GTA Resources & Mining Inc. notified CBLT Inc. that it accepted a superior offer from an arm's length party, and is now working toward a definitive agreement.
The company previously signed a sales deal for all of its mining assets with Toronto-listed CBLT.
CBLT said Dec. 24 that until GTA and the arm's length party announce a definitive agreement, it considers its agreement to remain in place. GTA has not revealed the identity or the offer terms of the new party.
Additionally, CBLT regained ownership of the Calcite Lake and United Reef properties in northern Ontario after Winmar Resources Ltd. failed to fulfill the conditions of the option agreement.
CBLT noted it will continue exploration at its existing mineral properties to target cobalt.
GTA holds 100% of the Big Duck Lake gold project in Ontario, the Auden graphite-gold project in Ontario and the Burnt Pond zinc-copper-lead-silver project in Newfoundland and Labrador, and holds an over 51% stake in the Northshore gold project in Ontario.