Abacus Mining & Exploration has sealed an agreement with Almadex Minerals and its subsidiary Almadex America to gain full ownership of the Willow porphyry copper property in Yerington, Nevada, along with associated data.
The acquisition is pending TSX Venture Exchange approval and is due to complete by 30 June 2024.
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Under the agreement, Abacus will issue 7.5 million of its common shares to Almadex upon closing.
Additionally, a top-up provision is set for 31 July 2025, ensuring Almadex maintains an ownership interest of 0.08 when compared with the total shares outstanding on that date.
The transfer of the Willow Property claims to Abacus is contingent on the issuance of the initial shares.
Abacus is also obligated to drill an exploratory hole to a minimum of 600m on the property by 31 December 2025.
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By GlobalDataThe property is subject to a 2% net smelter return (NSR) royalty on future mineral production.
Since 2017, Abacus has conducted extensive geological, geochemical and geophysical work on the Willow Property.
The studies have identified zones indicative of a porphyry copper-molybdenum (Cu-Mo) deposit, with drilling in 2018 and 2021 intersecting the Luhr Hill granite host rock and revealing intervals of copper and molybdenum mineralisation.
Abacus president and CEO Paul Anderson said: “An option agreement on Willow was signed in early 2017 between Abacus and Almadex, allowing Abacus to earn an aggregate 75% interest in Willow by meeting certain spending thresholds and by issuing shares.
“This agreement removes the spending commitments, and it consolidates ownership of a very prospective porphyry copper property, which remains poorly drill tested.”
