08:08 AM EDT, 10/02/2024 (MT Newswires) -- Blue Moon Metals ( BMOOF ) said Wednesday that it agreed to sell its Yava project in Nunavut to Honey Badger Silver ( HBEIF ) .

Under the terms, Blue Moon will receive 4,250,000 common shares of Honey Badger with an implied value of about $340,000, representing 6.5% of the total issued and outstanding shares of Honey Badger.

"The Yava project is considered non-core for the company, so we are happy to monetize the asset and continue to focus on developing our Blue Moon deposit in the U.S.," Blue Moon CEO Patrick McGrath said. "We are currently evaluating the next steps for Blue Moon including the commencing of a preliminary economic assessment."

Blue Moon's share price jumped 11% yesterday to a near 52-week high of $0.30 on the TSXV.