Casa Minerals (TSXV: CASA) has optioned its Keaper polymetallic project 15 km northeast of Terrace, B.C., less than 5 km from the company’s flagship Pitman polymetallic project, to a private company that has the right to earn a 60% interest in the property over four years.
In order to earn its interest, the optionee must spend $4 million on exploration, pay Casa $550,000 and issue Casa 2.5 million shares in yearly stages. Casa retains a 1.5% net smelter royalty that the optionee can buy back for $500,000.
Casa president and CEO Farshad Shirvani says the deal allows Casa to drill Keaper without further diluting the company. Keaper has never been drilled before.
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