Casa Minerals (TSXV: CASA) has optioned its Keaper polymetallic project 15 km northeast of Terrace, B.C., less than 5 km from the company’s flagship Pitman polymetallic project, to a private company that has the right to earn a 60% interest in the property over four years.
In order to earn its interest, the optionee must spend $4 million on exploration, pay Casa $550,000 and issue Casa 2.5 million shares in yearly stages. Casa retains a 1.5% net smelter royalty that the optionee can buy back for $500,000.
Casa president and CEO Farshad Shirvani says the deal allows Casa to drill Keaper without further diluting the company. Keaper has never been drilled before.
Continue reading at The Northern Miner.
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