[miningmx.com] — CANADIAN junior Northern Shield Resources and Impala Platinum (Implats) have signed an option and joint venture agreement for a northern Quebec-based project.
The agreement would allow Implats to earn a 50% stake in Northern Shields’ Idefix PGE property. Implats would make cash payments totalling $300,000 over two years and commit to $3.2m in exploration expenditures at Idefix over three years.
“Impala can also earn a 50% interest in up to two additional ‘designated properties’ within an agreed upon area of mutual interest in Quebec by incurring a further $1.25m of expenditures per additional property,” read a company statement.
The deal included a 10% project management fee for Northern Shield, which would be the operator of the project.
The partners anticipate exploration to start no later than July 1 and perhaps sooner if unseasonably warm temperatures continue and speed the break-up of lake ice.
“We are very much look forward to getting back on the ground with Impala and exploring this very promising property,” said Northern Shield’s President and CEO, Ian Bliss.
