Perth explorer has high production hopes in expanding holdings in northeastern Ontario
A Sudbury junior miner has flipped a northeastern Ontario base metal property to an Australian exploration outfit.
Transition Metals announced April 15 that it has completed the sale of the Dundonald nickel-copper-near Iroquois Falls to Legendary Ore Mining. Legendary is a subsidiary of VaniCom of Perth, Western Australia. The two parties signed a binding letter of intent last August.
The terms of the sale involved an initial payment of $50,000 to Transition Metals at the signing the letter of intent followed by a second payment of $100,000 upon closing the definitive purchase agreement.
In addition, VaniCom will issue Transition Metals shares with a value of $350,000, plus Transition will receive a 2.5 per cent net smelter royalty on any future production from the property.
As part of the deal, Legendary must spend at least $750,000 on exploration and development on the property over a 36-month period or, at its option, Transition can buy back the property for $1.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/australians-drawn-to-iroquois-falls-for-nickel-1382087