Repadre drops out of JV

Repadre Capital (RPD-T) has bowed out of the Night Hawk Lake joint venture, near Timmins, Ont.

Subject to final approval, Repadre will sell its 60% interest to partners Cross Lake Minerals (CRN-T), East West Resource (EWR-V) and Golden Dragon Resources (CGG-V) in return for a 2.5% net smelter return royalty. The deal would increase the trio’s respective interests to 40%, 40% and 20%. The group also holds an option to reduce the royalty to 1% in exchange for payment of $1.5 million.

Previous work on the propertyconfirmed the presence of base metal mineralization in a volcanogenic massive sulphide geological setting.

Cross Lake, which has taken over the property’s management, is carrying out a soil geochemical survey over selected targets.