Gossan Resources Completes Sale of Bird River Claims
Gossan Resources has completed the sale of its Bird River Property to Grid Metals Corp. The transaction includes multiple payment components: a $500,000 initial cash payment, 1.5 million Grid shares, two annual cash payments of $300,000 each, and a 2% net smelter returns royalty. An additional $300,000 deferred payment will be due upon commencement of commercial production.
The consolidation of the Bird River Greenstone Belt under Grid's sole ownership has attracted Teck Resources to explore and develop the Mawka nickel project. Gossan shareholders now hold a royalty on a significant portion of the magmatic nickel-copper-PGM-cobalt discovery at Makwa, which is set to receive substantial investment from Teck.
Gossan Resources ha completato la vendita della sua proprietà Bird River a Grid Metals Corp. La transazione include diversi componenti di pagamento: un pagamento iniziale in contante di $500.000, 1,5 milioni di azioni Grid, due pagamenti annuali in contante di $300.000 ciascuno e una royalty del 2% sui proventi netti di fusione. Un ulteriore pagamento differito di $300.000 sarà dovuto all'inizio della produzione commerciale.
La consolidazione della Bird River Greenstone Belt sotto la proprietà esclusiva di Grid ha attirato Teck Resources a esplorare e sviluppare il progetto nickel Mawka. Gli azionisti di Gossan ora detengono una royalty su una parte significativa della scoperta magmatica di nickel-rame-PGM-cobalto a Makwa, che riceverà ingenti investimenti da Teck.
Gossan Resources ha completado la venta de su propiedad Bird River a Grid Metals Corp. La transacción incluye múltiples componentes de pago: un pago inicial en efectivo de $500,000, 1.5 millones de acciones de Grid, dos pagos anuales en efectivo de $300,000 cada uno y una regalía del 2% sobre los ingresos netos de fundición. Un pago diferido adicional de $300,000 será exigible al inicio de la producción comercial.
La consolidación del Bird River Greenstone Belt bajo la propiedad exclusiva de Grid ha atraído a Teck Resources para explorar y desarrollar el proyecto de níquel Mawka. Los accionistas de Gossan ahora tienen una regalía sobre una parte significativa del descubrimiento magmático de níquel-cobre-PGM-cobalto en Makwa, que recibirá una inversión sustancial de Teck.
고산 리소스는 그리드 메탈스 코프에 버드 리버 자산을 판매 완료했습니다. 이 거래에는 여러 지불 요소가 포함됩니다: 초기 현금 지불 $500,000, 그리드 주식 150만 주, 각각 $300,000의 연간 현금 지불 두 건, 그리고 2%의 순 제련 수익 로열티가 포함됩니다. 추가로 $300,000의 이연 지불이 상업 생산 시작 시 지급될 예정입니다.
그리드의 단독 소유권 아래 버드 리버 그린스톤 벨트의 통합은 텍 리소스가 마우카 니켈 프로젝트를 탐사하고 개발하도록 끌어들였습니다. 고산의 주주들은 이제 마과에서의 마그마니컬 구리-PGM-코발트 발견의 상당 부분에 대한 로열티를 보유하고 있으며, 이는 텍으로부터 상당한 투자를 받을 예정입니다.
Gossan Resources a finalisé la vente de sa propriété Bird River à Grid Metals Corp. La transaction comprend plusieurs composantes de paiement : un paiement initial en espèces de 500 000 $, 1,5 million d'actions Grid, deux paiements annuels en espèces de 300 000 $ chacun, et une redevance de 2 % sur les revenus nets de fusion. Un paiement différé supplémentaire de 300 000 $ sera dû au début de la production commerciale.
La consolidation de la Bird River Greenstone Belt sous la propriété exclusive de Grid a attiré Teck Resources pour explorer et développer le projet de nickel Mawka. Les actionnaires de Gossan détiennent désormais une redevance sur une part significative de la découverte magmatique de nickel-cuivre-PGM-cobalt à Makwa, qui devrait recevoir des investissements substantiels de Teck.
