The purchase also includes separate option for a project comprising mineral leases north of Hinton in Alberta with potential for other minerals
Initial metallurgical test work on Manitouwadge samples from Activation Laboratories showed 55% of the graphite is large or jumbo flake size.
Under the option, Stratos will be required to pay a non-refundable deposit of C$10,000 ($8,916) and a final payment of C$149,000 ($132,852) before 7 March 2015 as well as spend a minimum of $15,200 ($13,552) to advance exploration of the property.
If the transaction proceeds, the vendor will be issued a 2% gross royalty, of which 1% may be purchased for C$250,000 ($222,906).
For the Hinton North project, Stratos will need to have a non-refundable deposit of C$20,000 ($17,832), and pay C$200,000 ($178,325) by 6 January 2015, C$400,000 ($356,649) by 6 January 2016, and C$400,000 ($356,649) by 6 January 2017.
