Altair Resources Glides Higher On Zinc Property Acquisition

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Wednesday, April 5, 2017

Shares of Altair Resources Inc. (TSX-Venture:AVX) are galloping higher after the Canadian miner announced an agreement for the acquisition of the Pan American Zinc Mine and the Caselton Concentrator located in the Comet and Caselton Mining Districts in Nevada, U.S.A.

Details of the agreement include the company executing a binding letter of intent for the acquisition of 100% of the assets, from an arm's length individual, for the purchase price of US $ 1,460,000, of which US $ 60,000 has been paid. The balance owing of US $ 1,400,000 is payable in staged payments.

The Pan American Mine comprises 880 acres of patented surface and mineral rights, plus 1600 acres of federal unpatented mining claims. The Mine is a fully developed underground room and pillar mine previously operated by Bunker Hill Mining at a rate of 1500 tons per day.  The processed material averaged 2.7% zinc, 1.8% lead, 1.6 ounces of silver per ton and 8.6% manganese. Bunker Hill records indicate an historic resource of 1.7 million tons, of which 732,000 tons are developed for immediate mining.

Shares of AVX have moved up strongly on the news, registering a 24.5% gain in trading mid-way through the trading day with shares at $0.305 at last check.  Shares of AVX have had a rough 2017 with the stock sinking from $0.46 in mid-January to its recent low of $0.24 in late-March, however today’s strong move higher looks to be re-igniting interest among the bulls.

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