Aguila Copper has closed the acquisition of a 90% interest in various copper-zinc-gold resources in Manitoba, Canada, from Halo Resources.

The transaction includes 28 mining claims and one mineral lease that covers the Sherridon Mining District, a notable historic mining area in central-western Manitoba.

According to the option agreement signed in December 2021, Aguila has to make a C$15,000 cash payment to Halo Resources upon completion of due diligence.

Aguila also agreed to issue its 100,000 fully paid shares within six months of the closing of the transaction and incur C$100,000 in exploration expenditures before the first anniversary of the deal closing.

Furthermore, Aguila will earn an 80% interest in the property by incurring an additional exploration expenditure of C$900,000 by the fourth anniversary.

To earn an additional 10% stake in the property, the firm will incur a further C$1m in exploration expenditures by the seventh anniversary.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Upon exercise of the option, a joint venture will be formed between Halo and Aguila to advance the property.

Aguila Copper CEO Mark Saxon said: “Acquisition of the Sherridon mining district has greatly exceeded the goals and expectations of our project generation efforts.

“With substantial historic mining, four near-surface resources, and targets for immediate follow-up, the project is a flagship asset that places Aguila at the forefront of North American copper exploration.

“VHMS style deposits are one of the largest producers of copper, zinc and gold globally, and we are well placed to apply 2020’s understanding and technology to an overlooked yet data-rich asset.”