Deveron Options Greencastle’s Zinc and Graphite Property

Deveron Resources (TSXV:DVR) announced that it has entered into a letter agreement with Greencastle Resources relating to its Rockstone property in northwest Ontario. As part of the agreement, Deveron will pay cash considerations of $150,000 and incur $2 million in exploration expenditures over a three year period, which will give them a 60 percent interest in the project.

According to the press release:

Under the terms of the agreement, Deveron will pay total cash considerations of $150,000 and incur $2,000,000 in exploration expenditures over a three year period to earn a 60% interest in the property. Deveron can elect to earn 100% interest in the property by incurring all expenditures required to produce a bankable feasibility study, subject to Greencastle retaining a 3% net smelter return royalty. The transaction is subject to the approval of the TSX Venture Exchange and the parties entering into a definitive option agreement.

James Pirie, Deveron’s President & CEO, said:

Previous drilling has highlighted encouraging values of zinc and copper as well as high grade graphite. As a company focused on providing resource investors with the potential to make new discoveries, we look forward to following up on these significant targets.

Click here to read the Deveron Resources Ltd. (TSXV:DVR) press release