Latest news with #OptionAgreement
Associated Press
30-05-2025
- Business
- Associated Press
Silver Spruce Signs Amended Option Agreement, Provides Exploration Update on Pino de Plata Project, Chihuahua, Mexico
BEDFORD, NS / ACCESS Newswire / May 30, 2025 / (TSXV:SSE) Silver Spruce Resources, Inc. ('Silver Spruce' or the 'Company') is pleased to report the following update on the Pino de Plata project ('Pino' or the 'Property'), Chihuahua, Mexico. 'We are very excited to report the conclusion of successful negotiations with the claim holder of the four Pino de Plata concessions. The amended Option Agreement ('Option') greatly simplifies the deal structure culminating in mutually beneficial payment terms to earn 100% interest in the Property', said Greg Davison, Silver Spruce Vice-President Exploration and Director. 'The revised terms include a USD$10,000 cash payment on signing and a future sales participation right set at 10% (ten percent) for the Option period of three years. The participation right is calculated as a percentage of the gross proceeds from any transaction wherein Silver Spruce Resources sells an interest, either in whole or in part, in the project.' Mr. Davison added, 'There are no exploration spending commitments, future cash or share payments or royalties payable. This revised agreement eliminates all outstanding cash and share payments (US$625,000), advance royalties (US$120,000 annually) and 3% gross production royalty (capped at US$4,000,000). The 36-month Option window will execute only upon signing of a landowner access agreement and we look forward to re-engaging discussions in Hermosillo. It is our intention to put forth a new offer modelled after the claimholder deal described herein.' 'We remain confident that a mutually beneficial solution to long-term right of access to Pino de Plata will be achieved,' said Mr. Davison. 'We appreciate the unwavering support of our shareholders throughout these drawn-out negotiations, and we believe the project value will be worth our investment in time, effort and patience. We continue to maintain our communication with the technical team in Mexico to expedite our exploration program on Pino de Plata upon signing of an agreement with the landowner.' As per the terms of the Option Agreement, it remains subject to force majeure until access to field exploration, including diamond drilling, is granted by the landowner agreement. The Company remains current on payment of the requisite property taxes through to the 2nd semester 2024 on Pino de Plata and looks forward to advancing its proposed Phase 1 exploration drilling program. Further technical updates on the El Terrero, La Perla (see Figure 1) and other significant drill targets will be provided to shareholders in due course. Project Background Pino de Plata is located within the western portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending 'Sonora Gold Belt' of northern Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear. The 397-hectare Pino de Plata Ag-Pb-Zn-Cu-Au concessions are strategically located only fifteen (15) kilometres west from Coeur Mining Inc.'s ('Coeur') Palmarejo open pit and underground operations and is largely surrounded by Coeur through its December 2014 acquisition (valued at US$146 million) of the adjacent San Miguel Project via its all-share transaction with Paramount Gold and Silver. The Property has supported small scale historical production of high-grade mineralization from artisanal workings, though modern exploration is limited to Silver Spruce's 2016-2019 programs, and, of principal note, the project has not yet been drilled. The project area is known to host widespread mineralization at surface with silver values, on average, of greater than 50 g/t Ag, with local targets >500 g/t Ag. Three outcropping target types with attendant moderate to intense alteration include disseminated epithermal, carbonate replacement and significant vein mineralization, each providing high priority, shallow drill targets. Qualified Person Greg Davison, PGeo (BC), Vice-President Exploration & Director, is the Company's internal Qualified Person (QP) and is responsible for the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101"), under TSX guidelines. About Silver Spruce Resources Inc. Silver Spruce Resources Inc. is a Canadian junior exploration company holding 100% interest in the Melchett Lake Zn-Au-Ag project in northern Ontario and the Jackie Au project located <10 kilometres northwest from Minera Alamos' Nicho deposit in Sonora, Mexico. The Company, as noted herein, has signed an amended Option Agreement to acquire 100% interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration. Contact: Silver Spruce Resources Inc. Greg Davison, PGeo, Vice-President Exploration and Director (250) 521-0444 [email protected] [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Notice Regarding Forward-Looking Statements This news release contains 'forward-looking statements,' Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. SOURCE: Silver Spruce Resources, Inc. press release
Yahoo
30-05-2025
- Business
- Yahoo
