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Canadian Junior miner Aquila Resources Inc. (TSX:AQA) announced this morning it has acquired the Five Mile Lake zinc project near Ely, Minnesota.
The company said the development hosts an altered sequence of felsic volcanic rocks with significant zinc occurrences and the deal was possible thanks its strategic exploration alliance with HudBay Minerals Inc. (TSX:HBM), a Toronto-based base metals miner.
Fellow Canadian Teck Resources (TSX:TCK.B), the giant zinc, copper and coal producer had explored the zinc exploration property in the past.
Aquila bought the exploration rights to the property from Agate Lake Exploration for $82,000 to be paid over four years.
In addition, HudBay will finance up to $2 million in exploration costs on the property to earn a 50 per cent interest as part of a joint venture.
Aquila focuses on exploring for base metals and gold in North America and Australia. Its top property is the Back Forty joint venture with HudBay in the Upper Peninsula of Michigan.
