Crystal Lake Mining Corp. said Oct. 5 that it agreed to fully acquire mineral rights in Property #1, Property #5, Property #7 and Property #8 in Ontario from Emerald Lake Development Corp.
The company had a right of first refusal under a September 2016 agreement with Emerald Lake.
The four claim blocks are prospective for nickel, copper, cobalt, platinum group metals and massive sulfides.
Crystal Lake also exercised its option to acquire Property #2 and Property #4, it said Oct. 5.
To acquire the six claim blocks, the company will issue 10.5 million common shares and pay C$50,000 upon closing of its next major equity financing.
Upon start of commercial production from any of the claims, Emerald Lake will start receiving an amended royalty of 2% of net smelter returns, half of which can be purchased for C$1 million.
In February, Crystal Lake entered a purchase agreement with Emerald Lake for a 100% interest in the mineral rights of Property #6.