- Xplore Resources (XPLR) has signed a deal with Longford Capital to wholly acquire the Valk Project in British Columbia
- The company will pay a total of C$1 million in cash to Longford along with 1 million shares
- Longford will also retain a two per cent royalty on the project on any future metal production
- The company also revealed a revised finder’s fee agreement with Westridge Management International as well as the departure of Robert Brain as a director
- Xplore Resources (XPLR) is currently steady at $0.10 per share
Xplore Resources (XPLR) has signed a deal with Longford Capital to wholly acquire 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.
Under the terms of the agreement, Xplore will pay a total of C$1 million in cash to Longford along with 1 million shares. Longford will also retain a 2 per cent royalty on the project on any future metal production.
Wes Hanson, President and CEO of Xplore Resources, noted the early-stage exploration development of the project, which has a number of defined copper anomalies that are yet to be fully assessed.
“The acquisition provides us with a keystone project in a stable jurisdiction with demonstrated copper potential and allows us to prudently proceed with exploration investment on a timetable that we control,” he added.
Xplore also revealed a revised finder’s fee agreement with Westridge Management International, under which Westridge will receive a one-time cash payment of $5,000 as payment for their services connected with the purchase of the Valk Project.
In addition, Robert Brain, a director of Xplore, will resign from his p[osition on the board to pursue a judicial appointment.
“He was an invaluable contributor to the company’s growth and its successful transition to a publicly listed company. His efforts on behalf of our shareholders are greatly appreciated,” continued Wes.
Xplore Resources (XPLR) is currently steady at $0.10 per share, as of 12:26pm EST.