Elemental affords earn-in option on four copper prospects in Nevada
TSX-listed Elemental Royalty Corporation's wholly-owned subsidiary, Bronco Creek Exploration, has signed an exploration and option agreement with a US-based subsidiary of KGHM Polska Miedź, Robinson Holdings, involving four porphyry copper projects in Nevada.
KGHM is a major copper and silver producer with operating mines in Europe and the Americas.
The agreement provides for execution payments totalling $315 000 and option payments up to $600 000 per project to Elemental over a six-year earn-in period.
The agreement provides Elemental with execution payments, option payments and work commitments on the four projects - Royson, Big E, Tango and Whiskey. The agreement also provides for Robinson Holdings to earn 100% interests in the projects. For any project in which Robinson Holdings elects to earn-in, Elemental retains a 2% net smelter return royalty interest as well as annual advance royalty and certain milestone payments.
During the earn-in period, Robinson Holdings will fund up to $5-million in exploration expenditures per project, while Elemental will provide technical and operational support.
Elemental CEO David Cole says he is excited to collaborate with KGHM to advance each of these prospective properties in Nevada.
"The Elemental team continues to identify and generate exploration opportunities at low cost, and a porphyry discovery on any one of these projects would represent significant value to all parties. This transaction reflects our ability to attract high-calibre partners and operators in Tier 1 jurisdictions, and it continues to build momentum in our growth trajectory," he adds.
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