Abacus Mining & Exploration Corp. said Feb. 6 that it signed a deal to acquire the Nev-Lorraine claims adjacent to its majority-owned Willow copper project in Nevada.
The company secured a 10-year lease agreement that will allow it to explore the Nev-Lorraine claims. Abacus is required to incur annual expenditures of US$20,000 and pay escalating yearly payments starting at US$60,000 and increasing by US$10,000 each year thereafter.
Abacus will have the option to acquire the entire claim group outright at any time within the lease period for between US$1.5 million and about US$2 million. The vendors will not retain any royalty over the property.
The company is evaluating information compiled in 2017 to identify and refine drill targets at the Willow project.
