NovaWest options Raglan properties

Vancouver-based NovaWest Resources (NVE-V) is optioning five additional properties in the Raglan nickel-Copper-platinum camp on the Ungava peninsula of northern Quebec.

The newly acquired properties comprise more than 250 sq. km, expanding NovaWest’s total land package in the area to nine properties encompassing 462 sq. km.

NovaWest will option a 100% interest in the new properties under two separate agreements. The first includes the Lac Nuvulik, Scoop and Expo West properties, whereas the second covers the Voisin and Expo East properties.

Under each agreement, NovaWest is required to pay $5,000 cash and 50,000 NovaWest shares. The vendors will retain a 3% net smelter return royalty, a third of which NovaWest can buy back for $1 million. Also, the vendors will be paid an advance royalty of $10,000 after four years.

A provision in each agreement calls for NovaWest to pay the vendors an additional 50,000 shares should NovaWest’s exploration expenditures on the particular properties exceed $300,000.

NovaWest is formulating its exploration strategy for the upcoming field season at Raglan.

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