Gossan Resources hat den Verkauf seiner Bird River Immobilie an Grid Metals Corp. abgeschlossen. Die Transaktion umfasst mehrere Zahlungsbestandteile: eine anfängliche Barzahlung von 500.000 $, 1,5 Millionen Grid-Aktien, zwei jährliche Barzahlungen von jeweils 300.000 $ und eine 2%ige Net Smelter Returns Royalty. Eine zusätzliche aufgeschobene Zahlung von 300.000 $ wird bei Beginn der kommerziellen Produktion fällig.
Die Konsolidierung des Bird River Greenstone Belt unter der alleinigen Eigentümerschaft von Grid hat Teck Resources angezogen, um das Mawka-Nickelprojekt zu erkunden und zu entwickeln. Die Aktionäre von Gossan halten jetzt eine Royalty auf einen bedeutenden Teil der magmatischen Nickel-Kupfer-PGM-Kobalt-Entdeckung in Makwa, die erhebliche Investitionen von Teck erhalten wird.
- Received immediate $500,000 cash payment
- Acquired 1.5 million shares of Grid Metals Corp
- Secured two additional $300,000 cash payments
- Retained 2% net smelter returns royalty
- Additional $300,000 payment due upon commercial production
- Property now part of larger development with Teck Resources involvement
- Complete divestment of direct ownership in Bird River Claims
Winnipeg, Manitoba--(Newsfile Corp. - February 24, 2025) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) (XETRA: GSR) (the "Company" or "Gossan") is pleased to announce that it has completed the previously announced sale of its Bird River Property to Grid Metals Corp. (see Company Press Release dated April 13, 2023).
Under the terms of the agreement between the two companies, the total consideration payable to Gossan for the Bird River Claims was as follows:
(a)
(b) 1,500,000 Shares of Grid on Closing of the Option;
(c)
(d)
(e) the NSR; and
(f) A
Upon the completion of points (a) to (e), Gossan would transfer the title to the Bird River Claims to Grid Metals Corp. As of February 2025, points (a) to (e) have been completed, and the Company has legally transferred title of the claims to Grid Metals Corp.
As previously disclosed, Gossan retains a royalty on the claims, which is defined as a
Further to the royalty, Gossan is also entitled to a Deferred Payment Event, which is payable at the commencement of commercial production on the Bird River Claims, as more clearly defined on the original agreement.
Samuel Pelaez, President & CEO stated: "The sale of the Bird River Claims to Grid consolidated the Bird River Greenstone Belt under a sole ownership. With a single database and the projected synergies of a belt-wide opportunity, Grid was able to attract interest from Teck Resources to explore and develop the Mawka nickel project, which now includes the Bird River Claims. Gossan's shareholders now hold a royalty on a large portion of the highly prospective magmatic nickel-copper-PGM-cobalt discovery at Makwa, which now stands to receive significant investment and development from Teck." For more information, please Grid Metals Corp. press release dated December 12, 2024.
Qualified Person:
Hamid Mumin, Ph.D., P.Eng., P.Geo., a Director of the Company is the 'Qualified Person' as defined under Canadian National Instrument 43-101.
About Gossan Resources:
Gossan Resources Limited holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The Company's focus is to advance exploration and drilling of its Glitter Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company is also advancing its Gander Gold Property in Newfoundland. The company also holds a broadly diversified portfolio of multi-element properties, prospective for hosting gold, base metals and platinum group elements, as well as specialty "green-battery metals", nickel, cobalt, vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a high-purity silica sand deposit. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and currently has 67,459,471 Common Shares outstanding.
For further information, please bookmark www.gossan.ca or contact:
Samuel Pelaez, President & CEO
Gossan Resources Limited
Tel: (202) 677-8513
E-Mail: info@gossan.ca
Kathy Ringland, Office Manager
Tel: (204) 943-1990
Cautionary Statement on Forward-Looking Information
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. 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, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242053
FAQ
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