Switzerland-based miner Xstrata plc's Madrid, Spain headquartered subsidiary Xstrata Zinc announced on October 4 that has closed its acquisition of the Hackett River and Wishbone exploration properties, located in the Western Kitikmeot region of Nunavut, Canada, from Sabina Gold and Silver Corp. ("Sabina") for a cash consideration of C$50 million.
The Hackett River property comprises nine mineral leases totaling 12,250 hectares, with approximately 5.2 million tonnes of zinc equivalent within other minerals, housed within four proximal near surface deposits amenable to open pit mining. Both properties contain significant additional exploration potential.
Under the terms of the agreement, Xstrata will commit a further C$50 million towards exploration on the properties within four years of the transaction's completion.