Deals this week: Medinah Mining Chile, Brades Resource, INCA ONE GOLD

15 January 2015 (Last Updated June 4th, 2020 12:39)

The 100%-owned Chilean subsidiary of Medinah Minerals Medinah Mining Chile (MMC) has been presented with an option agreement proposing that the company purchases Compania NUOCO Mining Chile properties.

agreements

The 100%-owned Chilean subsidiary of Medinah Minerals Medinah Mining Chile (MMC) has been presented with an option agreement proposing that the company purchases Compania NUOCO Mining Chile properties.

NUOCO properties comprise the Las Dos Marias, Columbo and Mambo groups and cover more than 2,000ha.

MMC will agree to purchase the remaining 85% holdings interest in NUOCO, as part of a strategic consolidation proposal.

Brades Resource has received TSX Venture Exchange approval for an agreement to purchase a 100% interest in three new properties at Perron Lake, Manitou Falls and Cree Bay in the north-eastern Athabasca Basin region of northern Saskatchewan.

The latest acquisitions are said to be part of Brades' objective to stake highly prospective areas near and, in the case of Perron Lake and Cree Bay, adjacent to properties of Fission 3.0.

Following the addition of the claims, Brades has a portfolio of five properties in and around the Athabasca Basin in Saskatchewan.

Morien Resources has entered into a definitive purchase and sale agreement with Kameron Collieries for the sale of Morien's 25% interest in the Donkin Coal Project in Cape Breton, Nova Scotia.

Kameron holds a 75% interest in Donkin at present, having acquired the project from Glencore on 3 December last year.

Kameron has agreed to pay Morien an aggregate cash consideration of $5.5m; $2m on closing, $2m on or before the second anniversary of closing and $1.5m on or before the third anniversary of closing, pursuant to the terms of the agreement.

Morien is also entitled to a gross production royalty of 2% on the first 500,000t of coal sales per calendar quarter and 4% on any coal sales from quarterly tonnage of more than 500,000t.

Theia Resources has received final approval from the TSX Venture Exchange regarding the previously announced letter agreement with Kootenay Silver, whereby the company could earn an undivided 60% interest in the Fox and 2 X Fred properties in the Nechako Plateau of central British Columbia.

This would be in exchange for issuing an aggregate total of 750,000 common shares of Theia to Kootenay, and financing $2.5m of exploration expenditures on the property within a five-year period.

Fox property is located approximately 20km south-west of the currently producing Endako molybdenum mine and the 2 X Fred property is located in the mineral-rich central plateau of British Columbia.

INCA ONE GOLD has entered into additional multi-delivery letter of agreement (LOA) to purchase ores from a second and third mine in Peru, as mill feed for the Chala One gold milling plant.

The company has a total of three LOAs in place, covering 950t of gold a month to date. The company is negotiating for the purchase of additional tonnage.

INCA ONE GOLD aims to have 1,500t a month under LOAs, or 50% of the total expected 3,000t rate to supply the expanded operating capacity.


Image: Several companies have signed deals this week. Photo: courtesy of imagerymajestic/FreeDigitalPhotos.net.