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Rokmaster to spend C$44.2M to acquire J&L gold project, Huakan International

Rokmaster Resources Corp. signed a nonbinding deal with Huakan International Mining Inc. for an option to acquire a 100% interest in the J & L gold-polymetallic project in British Columbia.

The company said Aug. 16 that it can exercise the option by paying Huakan C$44.2 million in cash over five years after executing a definitive agreement. It was granted exclusivity for 60 days starting Aug. 7 to complete due diligence.

At the end of the five-year period, Rokmaster will also have an option to acquire all of Huakan's shareholding.

To maintain its option, Rokmaster must complete an updated preliminary economic assessment on the 3,150.74-hectare property during the first year of the deal. The J&L project also hosts zinc, lead and silver mineralization.

Huakan signed a similar deal with Golden Dawn Minerals Inc. in December 2017, but it was mutually terminated a year later.