New acquisition Vancouver-based miner Intrepid Metals has announced the company has entered into a definitive agreement with Bronco Creek Exploration, an offshoot of EMX Royalty Corp, to buy a 100 percent stake in the Mesa Well copper property in Arizona's copper porphyry belt.
The Mesa Well Property will add to Intrepid's portfolio in the U.S. state which also comprises the Tombstone South silver-lead-zinc project, the miner said in a statement.
"We are excited to be adding another drill ready exploration project to the mix," said Ken Brophy, Intrepid’s CEO.
"The aggregate purchase price … is a total of $350,000 in cash, 600,000 common shares of Intrepid, and $2,000,000 in work commitments payable in stages by Intrepid over a five-year period. The Company has also agreed to certain milestones payments as follows: $200,000 on publication of a Preliminary Economic Assessment on the Property, $500,000 on publication of a Pre-Feasibility Study on the Property, and $1,000,000 on publication of a Feasibility Study on the Property," according to the statement.