Finore Mining Inc. signed a definitive agreement to acquire a 100% interest in the Panther Creek cobalt property in east-central Idaho from Utah Mineral Resources LLC.
The property comprises 50 lode mining claims covering 1,000 acres in Lemhi County, where a historical mine audit sampled by the U.S. Geological Survey returned 1.04% cobalt and 4.14% copper across 3.04 meters.
Finore is required to spend C$375,000 on exploration over three years to acquire the project, according to its Oct. 6 news release.
The company will also pay C$25,000 in cash and issue of 3.5 million common shares upon execution of the deal, pay C$150,000 in cash or shares within one year and pay a further C$150,000 on or before the end of the second year of the agreement.
Finore will issue an additional 2.0 million shares if an NI 43-101-compliant resource of at least 4 million tonnes grading a minimum 0.25% cobalt is defined for the property within five years.
The company also reported that it is planning to change its name to Hybrid Minerals Corp. and undertake a private placement of 20.0 million units at 10 cents apiece to raise gross proceeds of up to C$2.0 million. A portion of the proceeds is earmarked for option payments and the first-year work program at Panther Creek.