Extension of Winston Lake Option Agreement (TSXV:MZN) February 14, 2022 - TheNewswire - Vancouver, British Columbia - Metallum Resources Inc. (TSXV:MZN) (“Metallum” or the “Company”) is pleased to announce that it has signed an agreement with First Quantum Minerals Ltd. (FQML) to extend the Company’s option to purchase the Winston Lake portion of the Superior Zinc and Copper Project.
The option has been extended until the earlier of February 2023, or when an updated Closure Plan for Winston Lake is approved by the mining authorities and an updated Closure Financial Assurance is determined. Under the extension terms, the Company may exercise the option by assuming responsibility for the updated Closure Financial Assurance, and FQML will reimburse Metallum for any amount over C$3M in assurance required.
Kerem Usenmez, P.Eng, Metallum's President and CEO, commented: “We are very pleased with the extension of the Option Agreement and look forward to the revised Closure Plan being submitted by the current owner, FQML. This is a testament to our commitment to the development of the Superior Lake Project, and to the work done by our team and FQML.” Mr. Usenmez added: “Winston property provides Metallum with access to remnants from Winston Mine and the historic Zenmac deposit which is the only deposit that has outcrop on the Superior Lake Project, with good resource potential. Winston remnants also provide extension potential to the Project’s existing resources, as well as major, Capex-heavy infrastructure which allows for a shorter timeframe to production.Once the Closure Plan is in place and the Financial Assurance is determined, we will have greater certainty on our path to production.”
About Metallum
Metallum Resources (TSXV:MZN) is developing its Superior Lake Zinc and Copper Project located in Ontario, Canada which has been advanced to the feasibility stage.
Metallum is a member of the Gold Group of companies, led by Simon Ridgway.
metallumzinc.com.
https://www.thenewswire.com/press-releases/1AXXFZgzy-metallum-resources-announces-extension-of-winston-lake-option-agreement-with-first-quantum-minerals.html