Cortus Metals (TSXV: CRTS.P) announced that it has executed a definitive property purchase agreement with Intermont Resources for the proposed acquisition of the Grayson and Powerline properties in Nevada.
To go ahead with the deal, Cortus will have to issue 1 million post-split common shares and pay a total of $274,400. Intermont will retain 2% net smelter return royalty on each of the properties, which is subject to a buy-back right in favor of Cortus.
Within the purchase agreement, Cortus also got the right to acquire any of the additional projects held by Intermont for a period of 24 months from closing in consideration of 200,000 post-split common shares per project and the grant of a 2% net smelter royalty.
“We are pleased to finalize the terms for Cortus to acquire up to 23 outstanding gold-silver projects targeting epithermal and Carlin-type mineralization within the perennially top-ranked mining jurisdiction of north-central Nevada,” Sean Mager, Cortus CEO, said in the media brief.
“They range from grassroots to drill-ready, with the most advanced being fully permitted and bonded. The majority are located near operating mines or known deposits, generally on the same fault structure hosting the deposit.”
According to Mager, two-thirds of the properties are within the prolific Carlin, Cortez, Battle Mountain/Eureka, Getchell and Long Canyon trends, while one-third are within the underexplored, fault-controlled Lahontan basin, which is host to deposits totalling more than 8 million ounces of gold.