SLAM Exploration Ltd. said Oct. 4 that it agreed to acquire an additional property contiguous to the Ramsay Brook cobalt property in New Brunswick, for which the company recently signed an option deal.
To acquire the new two-claim property, which comprises five claim units covering 131 hectares, SLAM will have to issue 900,000 common shares and pay C$105,000 over three years to a group of prospectors. The vendors will retain a 1.5% net smelter royalty, which can be bought back for C$1 million.
The deal and share issuance remain subject to TSX Venture Exchange approval. SLAM launched a preliminary prospecting and trenching program to verify the locations of previous drillholes at the property and determine the scope of its cobalt occurrence.
Just days earlier, SLAM signed an option agreement to acquire the Ramsay Brook property from local prospectors for C$100,000 and 400,000 shares, to be paid and issued over three years.