Canadian junior mining and exploration company Major Precious Metals Corp. has completed the acquisition of a 100% interest in the Skaergaard Project, located on the east coast of Greenland.
The transaction saw Major Precious Metals complete a one-time cash payment of $A520,000, and issue 55,000,000 common shares to Platina Resources Limited, having previously deposited the Consideration Payment, and the Consideration Shares, in escrow pending receipt of approval for the fundamental change from the Canadian Securities Exchange and the shareholders of the Company.
“Such approval has now been received, and the Consideration Payment and the Consideration Shares have been released to the Vendor,” the company said in a statement.
“In addition, the two mineral exploration licences (MEL) that comprise the Skaergaard Project (MEL 2007/01 and 2012/25) have been transferred to Major Precious Metals.”
The Skaergaard Project holds one of the world’s largest undeveloped gold and palladium resources, with potential for vanadium, iron and titanium.
The project, which is accessible by helicopter or airplane and marine craft in the Mikis Fjord when there is no sea ice, has Indicated and Inferred Mineral Resource Estimate of 203Mt at 0.88g/t gold and 1.33g/t palladium at a 1g/t gold equivalent (AuEq) cut-off grade and minimum mining thickness of 1m.
[…] on the heels of extracting more than $18 million in value from our Skaergaard Project in Greenland, we are committed to realising the full value from all our assets where we’re registering a low […]