Rumble Resources Ltd. said Aug. 9 that it signed an option agreement to acquire up to 100% of two base and precious metal projects in Ontario from a local prospector.
Among them, the Long Lake project, which covers 19 square kilometers in the region, has potential for gold, copper, nickel and platinum group metals, while the 30-square-kilometer Panache Project is prospective for cobalt, nickel, copper, gold and platinum group metals, the company said.
Under the agreement, the company will pay C$290,000 and issue 2.7 million shares within 36 months to acquire 100% over each of the projects.
If a decision to mine is reached on any of the projects, the company must also pay a 3% net smelter royalty. It may buyback up to 2% of the NSR for C$3 million.