13 June 2024
13 June 2024
Sorrento Resources will settle the transaction through a cash payment, share issuance and by granting a net smelter returns (NSR) royalty.
The company has agreed to pay $45,000 in cash and a 3% net smelter return (NSR) for this acquisition.
The inclusion of the new deposits is expected to position Lynn Lake as a regional polymetallic processing hub.
Neolit’s acquisition in March 2023 initially gave Lithium Ionic a 40% stake in the properties, which rose to 85% in October.
SpinCo will inherit over 193,000 acres of claims, including historical exploration sites with high discovery potential.
The permit paves the way for the project's advancement, subject to the formal issuance and gazettal by SEMAS.
The mine is expected to have an annual gold production capacity of 196,000oz over its first five years.
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