Vancouver-listed Noront Resources has entered into a joint-venture agreement with HL Corp. (NASDAQ) regarding one of the former’s properties in Labrador.
The deal gives HL the right to earn a half interest in the Puttuaalu Brook project, 80 km northwest of Nain. However, the arrangement is subject to the agreement of Kennecott Canada, from which Noront acquired the property.
To earn its interest, HL must spend $250,000 within a year and issue a minimum of 80,000 common shares valued at no less than $250,000.
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