Sassy Completes Nicobat Option Agreement

Rhea-AI Summary

Sassy Resources Corporation (CSE:SASY)(OTCQB:SSYRF)(FSE:4E7) has completed a definitive agreement to option its Nicobat Property in Northwest Ontario to MAX Power Mining Corporation. Sassy will become the largest shareholder of MAX Power, which must invest $1 million in exploration over four years and issue 5 million shares to Sassy upon public listing. Sassy retains a 1% NSR on Nicobat and can appoint a director to MAX Power's board. The agreement aligns with Sassy's strategy to focus on its Eskay Camp and Newfoundland projects, with exploration efforts already underway.

Positive

• Sassy becomes the largest shareholder in MAX Power, enhancing its investment potential.
• The agreement provides Sassy with 5 million shares in MAX Power, potentially increasing future value.
• Sassy retains a 1% NSR on Nicobat, allowing for additional revenue opportunities.
• The company is actively pursuing exploration in the Eskay Camp and Newfoundland, indicating a commitment to growth.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 31, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(OTCQB:SSYRF)(FSE:4E7) is pleased to announce that it has completed the definitive agreement (the "Agreement") to option its Nicobat Property in Northwest Ontario to privately held MAX Power Mining Corporation (MAX Power). The deal makes Sassy the largest shareholder in this new battery metals-focused company which has completed an initial financing and has prepared listing submissions for a Canadian exchange.

Under the Agreement, MAX Power can earn a 100% interest in Nicobat by incurring $1 million in exploration expenditures on the property over a 4-year period while also issuing five (5) million shares in the company to Sassy upon obtaining a listing on a Canadian exchange with the Nicobat as a qualifying property. Those shares will be released to Sassy in stages over a three-year period while Sassy will also be granted one million warrants, exercisable at 25 cents, to purchase an additional one million shares in MAX Power within 36 months. Sassy will retain a 1% NSR on the property which may be purchased by MAX Power at any time for $1,000,000. In addition, Sassy will have the right to appoint one director to the MAX Power board after the date of listing.

Mr. Mark Scott, Sassy President and CEO, commented: "The MAX Power team will have a very exciting value proposition for investors. With Nicobat in the very capable hands of MAX Power, Sassy is sharply focused on the Eskay Camp and Newfoundland where exploration programs have commenced."

Newfoundland.Gold Virtual Investor Days - June 1-3

Sassy reminds investors that Newfoundland.Gold will host its launch event, Virtual Investor Days, from Tuesday, June 1, through Thursday, June 3. This informative on-line conference will include corporate presentations from member companies, moderated by industry thought leaders, and will feature keynote speakers daily. Sassy President and CEO Mr. Mark Scott will be part of a panel discussion starting at 10:00 am PST (1:00 pm EST) Thursday, June 3, while Sassy Technical Adviser Mr. Shawn Ryan will be presenting Wednesday, June 2, starting at 11:00 am PST (2:00 pm EST) on "Newfoundland: The Land of Golden Opportunities."

For more information on Virtual Investor Days and to register please visit Newfoundland.Gold and click on
"Events".

Newfoundland.Gold is focused on creating innovative capital attraction initiatives to promote Newfoundland and the member companies and this inaugural event is simply the beginning. Newfoundland.Gold will continue to develop its online presence to build awareness of the opportunities in Newfoundland with plans for site visits, road shows and conference attendance once COVID-19 travel restrictions are lifted.

About Sassy Resources Corporation

Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its current focus is the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle.

Caution Regarding Forward Looking Statements

Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.

Contact Info:

Mark Scott
Chief Executive Officer & Director
info@sassyresources.ca

Terry Bramhall
Sassy Resources Corporate Communications/IR
1.604.833.6999 (mobile)
1.604.675.9985 (office)
terry.bramhall@sassyresources.ca

In Europe:

Michael Adams
Managing Director - Star Finance GmbH
info@star-finance.eu

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Sassy Resources Corporation

View source version on accesswire.com:
https://www.accesswire.com/649756/Sassy-Completes-Nicobat-Option-Agreement

FAQ

What is the Nicobat Property agreement announced by Sassy Resources Corporation?

Sassy Resources Corporation has signed an agreement with MAX Power Mining Corporation, allowing MAX Power to earn a 100% interest in the Nicobat Property by spending $1 million on exploration over four years.

How does the Nicobat Property deal impact Sassy Resources Corporation's assets?

The deal positions Sassy as the largest shareholder in MAX Power, which could enhance Sassy's asset portfolio and potential revenue through share ownership and a 1% NSR on the property.

What are the financial obligations of MAX Power Mining Corporation under the Sassy agreement?

MAX Power must incur $1 million in exploration expenditures and issue 5 million shares to Sassy upon listing on a Canadian exchange.

When is the ongoing exploration program for Sassy Resources taking place?

Exploration programs have commenced in the Eskay Camp and Newfoundland, with ongoing efforts highlighted in the press release.

Are there any upcoming events for Sassy Resources Corporation?

Yes, Sassy will participate in the Newfoundland.Gold Virtual Investor Days from June 1-3, 2021.