Business
Jazz Resources Inc. Closes Acquisition of Mineral Exploration Interests in Brazil
(TheNewswire) Vancouver, British Columbia, Canada - TheNewswire – Jazz R...
About this update from Jzr Gold Inc.
[{"type":"text","content":"Jazz Resources Inc. Closes Acquisition of Mineral Exploration Interests in Brazil \n \n \n (TheNewswire)\n \n \n \n Vancouver, British Columbia, Canada -\n \n \n TheNewswire\n \n – Jazz\nResources Inc. (the “\n \n Company\n \n ” or “\n \n JZR\n \n ”)\n \n (\n \n \n TSXV:JZR)\n \n is pleased to announce that it has closed its\npreviously announced arms-length acquisition from Coltan Gold Minerals\nInc. (“\n \n Coltan\n \n ”) of\nColtan’s interest in and to a JV Royalty Agreement (as defined\nbelow) respecting the Vila Nova gold exploration and development\nproject located in Amapa, Brazil.  Pursuant to a purchase and sale\nagreement between the Company and Coltan dated September 2, 2020, as\namended (the “\n \n PSA\n \n ”), the\nCompany acquired all of Coltan’s interest in a joint venture royalty\nagreement dated July 6, 2020, as amended, (“\n \n JV Royalty Agreement\n \n ”) between\nColtan and Eco Mining Oil & Gaz Drilling and Exploration EIRELI\n(“\n \n Eco\n \n ”), wherein Jazz\nshall have the option and right to acquire a 50% net profits interest\nin the Vila Nova property.  Pursuant to the terms of the JV Royalty\nAgreement, in order to exercise the option and acquire the rights\nthereunder, the Company must make the following payments to Eco,\nsubject to satisfactory project assessment prior to each stage of\nfunding:\n \n \n \n \n \n (a)\n \n an initial payment of USD$500,000 to fund\nthe 2,000 m drilling program and related costs needed to complete the\nbusiness plan to construct a 1,280 t/d bulk exploitation program on\nthe Vila Nova property;\n \n \n \n \n \n \n \n (b)\n \n a second payment of USD$500,000; and\n \n \n \n \n \n \n \n (c)\n \n a final payment of USD$5,000,000.\n \n \n \n \n If exercised and all payments are made, the Company shall be entitled\nto receive 50% net profits interest from all products and minerals\nproduced from the Vila Nova property (50% of gross proceeds after\ncosts) and exclusive rights to explore and develop the property,\nincluding initiating and carrying out commercial production.  Eco\nwill remain the sole operator of all mining-related activity on the\nproperty, including environmental remediation.\n \n \n Jazz will have the right, at any time, prior to completi...