Glory Resources Limited (GLY) will acquire 100% of Quetico Resources Pty Ltd which is the 100% owner of Canadian company Quetico Resources Ltd. Quetico Resources has the right to earn an interest of up to 75% of a Canadian project known as Onion Lake. In addition, Quetico Resources also owns 100% interest in 2 projects known as Eagle Lake and Way Lake.
Together, the Projects comprise approximately 187km of mining claims located in the Thunder Bay, Kenora and Patricia mining divisions of Northwestern Ontario, Canada. This is a historically significant but under explored mining region.
In addition to the existing Projects, the Company will review other acquisition and joint venture opportunities to secure new projects in the resources sector that meet the Company’s objectives and strategies.