Puma Exploration Inc. and Trevali Mining Corp. mutually terminated an agreement covering the development of the Murray Brook zinc property in New Brunswick, according to a March 18 release.
The deal, signed in April 2018, would have given Trevali a 75% interest in the property and also saw the companies form an alliance to undertake exploration in the region.
Puma and Trevali invested about C$1.6 million on exploration and development work at Murray Brook and within their partnership from June to December 2018. From the programs, the surface copper zone drilling results and metallurgical tests are still pending.
Trevali also proceeded with C$3.5 million in cash payments related to underlying agreements with El Niño Ventures Inc. and Votorantim Metals Canada Inc.
Puma said purchase agreements with Votorantim and El Niño on Murray Brook are still good standing until March 31 and May 10, respectively.