Callinex Mines has entered an option deal with Voyageur Mineral Explorers to acquire a 100% interest in the Alberts Lake Project as well as staked additional claims, expanding its Pine Bay Project in Manitoba’s Flin Flon Mining District.
The acquisition will increase the company’s exploration ground in a region known for its rich mineral deposits.
To acquire the Alberts Lake Project, Callinex has to issue $75,000 (C$102,405) worth of common shares upon the acceptance by the TSX Venture Exchange and an additional $150,000 of common shares annually over the next four years.
Once Callinex secures full ownership, Voyageur will retain a 1.5% NSR royalty, with an option for Callinex to buy back 0.5% for $500,000.
The completion of this deal is contingent upon the approval of the TSX Venture Exchange.
The Alberts Lake Project spans more than 5,064 hectares (ha) directly north of the Pine Bay Project boundary and features several prospects with copper-zinc-gold-silver bearing VMS mineralisation, as well as vein-hosted gold-silver.
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Read More: Callinex to acquire Alberts Lake project in Canada