquired an option to earn a 100 percent interest in the Girard Iron Ore Property in Nunavik, Quebec.
The iron zones located on the Girard Iron Ore Property are in the iron rich Labrador Trough and only minimal drilling has been carried out thus far.
The terms of the agreement are subject to regulatory approval of the TSX Venture Exchange. However, pursuant to the terms of the option agreement, Zone Resources will pay $225,000 cash and issue 2,150,000 common shares over a three year period.