The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Jaxon Minerals Ltd. Aug. 31 reported signing a letter of intent to enter into an option to earn up to 75 percent interest in DeCoors Mining Corp.'s Hot Bath copper-gold project, located in northwestern British Columbia about 15 kilometers (nine miles) south of the Tanzilla porphyry property being explored by Kaizen Discovery Inc. and Freeport-McMoRan of Canada Ltd. Under the terms of the letter of intent, Jaxon can earn the 75 percent interest in Hot Bath by issuing 6.75 million common shares and spending C$1.7 million in exploration expenditures by the end of 2017.
DeCoors will retain a two percent net smelter return royalty on the Hot Bath property.
Jaxon will have the option at any time to acquire one percent of the NSR for C$1 million.
Results from recently completed soil sampling over a high-priority mineralized area of the Hot Bath property are expected shortly.
Jaxson said an induced polarization survey at the property will start soon.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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