- Churchill Resources (CRI) has announced it is acquiring the rights to five mineral licenses
- Altius Resources is assigning the five mineral licenses to the Toronto-based company
- Churchill will reimburse Altius the company’s staking deposits of $52,450
- The company will also grant Altius a 1.6 percent Gross Sales Royalty on the five assigned licenses
- Churchill Resources is unchanged, trading at $0.30 at 1:29 p.m. ET
Churchill Resources (CRI) has announced it is acquiring the rights to five mineral licenses.
Altius Resources is assigning the five mineral licenses to the Toronto-based company.
Churchill will reimburse Altius the company’s staking deposits of $52,450.
The company will also grant Altius a 1.6 percent Gross Sales Royalty on the five assigned licenses.
The entire land package totals more than 262.25 square kilometres.
The five new licenses will be designated as the Cormack Property and were originally staked by Altius for their gold potential as they also lie along the major Doucer’s Valley Fault Zone in Newfoundland.
“We are pleased to continue our successful collaboration with the Altius team, and are excited to tie up more of the area of this regional gravity anomaly and fault zone. The planned work programs for Cormack are natural adjuncts to that taking place at Taylor Brook during 2022, and are expected to be easily accomplished,” said Churchill CEO Paul Sobie.
Churchill Resources is unchanged, trading at $0.30 at 1:29 p.m. ET.