Azarga Metals Corp. said Dec. 11 that it exercised the call option to increase its stake in the Unkur copper-silver project in Russia to 100%, from the current 60%, in exchange for 42 million common Azarga shares under a revised deal with the project vendors.
The company signed a Dec. 8 amendment agreement with the eight holders of the indirect 40% interest in Unkur, which includes canceling a US$1.6 million deferred cash consideration stipulated in the initial agreement signed in May 2016.
Azarga, in April, reported an initial National Instrument 43-101-compliant resource estimate for Unkur, with the project hosting inferred resources containing 220,000 tonnes of copper and 52 million ounces of silver within 42 million tonnes of ore at 0.52% copper and 38 g/t of silver.
