On Thursday, Granite Creek Copper Ltd (OTCMKTS:GCXXF) was in the news after it announced that it had gone into an agreement for the acquisition of a 100% stake in the Lucky Ship molybdenum property. The acquisition was made from two arm’s length vendors.
Granite Creek Copper Acquires 92 million Pound Indicated Historical 43-101 Molybdenum Resource in British Columbia, Canada
As per the provisions of the agreement between the parties, Granite Creek Copper got an option to complete the acquisition of its 100% stake through the issuance of as many as 3,750,000 shares over a period of three years and at the same time completing exploration work equal to two years of assessment credit during the course of the first two years of the agreement.
Additionally, the company is also going to be able to complete four years’ worth of assessment credit in the third year of the agreement. The assessments in question are meant for making sure that the mineral claims remain in good standing throughout.
The property in question is situated in the territorial area traditionally regarded as the Wet’suwet’en First Nation in the Central region of British Columbia. It is a region that holds a long history of mining and the property falls within that area.