The company is expecting to increase its asset base with the acquisition.
Punchline CEO and president Ramzan Savji said the project meets the company’s criteria of potential acquisition and is expected to have an initial calculated gold resource estimate and well defined exploration targets.
"We believe that acquiring an interest in this advance exploration project would provide the Company and its stakeholders with a solid asset base and significant upside exploration potential," Savji added.
The company is expecting to complete due diligence and conclude negotiations in the next ten days time.
The acquisition is subject to successful completion of due diligence and entering into a definitive agreement.
Canada-based Punchline Entertainment is an emerging mineral resources company.
