Eskay Mining Corp (TSX-V:ESK, OTCQX:ESKYF) announced that it has sold five of its mining claims in British Columbia’s Golden Triangle region to Skeena Resources Limited (TSX:SKE, OTCQX:SKREF) in consideration for cash payments of $4 million.
The mineral exploration and development company said the initial consideration of $2 million was paid to Eskay on closing, a further $1 million is payable on October 31, 2023, and the final $1 million payment is payable on December 31, 2023.
Four of the claims are north and west of the Skeena Eskay Creek Project and one of the claims is adjacent to the west side of the Skeena Eskay Creek Project.
Eskay noted that it has retained a 2% net smelter returns royalty on the claims, 50% of which can be purchased by Skeena at any time for $2 million.
The company added that it will not be required to pay any road use fees to Skeena for its use of the Eskay Creek Road for the five-year period ending December 31, 2027, provided that its road use in those years is consistent with its road use in 2022.
As well, Eskay reported that its exploration team has been mobilized to the camp and is preparing for the 2023 exploration and drilling season at its Consolidated Eskay Project in British Columbia.
Eskay Mining is focused on the exploration and development of precious metal volcanogenic massive sulfide targets along the Eskay rift in a prolific region of northwest British Columbia known as the Golden Triangle.
Contact Sean at sean@proactiveinvestors.com