North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Jaxon Minerals Ltd. Aug. 31 reported signing a letter of intent to enter into an option to earn up to 75 percent interest in DeCoors Mining Corp.'s Hot Bath copper-gold project, located in northwestern British Columbia about 15 kilometers (nine miles) south of the Tanzilla porphyry property being explored by Kaizen Discovery Inc. and Freeport-McMoRan of Canada Ltd. Under the terms of the letter of intent, Jaxon can earn the 75 percent interest in Hot Bath by issuing 6.75 million common shares and spending C$1.7 million in exploration expenditures by the end of 2017.

DeCoors will retain a two percent net smelter return royalty on the Hot Bath property.

Jaxon will have the option at any time to acquire one percent of the NSR for C$1 million.

Results from recently completed soil sampling over a high-priority mineralized area of the Hot Bath property are expected shortly.

Jaxson said an induced polarization survey at the property will start soon.

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Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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