Junior Jonpol Explorations (JON-T) has agreed to acquire two unpatented mineral claims in the Red Lake area of northern Ontario from Thunder Bay-based Stares Contracting.
Jonpol can acquire the claims by paying $75,000 and issuing 100,000 shares over three years.
Stares retains a 2% net smelter returns royalty half of which Jonpol can buy for $1million.
The company also says that it has dropped its option on the Nickelby Lake claims after geophysical surveying and diamond drilling returned uneconomical results.
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