PERTH (miningweekly.com) – Junior Avira Resources has struck a term sheet with TSX-listed EMX Royalty Corp to divest of its remaining Queensland exploration tenements.
Under the terms of the agreement over the Yarrol and Mt Steadman tenements, EMX would pay an option fee of A$5 000 to secure a 60-day exclusivity period to conduct and complete due diligence.
A further A$60 000 will become payable in cash on the signing of a sale and purchase agreement.
“We are pleased to have entered into this agreement with EMX and of expressions of interest, and look forward to working with EMX to complete the sale and purchase of the Yarrol and Mt Steadman projects,” said Avira executive director David Deloub.
“This now completes the divestment of the company’s Queensland exploration assets and supports our intent to focus on our exploration projects located in the Paterson Range in Western Australia.”