Metalore Resources (MTLRF) shareholders and directors agreed not to participate in current Brookbank joint-venture exploration at the September 26 annual meeting.
The decision preserves cash, while joint-venture spending could dilute Metalore's ownership in either project area to 10% or less. If that occurs, the corresponding net smelter return royalty is 1.5% on Cherbourg-Foxear or 1.0% on Walters-Leduc-Legault. Equinox Gold is exploring Brookbank, expects survey and sampling results within weeks, and plans an initial 8,500-metre drilling program.
Shareholders approved all meeting proposals and set the board at five directors. The board then appointed Armen Chilian president and chief executive officer and Ashley Nadon chief financial officer.