Trident options out non-core Knife Lake copper project
TSX-V-listed gold developer Trident Resources Corporation has entered into an option agreement with an arm's length company called Apogee Minerals, pursuant to which Apogee may earn a 100% interest in the Knife Lake copper project, in Saskatchewan.
Trident says the transaction represents a strategic monetisation of a noncore asset that preserves meaningful upside exposure for Trident shareholders while allowing the company to remain focused on advancing its rapidly growing gold portfolio in the La Ronge Gold Belt.
In terms of the agreement, Trident will receive C$400 000 in cash and 7.4-million in Apogee common shares, which is valued at C$700 000.
Apogee will spend at least C$1-million on exploration over the next two years.
"Knife Lake is an excellent copper asset, but our capital and technical expertise are increasingly focused on advancing our growing gold portfolio led by the Contact Lake gold project. This transaction allows Knife Lake to begin creating value for our shareholders immediately through cash, equity ownership and an upcoming exploration programme, all while preserving exposure to future discoveries," says Trident CEO Jon Wiesblatt.
Knife Lake is also prospective for silver, zinc, gold and cobalt, with Trident having published a mineral resource estimate in 2019. The project has an indicated mineral resource of 3.8-million tonnes grading 1.02% copper-equivalent, including 0.83% copper, 3.7 g/t silver, 0.097 g/t gold, 82 parts per million of cobalt and 1 740 parts per million of zinc.
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