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Glacier Lake acquiring Colt Mesa copper-cobalt property in Utah

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Glacier Lake acquiring Colt Mesa copper-cobalt property in Utah

Glacier Lake Resources Inc. said June 13 that it is acquiring the Colt Mesa copper-cobalt property in Garfield County, Utah, which covers a past-producing copper mine of the same name with associated cobalt-zinc-nickel-molybdenum mineralization.

The miner will make staged payments to the vendor of US$120,000 in cash and 1 million shares over two years. In addition, the vendor will retain a 1.75% net smelter returns royalty over the property, and Glacier Lake can buy back 1% NSR for US$1 million.

Glacier Lake will conduct surface exploration work, and permitting to drill on the property will be secured soon.