Rover Metals Corp. completed its acquisition of Silver Range Resources Ltd.'s Cabin Lake gold property in Canada's Northwest Territories after the parties finalized an amended letter of intent on Aug. 9.
According to an Aug. 13 release, Silver Range received cash payments totaling C$40,000 and retained a 2% net smelter royalty as part of the deal. Rover Metals may buy back up to 1.5% of the NSR for between C$750,000 and C$1.5 million.
Rover Metals is also required to make annual advance payments of between C$20,000 up to a maximum of C$220,000 starting in 2020.
Silver Range optioned Cabin Lake to Rover Metals in November 2017.
Rover Metals also owns the historic Slemon Lake and Camp Lake projects, located approximately 10 kilometers and 20 kilometers away, respectively, from Cabin Lake. The company in July secured a five-year land use permit covering the projects, collectively called the Cabin Lake Group of Properties.