Gold miner SSR Mining has agreed to sell its Sunrise Lake property, in the Northwest Territories, to Toronto-based silver company Honey Badger Silver 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, Honey Badger can repurchase 2% of the NSR royalty for $10-million.
Sunrise Lake is an early-stage, greenfield exploration property located 130 km northeast of Yellowknife.
The property hosts silver/gold and base metal mineralisation outlined by 21 774 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 mineralisation.
Honey Badger has significant land holdings in south-east and south-central Yukon. The company also owns the past-producing Nanisivik mine in Nunavut.