Canada-based First Mining Gold has divested certain non-core mining claims, named Eagle Claims, in Manitoba to mining exploration company Grid Metals.
According to the agreement announced earlier this month, Grid Metals will pay C$300,000 in cash and issue 250,000 of its common shares to First Mining Gold.
The deal consideration also includes C$350,000 in future contingent payment and a 2.0% NSR royalty on the Eagle Claims.
The Eagle Claims comprises the historical New Manitoba nickel-copper sulfide deposit, located 9km east of the Grid Metals’ Mayville M2 resource.
First Mining CEO Dan Wilton said: “We acquired these claims as part of the Duparquet transaction last September and deemed these claims non-core.
“The team at Grid Metals has demonstrated potential for battery metals in the district and First Mining is excited to become shareholders in this emerging growth sector while retaining upside with a future payment and an NSR royalty.”
Grid Metals believes the Eagle Claims to hold good potential for developing a current nickel-copper sulphide mineral resource.
Grid Metals said in an earlier statement: “In addition to their demonstrated nickel-copper sulfide potential, the Eagle Claims are believed to be prospective for lithium-enriched pegmatites given that several east-west trending historical spodumene-rich pegmatites are located directly to the east.”
First Mining is currently advancing two gold projects in Canada, including the Springpole Gold Project in northwestern Ontario and the Duparquet, Pitt Gold, Duquesne and Porcupine East Gold Project in Quebec.
The firm also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests, including the Pickle Crow and the Hope Brook gold projects, as well as a stake in Treasury Metals.