Sparton Announces Closing of Sale of a 25 Per Cent Interest in Bruell Gold Project Claims, Quebec
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (SRI: TSX-V) (the 'Company') is pleased to announce that the Company and Eldorado Gold Corporation ('Eldorado') have closed an agreement, effective May 29, 2025, whereunder Eldorado acquired the Company's remaining 25% interest in the Bruell Gold Project 51 claim property in Vauquelin township, Quebec. (The Company and Eldorado are referred to jointly herein as 'the Parties'.) All dollar figures stated are in Canadian Dollars. The Option Agreement for the Bruell Property was originally entered into by the Parties in 2019 and has subsequently been amended to accommodate work programs and negotiate transaction terms. The Parties reached an agreement on November 24, 2024, to amend the agreement, whereby Sparton's 25% interest in Bruell could be purchased by Eldorado for $275,000 plus a 2% Net Smelter Return Royalty ('NSR'). The original option set out in the agreement allowed for the remaining 25% interest to be purchased for $1.8 million plus an annual cost of living increase, and the granting of a 2% Production NSR with a buyout of 50% percent of this NSR for $2.5 Million dollars at any time. As a result of this transaction, Eldorado will now own 100% of the Bruell Gold Project, and Sparton will retain the Production NSR as above. Given the state of the junior exploration sector and the current Company share price, the Board made the decision to forego future participation costs related to the exploration and development on the Bruell property, where the timing is not within its control, in order obtain cash to meet current commitments and pursue opportunities on its wholly owned critical mineral and precious metals properties and for general corporate purposes. For More Information contact: A. Lee Barker, President and CEO Tel.: +1 647-344-7734 Fax: +1 647-344-7734 Mobile: +1 416-716-5762 E-mail: info@ SPARTON RESOURCES INC. Company website: Listed: TSX Venture ExchangeTrading Symbol: SRI We Seek Safe Harbour Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Yahoo
28-05-2025
- Business
- Yahoo
Voltage Metals Corp. Announces Completion of Option Agreement with Plethora Green Energy
Toronto, Ontario--(Newsfile Corp. - May 27, 2025) - Voltage Metals Corp. (CSE: VOLT) ("Voltage" or the "Company") is pleased to announce that, further to its press release of October 19, 2023, Plethora Green Energy Corp. (the "Optionee") fully exercised its option (the "Option") granted by the Company pursuant to an option agreement dated October 16, 2023, between the Company and the Optionee (the "Option Agreement"), acquiring a 100% beneficial and legal interest in several mineral claims located in St. Laurent Township, in Ontario (the "Property") from the Company. In consideration for the acceleration of the remaining payments under the Option Agreement, the Company received $450,000. The Company's net smelter return royalty of 1.5% on the Property pursuant to the Option Agreement remains in place and is unchanged by the Optionee's full exercise of the Option. The Property was transferred to the Optionee on May 12, 2025. About Voltage Voltage is a critical metals exploration and development company focused on Canadian projects near existing or past-producing mines. Forward-Looking Statements This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. For more information contact: Jay Freeman, Chairman and Director, Voltage Metals Corp., email: jfreeman@ or via telephone at: (416) 457-1611. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Highrock Resources Options Ontario Gold Property
TORONTO, May 21, 2025 (GLOBE NEWSWIRE) -- Highrock Resources Ltd. ("Highrock" or "the Company") (CSE: HRK) is pleased to announce that it has entered into an option agreement (the "Option Agreement") with an arm's length optionor (the "Optionor") dated May 12, 2025 (the "Effective Date"), pursuant to which the Company was granted an option (the "Option") to acquire seven (7) mining claims (116 units) (the "Property"). in the Minnitaki Lake area located between the towns of Dryden and Sioux Lookout in Northwest Ontario. Several historical gold showings are located in the sequence of Archean mafic metavolcanics, metasediments and iron formation which trend ENE through the general area of the property, The area has recently been the focus of gold exploration by a number of companies led by NexGold Mining Corp. which is proceeding to develop its Goliath Gold Complex near Dryden. Readers are cautioned that information regarding the geology, mineralization, mineral resources, and production history on adjacent or similar properties is not necessarily indicative of the mineralization on Company's properties. Under the terms of the Option Agreement, the Company may exercise the Option to acquire 100% legal and beneficial interest in the Property in exchange for the aggregate cash payments in the amount of $56,000 payable to the Optionor and the issuance of an aggregate of 200,000 common shares (each, a "Common Share") in the capital of the Company to the Optionor at a