Osisko Metals Inc. said Dec. 27 that it entered into a definitive deal with Hunter Brook Holdings Ltd. to acquire the base metals-prospective Key Anacon claims and surrounding area in New Brunswick's Bathurst Mining Camp.
Key Anacon comprises of 45 claim units with a total surface area of 981 hectares and hosts approximately 12 kilometers of the Brunswick Horizon, which extends onto adjacent and surrounding claims held by Osisko.
Under the deal terms, Osisko is required to pay C$1 million in cash and shares and issue an additional C$500,000 worth of Osisko shares 24 months following a definitive agreement, to secure the exclusive rights to explore and develop the project.
Osisko is also required to pay another C$500,000 in cash on commencement of commercial production.
The company is planning a drill program of approximately 12,000 meters to explore the area in an attempt to increase the global historical resources and upgrade them to NI 43-101 standards, Osisko President and CEO Jeff Hussey said.
In 2017, Osisko acquired over 50,000 hectares in the Bathurst Mining Camp and is monitoring several base metal oriented peers for projects and acquisition opportunities.