Evrim Resources Corp. has signed an agreement with Paget to acquire a 100% interest in the Ball Creek Project in northwest British Columbia. Drilling and surface work on the 52,000 hectare property has shown significant copper-gold-molybdenum porphyry-style mineralization and indications of epithermal gold-silver deposits.
Paget will receive $150,000 cash at closing plus the following Evrim shares (or cash equivalent):
- 100,000 Evrim Shares within 14 days of Evrim entering into a future option, earn-in or purchase and sale agreement with a third party (a "Future Agreement");
- 250,000 Evrim Shares upon the completion by Evrim, or any third party with which Evrim has entered into a Future Agreement, of an aggregate of 10,000 metres of drilling;
- 400,000 Evrim Shares upon the announcement by Evrim, or any third party with which Evrim has entered into a Future Agreement, of a measured or indicated mineral resource estimate of at least 500,000,000 tonnes at a grade of at least 0.50% Copper Equivalent; and
- 500,000 Evrim Shares upon the completion by Evrim, or any third party with which Evrim has entered into a Future Agreement, of a Feasibility Study on the Ball Creek Property.
In addition, Paget will receive the following percentages of any future payments received by Evrim from any Future Agreement:
For more information, please see the Paget news release dated April 27, 2015.
- 40% on or before the first anniversary date of any Future Agreement;
- 30% after the first anniversary date of any Future Agreement and on or before the second anniversary date of such Future Agreement;
- 20% after the second anniversary date of any Future Agreement and on or before the third anniversary date of such Future Agreement; and
- 10% after the third anniversary date of any Future Agreement and on or before the fourth anniversary date of such Future Agreement.
The Ball Creek Project is located in the Golden Triangle area of northwest British Columbia and is central to the Galore Creek and Schaft Creek deposits to the west and the Red Chris Mine to the northeast. Located just eight kilometres west of provincial Highway 37 and the recently commissioned 287 kilovolt transmission line, the project is one of the most accessible porphyry systems in the Iskut region.