Pima Zinc Corp., formerly Rae-Wallace Mining Co., said Aug. 9 that it agreed to buy the Pima zinc property in Arizona through the acquisition of the issued share capital of private company 1139432 B.C. Ltd.

The Pima zinc property consists of 133 U.S. Bureau of Land Management unpatented lode mining claims over a total area of 2,506 acres, with an additional seven Arizona State Land Department mineral exploration permit applications covering a further 2,080 acres awaiting approval.

Pima Zinc will pay C$162,000 in cash and issue 5 million shares to the shareholders of 1139432 B.C.

Upon completing the transaction, the Canadian explorer will conduct the next phase of exploration work at the site, which includes airborne geophysics and prospecting, followed by diamond drilling.