JINDALEE RESOURCES LIMITED (ASX: JRL) (Jindalee, the Company) is an Australian exploration company with Tier 1 lithium deposits in its portfolio in the United States. The Company’s core goals are to discover world-class mineral deposits and generate shareholder wealth. The United States is one of the largest marketplaces for lithium demand, and Jindalee is a leading company committed to help meet future demand. The Company is focussing efforts into developing its McDermitt lithium deposit. Jindalee Resources was listed on the Australian Securities Exchange (ASX) on 11th July 2002 and raised AUD 2.70 million. Now, it is a pure-play United States lithium company. Jindalee’s Projects: In June 2018, the Company acquired McDermitt and Clayton North, two lithium sediment projects in the United States. Both projects are 100% owned by HiTech Minerals Inc., a wholly owned, US-based subsidiary of Jindalee. Several factors attracted the Company’s interest in these projects including: Potentially
SLAM Exploration, a junior resource company listed under symbol SXL on the TSXV exchange and based in New Brunswick, Canada, has signed a sale agreement on their Ferguson Brook mineral claim. The Ferguson Brook claim is one among almost 100 mineral claims in SLAM Exploration’s dossier. The sale announcement was made on 10th March 2021 and highlighted all details that all investors wish to know. Puma Exploration, another well-known junior resource Canadian company, has acquired a claim over the property.
FERGUSON BROOK CLAIM DETAILS
The Ferguson Brook claim consists of 42 claim units. The property covers 912 hectares of prospective land that has been sold to Puma Exploration. The property is adjacent to Puma Exploration’s William Brook gold project, allowing them the opportunity to expand their gold program.
AGREEMENT DETAILS
The agreement defines the Ferguson Brook Claim as two different properties. The first property referred to as “Property A” in the agreement comprises 35 claim units. The second property referred to as “Property B” in the agreement comprises seven claim units. SLAM Exploration had acquired Property A through staking, while Property B was acquired through an underlying agreement with a third party.
Under the Ferguson Brook claim agreement, both properties would be transferred to Puma Exploration. However, SLAM Exploration will retain a royalty, also known as net smelter return. SLAM Exploration will receive 2% net smelter return royalty for any sale made by Puma Exploration for products obtained from Property A. Additionally, SLAM Exploration will receive 1% net smelter return royalty for any sale made by Puma Exploration for products obtained from Property B.
The agreement also states that Puma Exploration can further purchase 50% of the royalty paid to SLAM Exploration for Property B, which totals around CAD 500,000. Puma Exploration can refuse to purchase the remaining 50% through the first right of refusal.
Under the agreement, to earn 100% interest, Puma Exploration will be making the following payments to SLAM Exploration:
- CAD 15,000 in cash as well as 250 thousand shares of Puma Exploration payable upon receipt of TSX Venture approval of the Ferguson Brook agreement.
- CAD 25,000 in cash payable upon the receipt of a positive preliminary economic assessment.
- CAD 50,000 in cash payable upon the conclusion of a positive feasibility study
- CAD 100,000 in one-time cash payable upon reaching commercial production rates on the Ferguson Brook property.
In response to the signing of the agreement, SLAM Exploration CEO Mike Taylor said, “I congratulate Marcel Robillard and the team at Puma Exploration on the acquisition of the Ferguson Brook property. Puma’s continued advance exploration successes on the William’s Brook gold mining project is the indication that the New Brunswick gold play is just beginning. Investors should watch this space!”
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