price of $0.05 per Common Share as follows: a cash payment in the amount of $8,000 on signing of the Option Agreement; 200,000 Common Shares issued to be issued to the Optionor on or before the seventh (7th) business day following the date of the Option Agreement; A cash payment in the amount of $12,000 on the date that is the first anniversary of the Option Agreement; a cash payment in the amount of $16,000 on the date that is the second anniversary of the Option Agreement; and a cash payment in the amount of $20,000 on the date that is the third anniversary of the Option Agreement. In the event that the Option is exercised, the Company will grant a 1.5% net smelter returns royalty ("NSR") in favour of the Optionor, subject to the ability of the Company to purchase 0.5% of the NSR (resulting in the remaining NSR being 1%) for a purchase price of $600,000 at any time after the NSR is granted. Pursuant to the policies of the Canadian Securities Exchange (the "CSE"), the Option and the issuance of the Common Shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Qualified Person Review The technical and scientific information contained within this news release have been reviewed and approved by James Pirie, a director of the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Qualified Person has not completed sufficient work to verify the historic information on the Property. The information provides an indication of the exploration potential of the Property but may not be representative of expected results. About Highrock Resources Ltd. Highrock Resources is a Canadian exploration company focused on strategic and precious metals in North America. For further information, please contact: Derrick Dao Chief Executive Officer +1-437-677-5075 This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws. We caution investors that any such forward-looking information and statements are based on certain assumptions and analysis made by the Company in light of the experience of the Company and its perception of historical trends, current conditions and expected future developments, and other factors management believes are in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
29-04-2025
- Business
- Associated Press
Storm Exploration: Update on Option Payment for Miminiska and Keezhik
VANCOUVER, BC / ACCESS Newswire / April 29, 2025 / Storm Exploration Inc. (TSX-V:STRM) ('Storm' or the 'Company') announced today that, further to its news release dated March 21, 2025, it has issued 2,092,686 common shares (each, a 'Share') at a deemed price of $0.033005 per Share to Landore Resources Canada Inc. (the 'Optionor') as partial payment due under the option agreement dated May 5, 2021, as amended, with the Optionor (the 'Option Agreement'). The Company will issue the remaining 6,239,385 Shares to the Optionor upon TSX Venture ('TSXV') approval of the requisite Personal Information Form from the Optionor. With the issuance of the remaining Shares, the Company will have issued an aggregate of 8,332,071 Shares to the Optionor as payment of the $275,000 cash installment due under the Option Agreement, which will result in the Optionor holding approximately 17.4% of the Company's issued and outstanding Shares as of today's date. The number of Shares issued was calculated using the 30-day VWAP in accordance with the Option Agreement and was subject to TSXV approval. All Shares issued will be subject to a voluntary pooling arrangement (see the Company's news release dated August 19, 2024), in addition to a hold period of four months and one day from the date of issuance, in accordance with the Option Agreement and the policies of the TSXV. The Option Agreement contemplates the Company's acquisition of a 100% interest in the Miminiska and Keezhik properties from the Optionor, a wholly owned subsidiary of Landore Resources Limited, subject to, amongst other things, scheduled payments. For further details with respect to the Option Agreement, please refer to the Company's news releases dated May 10, 2021, June 6, 2024, July 4, 2024, August 19, 2024 and March 21, 2025, available for viewing on the Company's profile on SEDAR+ ( ). For further information, please contact: Storm Exploration Inc. +1 (604) 506-2804 [email protected] About Storm Exploration Inc. Storm Exploration Inc. is a Canadian mineral exploration company focused on the discovery and development of economic precious and base metal deposits on four district-scale projects in northwest Ontario: Miminiska, Keezhik, Attwood and Gold Standard. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release. Forward Looking Information This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to: TSXV acceptance of the requisite Personal Information Form and the scheduled payments under the Option Agreement. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including TSXV acceptance of the requisite Personal Information Form and failure of the Company to have sufficient funds to make the scheduled payments under the Option Agreement. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. SOURCE: Storm Exploration Inc. press release
