Revelo Resources Corp. said Nov. 27 that it entered two deals to off-load its Araya Breccia and Los Azules copper projects in northern Chile to MASGLAS Ltd.
The company noted that the 103-hectare Araya Breccia property and the 3,800-hectare Los Azules property previously formed a single project.
To acquire the Araya Breccia project, MASGLAS will pay US$100,000 in cash in three tranches within 90 days of closing.
Under a separate agreement, MASGLAS secured an option to acquire the Los Azules property by paying US$500,000 in cash and completing work including 17,000 meters of drilling over a four-year period.
Revelo will also retain a 2% net smelter royalty on each property. MASGLAS will have a right to reduce each royalty to a 1% net smelter royalty by paying US$1 million within 36 months.
Earlier in November, Revelo outlined plans to sell two gold-silver projects in Chile to Austral Gold Ltd.
