Deals this week: Greatbanks Resources, Avala Resources, OakRun Precious Metals

3 December 2015 (Last Updated December 3rd, 2015 18:30)

Greatbanks Resources has signed an agreement with Ridge Resources and Zimtu Capital to acquire a 100% interest in British Columbia mineral tenure 1037777 (Windy Claims).

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Greatbanks Resources has signed an agreement with Ridge Resources and Zimtu Capital to acquire a 100% interest in British Columbia mineral tenure 1037777 (Windy Claims).

The Windy Claims is located in the Cassiar District of the Province of British Columbia and consists of 1,319.08ha.

Under the agreement, Ridge Resources and Zimtu Capital will receive an aggregate of 2,000,000 common shares of the company, as well as a 2% net smelter royalty on any production from the Windy Claims.

Avala Resources has granted an option to Rio Tinto Mining & Exploration to acquire up to 75% of its wholly owned Lenovac exploration licence by incurring $40m in exploration expenditures.

If Rio Tinto incurs total $3m project expenditures by 31 December 2017, the company will earn a 51% interest in the project.

The company will earn an additional 14% interest in the project if it incurs additional project expenditures of $5m by 31 December 2019.

OakRun Precious Metals Fund has acquired ownership of 9,000,000 units of Canada-based Zephyr Minerals for $1.35m.

The company bought the units by way of a private placement and for investment purposes.

Depending on market conditions, the company may increase or decrease its holdings of common shares of Zephyr from time to time.

Romios Gold Resources has signed a memorandum of understanding (MoU) with the North Caribou Lake First Nation (NCLFN) regarding the exploration programme.

The MoU is in effect for the duration of the exploration permit issued to Romios previously by the Mineral Development and Lands Branch of the Ministry of Northern Development and Mines, and can be renewed by the company upon further approved exploration permits.

Romios plans to initiate drilling in order to test the significance of the deeper geophysical anomalies and the deeper levels of gold-bearing shear zone identified in its earlier exploration programmes.

Pure Gold Mining has signed a letter of intent with Premier Gold Mines to sell certain non-core claims (Buffalo Claims) that are owned by the company.

The sale of 28 mining claims adjoining Premier Gold`s Hasaga property represents about 10% of the area that is held under the Madsen Gold project in Canada.

The Buffalo Claims host gold mineralisation on the margins of the Dome Stock granodiorite and does not host the mafic-ultramafic contact that Pure Gold has been targeting for high-grade gold mineralisation.


Image: Several mining deals were signed this week. Photo: courtesy of duron123/FreeDigitalPhotos.net.