Playfair Mining Ltd. (TSX-V:PLY) has entered into an option agreement with ExplORE Resources Limited to purchase 100% of the Golden Circle Project in Nova Scotia, Canada.

The total option price is $650,000 CAD payable over 3 years subject to a 3% NSR. Playfair will also issue 1,000,000 common shares to ExplORE in consideration of an initial 90-day due diligence period.

Playfair’s Golden Circle Project covers 8 of the 64 historic Gold Districts in Nova Scotia.  The most productive historic mining period was from 1862 to 1905. Four of the Golden Circle properties, Mount Uniacke, Renfrew, Wine Harbour and Forest Hill are among the twenty largest historic gold producers with Wine Harbour and Renfrew among the ten largest historic gold producers.

The Golden Circle Project is accessible by road from Halifax. Four projects are 50 km north of Halifax and the other four are 60km south of Antigonish.

The project comes with four identified drill targets.

Exploration by Atlantic Gold (bought out by St Barbara in 2019 for $802 million CAD) and Signal Gold has resulted in one producer and four advanced projects in the vicinity of the Golden Circle and in the same rock formation.  Recent exploration in historic Nova Scotia Gold Districts has proved successful.

CEO Donald Moore comments:” What has been found historically is important but it’s what they left behind that matters. There are many opportunities for bulk tonnage and high-grade gold deposits to be discovered on the Golden Circle project. Geological similarities to the prolific Australian Bendigo district, 22 million ounces production and counting, highlight the untapped potential.

It is often said that the best place to look for new mines is near old mines and Playfair has positioned itself in the middle of some of the best old mines in Nova Scotia.”

The option agreement is subject to acceptance by the TSX Venture Exchange.