Canadian metals business to acquire copper-gold project
To acquire assets Canada’s Zonte Metals says it has signed a deal to acquire the Cross Hills iron oxide copper-gold project in the country’s Atlantic region.
"The property is comprised of 327 claims covering 8175 hectares including 90 claims optioned from the property vendor and an additional 237 claims map staked by the company,” Zonte Metals said in a statement.
The deal grants Zonte the option to purchase a 100% interest in the project by making payments of $55,000 and issuing 1.5 Million common shares over a period of four years, according to the company.
"The claims are subject to a 3% NSR, 2/3rds of which can be purchased for $2,000,000," the statement said.
Zonte Metals is listed on the Toronto Stock Exchange (TSX). The company specialises in gold and copper exploration, and operates projects in Canada and Colombia.