- Xplore Resources Corp. (XPLR) receives an extension for its first-year anniversary payment to Abitibi Royalties Inc. for the Upper Red Lake Project
- The pending first anniversary payment of $125,000 will be extended for an additional six months
- Xplore Resources agreed to complete exploration work on the property to maintain the claims by incurring minimum exploration expenditures $35,200 by October 7, 2022
- The company will owe a 1.5 per cent net smelter return on any future metal production once the agreement is done
- Xplore Resources Corp. (XPLR) is up 33.33 per cent and is trading at $0.06 per share as of 2:34 p.m. EST
Xplore Resources Corp. (XPLR) has received an extension for its first-year anniversary payment to Abitibi Royalties for the Upper Red Lake Project.
Xplore Resources previously announced it has been working on earning the right to earn a 100 per cent interest in the project located in the Red Lake Mining division, Ontario.
In consideration for issuing an additional 227,272 common shares, the pending first-anniversary payment of $125,000 will be extended for an additional six months.
Xplore Resources agreed to complete exploration work on the property to maintain the claims by incurring minimum exploration expenditures $35,200 by October 7, 2022.
Once the agreed-upon shares have been issued, the company will have 100 per cent interest in the property minus a 1.5 per cent net smelter return on any future metal production.
Xplore Resources is a Toronto-based mining exploration company focused on the acquisition and development of copper and gold projects in the Americas.
Xplore Resources Corp. (XPLR) is up 33.33 per cent and is trading at $0.06 per share as of 2:34 p.m. EST.