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NovaRed Mining Amends Trojan-Condor Corridor Option

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NovaRed Mining (NRED.CN) agreed to amend its property option, to buy a 70% interest in an additional five mineral tenures comprising approximately 4,573.82 hectares, known collectively as the Trojan-Condor Corridor, it said late Wednesday.

Upon Canadian Securities Exchange (CSE) acceptance for filing of the amending agreement, the company must issue 3-million units in its capital to the optionor, it said. Additional claims lie adjacent to the nine claims that comprise the company's existing Wilmac Copper-Gold project.

Each unit will consist of one common share and a two-year transferable share purchase warrant entitling the optionor to buy a share for C$1.80. NovaRed must also pay C$100,000 to the optionor by Aug. 31, 2026, and C$150,000 in addition by Mar. 31, 2027.

The company will also have to fund C$8.5 million in exploration spending on the claims, including C$400,000 by Oct. 1, 2026, and C$2 million in 2027, in order to exercise the option, NovaRed added.

Shares of the company closed unchanged at C$0.60 on Wednesday on the CSE.

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