Altair Resources Inc. and International Silver Inc. entered into a 50/50 joint venture on the former's Prince silver-zinc-lead-manganese project in Nevada.
In May 2017, Altair agreed to acquire a lease and option to buy Prince from Prince Mine LLC. The lease and option was originally held by International Silver, which leased the project to Prince Mine in 2010.
As part of the deal, International Silver will assume the costs of the next drilling campaign on Prince and a subsequent resource report, followed by a pre-feasibility study, Altair said Sept. 6.
Each partner will then assume the costs of subsequent activities. The companies will also share annual lease payments, while International Silver will serve as the project manager.
Altair CEO and Chairman Harold Roy Shipes is also the president, CEO and controlling shareholder of International Silver.
Additionally, Altair plans to consolidate its shares on a 1-for-4 basis, which will reduce its 49,861,501 shares to around 12,465,375 shares. The consolidation remains subject to TSX Venture Exchange approval.