- Vital Battery Metals (VBAM) has signed an option agreement to acquire a 100-per-cent interest in the Sting Copper Project in western Newfoundland
- The terms of the agreement stipulate that Vital Battery will pay the optionors a total of C$90,000 and issue 5,000,000 common shares
- The project includes five mineral licences, covers a land area of about 30.6 km square kilometres and hosts over 40 base and precious metal occurrences
- Vital Battery Metals is a mineral exploration company focused on developing projects comprising of battery, base and precious metals
- Vital Battery Metals Inc. opened the day’s trading at C$0.29 per share
Vital Battery Metals (VBAM) has signed an option agreement to acquire a 100-per-cent interest in the Sting Copper Project.
Vital may acquire a 100-per-cent interest in the project by paying the optionors a total of C$90,000 and issuing 5,000,000 common shares.
The project, which is located 14 km south of the town of Trout River in Newfoundland, incorporates five mineral licences and cumulatively covers a land area of about 30.6 km square kilometres.
The project hosts over 40 base and precious metal occurrences that have undergone limited exploration along a 50-km corridor known for hosting significant Volcanogenic Massive Sulfide (VMS), copper quartz vein lode and low sulphation epithermal gold showings, mines and projects.
The company believes that the Greggory River Fault area has lacked detailed exploration work in the past and plans to execute an extensive exploration program.
“The fact that this area has so many under-explored historical mineral occurrences and has seen limited drilling boasts exciting prospects of potential discovery,” noted Adrian Lamoureux, President & Chief Executive Officer of Vital.
The optionors shall retain a two-per-cent-net smelter returns royalty on the project, which the company may purchase at any time one-half, being one-per-cent for a price of $1,500,000.
Vital Battery Metals Inc. is a mineral exploration company dedicated to developing strategic projects comprising battery, base and precious metals in stable jurisdictions.
Vital Battery Metals Inc. opened the day’s trading at C$0.29 per share.