Silver Range Resources Ltd. (TSXV:SNG) announced that it has bought 100-percent interests in three advanced-stage zinc-lead-silver projects. In addition, it has acquired a claim located next to its Keg deposit. All the claim blocks are located in Canada’s Yukon.
As quoted in the press release:
The newly purchased claims were acquired through two agreements. The first agreement was with Kobex Minerals Inc. (‘Kobex’) and involved the purchase of 100% interests in the Mel and Barb properties for a sum of $200,000. A finder’s fee of $20,000 is payable to an arms’ length party in regard to this agreement. The Mel property is subject to an underlying 1% net smelter return royalty payable to Breakwater Resources Ltd. Both properties are subject to another 1% net smelter return royalty payable to Kobex, which can be purchased at any time by Silver Range for $1,000,000.
The second agreement is between Silver Range and Strategic Metals Ltd., Silver Range’s largest shareholder and a related party. This agreement involved an exchange of property assets, with Silver Range receiving 100% interests in the Michelle property and BP4 claim in return for a 100% interest in the Mint property. The BP4 claim is subject to a 2% net smelter return royalty payable to an arms’ length individual. There are no royalty interests on either the Michelle or Mint properties. The property exchange allows Silver Range to focus on its development objectives and preserve capital by disposing of a non-core property.
Doug Eaton, CEO of Silver Range, commented:
These acquisitions greatly strengthen Silver Range’s mineral holdings and are a significant milestone as we focus on projects with strong development and large-scale production potential. The Mel Property has a sizeable, open-ended historical resource with favourable metallurgy, and there is excellent potential for new discoveries in multiple zones. We expect to work with local first nations and other partners to advance this newly acquired project, the Keg Deposit and Silver Range’s other prospects as rapidly as possible.