Vulcan Minerals Inc. (TSXV:VUL) (OTC:VULMF) has purchased a 100% interest in twenty mineral claims from a prospector at Red Cross Lake in central Newfoundland.
These claims are adjacent to Vulcan's existing Red Cross Lake property.
The claims are being purchased for C$10,000 in cash and 100,000 common shares, subject to TSX Venture Exchange approval.
The vendor retains a 1% net smelter returns royalty over which the company has complete buyback rights.
The Red Cross Lake property encompasses a trans-tensional zone within a flexure on the Valentine Lake fault, which has a mafic/ultramafic intrusion.
Price Action: VUL shares are trading lower by 3.23% at C$0.30 on TSXV and VULMF higher by 0.36% at $0.25 on the last check Wednesday.
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