Jaxon Minerals Inc. said Sept. 28 that it inked a letter of intent to acquire CJL Enterprises Ltd.'s Price Creek silver-zinc-lead-gold property in British Columbia.
The 2,396-hectare property hosts the Knoll zinc-lead-silver-gold and Max silver-zinc-lead-gold showings.
A C$5,000 payment is due upon signing of the letter of intent and the issuance of 100,000 shares upon Toronto Stock Exchange Venture Exchange approval.
Over the next four years, on the anniversary of the bourse's acceptance, Jaxon will make subsequent cash payments of C$10,000, C$15,000, C$20,000 and C$25,000 as well as issue 100,000 shares on each anniversary.
An advance royalty of C$5,000 per year will begin in year five.
Upon commercial production, Jaxon may purchase a 2% net smelter return royalty for C$1.0 million for each 1%. A further 200,000 shares will be issued to the vendor.