- RJK Explorations Ltd. (RJX.A) and Electra Battery Materials Corporation (ELBM) enter a swap agreement to acquire interest in certain mineral claims
- RJK will gain a 100 per cent interest in three areas, consisting of 52 mineral claims
- The interest is subject to a two per cent net smelter return royalty (NSR) and a two per cent gross overriding royalties (GORR)
- The NSR and GORR are subject to a buy-back per claim block of one per cent for $500,000 and the remaining interest for $1 million
- Electra Battery Materials Corporation (ELBM) is up 5.17 per cent trading at $0.30 per share as of 3:42 p.m
- RJK Explorations Ltd. (RJX.A) is up 18.18 per cent and is trading at $0.13 per share as of 3:31 p.m. EST
RJK Explorations (RJX.A) and Electra Battery Materials Corporation (ELBM) have entered a swap agreement to acquire an interest in certain mineral claims.
The mineral claims are located in the Coleman, Gilles Limit, Lorrain, South Lorrain, and Bucke Townships.
RJK will gain a 100 per cent interest in three areas, consisting of 42 mineral claims located in Lorrain Township, and 11 mineral claims located in Bucke Township. The interest is subject to a two per cent net smelter return royalty (NSR) for base and precious metals and a two per cent gross overriding royalties (GORR) for diamonds.
The NSR and GORR are subject to a buy-back per claim block of one per cent for $500,000 and the remaining interest for $1 million. At the same time, RJK will give up its option to acquire any interest in 52 ELBM mineral claims in Coleman, Gillies Limit, Lorrain, South Lorrain, and Bucke Townships.
The 1,400-hectare Chown Block included in the agreement contains a large anomaly like the Nicol anomaly which RJK drill tested at the start of 2021. The results of the anomaly have potential to host large diamonds and good diamond preservation chemistry. The main body of it has not yet been drilled.
The Bucke mineral claim had a 55-kilogram sample recovered in 2006 showing garnet mineralization and an environment favourable for diamond preservation. RJK will evaluate various proposals involving additional bulk sampling using sonic drilling and excavator trenching.
Electra Battery Materials Corporation (ELBM) is up 5.17 per cent trading at $0.30 per share as of 3:42 p.m.
RJK Explorations Ltd. (RJX.A) is up 18.18 per cent and is trading at $0.13 per share as of 3:31 p.m. EST.