SSR Mining Inc. said it will sell its Sunrise Lake Property to Honey Badger Silver Inc. in exchange for a 4% net smelter return (NSR) royalty on the property. Under the terms of the agreement, at any time until commencement of construction activities, 2% of the NSR royalty can be repurchased by Honey Badger for $10 million.
Sunrise Lake is an early-stage, greenfield exploration property located in the Northwest Territories, 130 km northeast of Yellowknife. The property hosts silver-gold and base metal mineralization outlined by more than 21,700 m of historical surface diamond drilling completed between discovery in 1987 and 1998. Exploration activities completed on the property to-date have focused on silver-lead-zinc volcanogenic massive sulphide mineralization.
Honey Badger is a Canadian silver company based in Toronto, Ontario, with significant land holdings in southeast and south-central Yukon. The company also owns the past-producing Nanisivik mine in Nunavut.