Infinity Stone Ventures (CSE:GEMS) Corp announced that it has entered into a property option agreement with 3EX Resource Corp to acquire the Zen-Whoberi copper-cobalt-platinum-palladium project in Quebec.
The Zen-Whoberi property comprises six claims covering just over 353 hectares located north of Mont Laurier, Quebec, in the central metasedimentary belt of the Grenville geological province.
Historical results from 2006 and 2007 work programs by Quinto Resources Inc highlighted intervals including 0.57% copper over 22.8 metres and 1.27% copper over 3.8 metres from a single geophysical anomaly.
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As well, gold, platinum, and palladium historical results included 1.1 grams per ton (g/t) gold over 1.2 metres and 0.8 g/t platinum over 1.06 metres. Trench grab samples also included 5.07% copper, 0.59 g/t gold, 3.9 g/t platinum and 0.2 g/t palladium.
Numerous parallel geophysical anomalies, most of which remain untested, Infinity Stone said.
Deal terms
Under the terms of the deal, Infinity Stone received the right to acquire a 100% interest in and to the property, which may be exercised as follows by issuing an aggregate of 1.2 million Class A Subordinate Voting Shares, with 600,000 shares issuable within five business days of the date of the option agreement, and 600,000 shares issuable on or before the first anniversary of the agreement.
Infinity Stone will incur aggregate exploration expenditures of $300,000, with $100,000 on or before the first anniversary of the agreement, and an additional $200,000 on or before the second anniversary.
Finally, Infinity Stone paid an aggregate of $15,000.
Upon the exercise of the option, Infinity Stone will grant to 3EX a net smelter returns royalty of 2% on commercial productions from the property. Infinity Stone has the right to repurchase 100% of the NSR for $2 million.
Vancouver-based Infinity Stone is meeting the demand from battery and wind turbine manufacturers, and energy metals speculators by acquiring 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
Contact Angela at angela@proactiveinvestors.com
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