Hand shake

Zadar Ventures has signed an agreement with Canterra Minerals, Triex Minerals, and African Oil to acquire Highrock and Riverlake uranium projects in Canada.

Under the deal, Zadar Ventures will issue 330,000 common shares including 160,000 to Canterra and 170,000 to African Oil to purchase a 100%-interest in the projects.

Canterra will retain a 2% NSR on the projects, with a buyback of 1% for $1m.

The common shares are issuable after execution and TSX.V approval and will be subject to a hold period of four months and one day from the date of issue.

The Riverlake and Highrock properties are located at the southern margin of the Athabasca Basin, immediately south of the Key Lake mine, and 570km north of Saskatoon, Canada.

The Riverlake property covers a total area of 5,583ha while the Highrock property is spread across 5,831ha.

Vendetta Mining has signed a binding letter of intent to acquire an undivided 100%-stake in the Pegmont lead-zinc-silver property situated in the state of Queensland, Australia.

The transaction is subject to the satisfactory completion of due diligence and entering into a definitive agreement before 14 January 2013.

Discovered in 1971, Pegmont is situated 25km from BHP’s Cannington silver-lead-zinc mine, 20km from Inova‘s Osborne copper-gold mine.

The drilling at Pegmont found historic resources and several untested targets defined by both geophysical and geochemical anomalies that remain to be explored.

Vendetta Mining will be granted an option to acquire 100% of the Pegmont property and associated exploration tenements.

In order to maintain and exercise the option, Vendetta Mining will be required to make a combination of cash payments and stock issuances to Pegmont Mines and complete certain exploration commitments.

Tsodilo Resources has signed a definitive earn-in option agreement through which First Quantum Minerals had acquired the right to earn up to a 70%-interest in metals prospecting licences held by its subsidiary Gcwihaba Resources in Botswana.

As per the option agreement, First Quantum can earn either a 51% or 70% participating interest in designated projects within the overall licence area covered by the option agreement, by satisfying certain requirements.

The requirements include funding exploration expenditures within the project area to the aggregate amount of $6m by 20 November 2015, as well as providing an additional $9m in exploration expenditures within the project area by 20 November 2017.

First Quantum will also have to complete a technical report on a designated area within the project area, in compliance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and that met certain requirements with respect to resources.

Tsodilo said if the technical report delineates a major defined project, First Quantum will be deemed to have earned a 70%-interest in the property that is the subject of the report.

Lara Exploration and Kiwanda Mines have agreed to acquire 100% of the rights to the Pelaya Exploration Prospect in the Cesar Department of northern Colombia, under the Andean Coal Alliance.

The alliance has agreed to fund $5m in exploration within the five-year period and to then invest an additional $3m in a feasibility study.

As per the alliance, the Pelaya Prospect will become a designated project whereby Kiwanda will invest $5m over a four-year period in exploration and development to increase its stake in the project to 65%.

Kiwanda may then elect to increase its interest in the alliance to 75% by delivering a feasibility study.

The 1,600ha Pelaya Prospect is situated at the southern end of one of the principal coal producing basins of Colombia, covering an area not previously drill tested.

Denison Mines has acquired about 86% of the outstanding shares of Rockgate Capital.

The company reported that it will have an opportunity to acquire all the shares by way of a compulsory acquisition if it is successful in acquiring 90% of the Rockgate common shares.

Denison is a uranium exploration and development company with interests in exploration and development projects in Canada, Zambia, Namibia, and Mongolia.

The company’s project portfolio includes 49 projects and totals around 597,000ha in the Eastern Athabasca Basin region of Saskatchewan, with 22.5%-ownership interest in the McClean Lake joint venture that covers several uranium deposits and the McClean Lake uranium mill.

Image: Several deals were signed this week. Photo: Courtesy of FreeDigitalPhotos.net.

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