Mining News: Northern Neighbors: Jaxon agrees to Hot Bath copper option

Jaxon Minerals Ltd. Aug. 31 reported signing a letter of intent to enter into an option to earn up to 75 percent interest in DeCoors Mining Corp.’s Hot Bath copper-gold project, located in northwestern British Columbia about 15 kilometers (nine miles) south of the Tanzilla porphyry property being explored by Kaizen Discovery Inc. and Freeport-McMoRan of Canada Ltd. Under the terms of the letter of intent, Jaxon can earn the 75 percent interest in Hot Bath by issuing 6.75 million common shares and spending C$1.7 million in exploration expenditures by the end of 2017. DeCoors will retain a two percent net smelter return royalty on the Hot Bath property. Jaxon will have the option at any time to acquire one percent of the NSR for C$1 million. Results from recently completed soil sampling over a high-priority mineralized area of the Hot Bath property are expected shortly. Jaxson said an induced polarization survey at the property will start soon.

–Shane Lasley