VANCOUVER (miningweekly.com) – Yukon Territory-focused Wellgreen Platinum has sold a suite of noncore assets held by subsidiary Ursa Major Minerals to a private company for C$200 000, payable over three years.
Ursa holds the Ontario properties, comprising the Shakespeare, Shining Tree, Fox Mountain, Stumpy Bay, Porter Baldwin and Porter Option assets, all of which were considered noncore and nonmaterial to Wellgreen.
The TSX-listed company will also retain a 1% net smelter return (NSR) royalty interest in the Shakespeare property, and a 0.5% NSR royalty interest in the other properties.
"This sale allows the company to divest itself of noncore assets and to reduce the costs associated with care-and-maintenance activities in respect of these properties. Our strategic focus is the advancement of our flagship Wellgreen project, in Yukon, Canada, and the divestiture of Ursa allows us to focus 100% of our resources on this world-class deposit,” president and CEO Diane Garrett stated.
The TSX-listed explorer also announced that consulting and testwork firm XPS has completed a metallurgical testwork programme at the Wellgreen property. Final metallurgical results will be available this quarter.