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(Kitco News) – SSR Mining (NASDAQ/TSX: SSRM) announced today that it has entered into a definitive agreement to sell its Sunrise Lake property to Honey Badger Silver (TSXV: TUF) in exchange for a 4.0% net smelter return (NSR) royalty on the property.
The company said that under the terms of the agreement, at any time until commencement of construction activities, 2.0% of the NSR royalty can be repurchased by Honey Badger for total consideration of US$10 million.
According to SSR, Sunrise Lake is an early-stage, greenfield exploration property located in the Northwest Territories, 130 kilometers northeast of Yellowknife. The property hosts silver-gold and base metal mineralization outlined by 21,774 meters of historical surface diamond drilling completed between discovery in 1987 and 1998.
“Exploration activities completed on the property to-date have focused on silver-lead-zinc volcanogenic massive sulfide mineralization,” the company added.
SSR Mining is a gold-focused mining company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of development and exploration assets. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually.
Honey Badger is a Canadian silver company based in Toronto, Ontario, with significant land holdings in southeast and south-central Yukon. The company also owns the past producing Nanisivik mine in Nunavut.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Read More: SSR Mining sells its Sunrise Lake property to Honey Badger Silver in exchange