SLAM Exploration’s Mineral Claim Sale to Puma Exploration
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.
