Minfocus Exploration Corp. on March 5 agreed to acquire the Round Pond zinc project in Newfoundland.
The project comprises 30 claims and covers 750 hectares.
Under the terms, Minfocus will issue up to 5.25 million shares over a two-year period. The project is subject to a 2.0% net smelter return royalty, while Minfocus will have the right to repurchase 1.25% of the net smelter return royalty for C$1.5 million.
According to the statement, the Round Pond prospect has a historic resource of 400,000 tons grading 2.0% zinc.
