- Pursuant to a deal with Longford Capital, Xplore Resources (XPLR) has completed its acquisition of the Valk Project in British Columbia
- As consideration, the company paid a total of C$1 million in cash to Longford and issued 1 million shares
- Longford will also retain a 2 per cent net smelter royalty on any future metal production from the Valk Project
- Westridge Management International acted as a finder for the acquisition and received a one-off payment of $5,000 for its services
- Xplore Resources is currently steady at a price of $0.07 per share
Pursuant to a deal with Longford Capital, Xplore Resources (XPLR) has completed its acquisition of the Valk Project in British Columbia.
Located within the Nanimo Mining Division, roughly 20 kilometres northwest of Port Hardy, the project covers 1,614 hectares and is prospective for copper, vanadium and gold mineralisation within rocks of the Karmutsen Formation.
The region hosts a number of significant mining projects, including the historic Island Copper Mine approximately 25 kilometres south of the Valk Project, and the North Island Copper and Gold Project, which hosts an indicated resource of 305 million tonnes at 21 per cent copper.
Xplore paid a total of C$1 million in cash for the Valk Project, and issued 1 million common shares to Longford. Longford will also retain a 2 per cent net smelter royalty on any future metal production from the project.
Westridge Management International acted as a finder for the acquisition and received a one-off payment of $5,000 for its services.
“This acquisition allows the company to proceed with future exploration at a pace that we control, providing us with flexibility to deploy our capital prudently,” said Wes Hanson, President and CEO of Xplore Resources.
“The copper sector is seeing renewed interest as a result of rising copper prices,” he added.
Previous exploration work at the Valk Project identified a number of anomalous copper results in a region with substantial potential for a major copper discovery. Xplore is now evaluating options for follow-up exploration work, which is expected to occur in the second half of next year.
Xplore Resources is currently steady at a price of $0.07 per share, as of 11:57am EST.
