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Strategic Metals Options 11 Tombstone Gold Belt Projects, Yukon
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Rhea-AI Summary
Strategic Metals Ltd. grants Trifecta Gold Ltd. the right to earn up to 100% interest in 11 projects in central Yukon. Trifecta can acquire 70% interest by incurring $6 million in exploration costs by 2027. Strategic retains a 1% net smelter return royalty interest. Trifecta can acquire the remaining 30% interest by issuing additional shares to Strategic. Strategic will retain an additional 1% net smelter return royalty interest. Trifecta can purchase the second royalty interest from Strategic for 1,500 ounces of gold or cash equivalent. If Trifecta exercises the First Option only, a joint venture will be formed to further explore and develop the properties.
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VANCOUVER, BC / ACCESSWIRE / March 4, 2024 / Strategic Metals Ltd. (TSX-V:SMD) ("Strategic") is pleased to announce that it has granted Trifecta Gold Ltd. ("Trifecta") (TSX-V:TG)(OTCQB:TRRFF, the right to earn up to a 100% interest in 11 projects located in central Yukon, namely Mt. Hinton, Rye, Lance, Liam, Lois, Leroy, Luke, Leah, Lisa, Husky and Naws.
Under the terms of the option agreement, which is subject to TSX Venture Exchange acceptance, Trifecta can acquire an initial 70% interest in the properties (the "First Option") by incurring aggregate exploration expenditures of $6 million by December 31, 2027 and issuing that number of Trifecta shares to Strategic such that, following the issuance of those shares, Strategic will hold 9.99% of Trifecta's then issued and outstanding share capital, including the shares of Trifecta currently held by Strategic. Following the exercise of the First Option, Strategic will retain a one percent (1%) net smelter return royalty interest in the properties.
Trifecta can acquire the remaining 30% interest in the properties (the "Second Option") by issuing additional Trifecta shares to Strategic equal to 9.99% of the then outstanding Trifecta share capital at any time after the exercise of the First Option and prior to March 31, 2028, which number of shares to be issued to Strategic will not include any shares of Trifecta then held by Strategic. Following the exercise of the Second Option, Strategic will retain an additional one percent (1%) net smelter return royalty interest. Trifecta can purchase the second royalty interest from Strategic for the payment of 1,500 ounces of gold or the cash equivalent.
If Trifecta exercises the First Option only, the parties shall form a joint venture to further explore and develop the properties.
About Strategic Metals Ltd.
Strategic is a project generator with 12 royalty interests, 15 projects under option to others, and a portfolio of 85 wholly owned projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings and/or geochemical anomalies and geophysical features that resemble those at nearby deposits.
Strategic has a current cash position of approximately $2 million and large shareholdings in several active mineral exploration companies including 32.8% of Broden Mining Ltd., 33.4% of GGL Resources Corp., 29.6% of Rockhaven Resources Ltd., 16.2% of Silver Range Resources Ltd, 15.6% of Precipitate Gold Corp., and 15.2% of Honey Badger Silver Inc. All these companies are engaged in promising exploration projects. Strategic also owns 15 million shares of Terra CO2 Technologies Holdings Inc. ("Terra"), a private Delaware corporation developing a cost-effective alternative to Portland cement, which recently announced a definitive agreement with Asher Materials for an exclusive market license of Terra's first commercial-scale advanced processing facility.
ON BEHALF OF THE BOARD
"W. Douglas Eaton" President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Corporate Information Strategic Metals Ltd. W. Douglas Eaton President and C.E.O. Tel: (604) 688-2568
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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
