Pure play palladium producer North American Palladium (NAP) has signed a definitive option agreement with project generator Transition Metals and its joint-venture (JV) partner Impala Platinum Holdings (Implats) to earn up to a 75% stake in the Sunday Lake project, located near Thunder Bay, Ontario.
The property, which is currently held by Transition within its subsidiary HTX Minerals and Implats gives NAP the right to acquire a 75% ownership in the Sunday Lake project by completing work commitments totalling C$4.5-million and making cash payments of $3.5-milllion over a five-year period.
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