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Canstar Options Additional Mineral Claims in South-Central Newfoundland
(TheNewswire) Highlights of the Optioned Claims - 41 mineral ...
About this update from Canstar Resources Inc.
[{"type":"text","content":"Canstar Options Additional Mineral Claims in South-Central Newfoundland\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Highlights of the Optioned\nClaims\n \n \n \n \n \n \n - 41 mineral claims covering 1,025 hectares contiguous\nwith the Company's existing option on 61,150 hectares of mineral\nclaims in south-central Newfoundland, known as the Golden Baie\nProject.\n \n \n \n \n - Canstar has the option to acquire 100% of the mineral\nclaims, subject to an 1.5% NSR royalty, for aggregate cash\nconsideration of $75,000 and share issuances worth $75,000 over a\nthree-year period.\n \n \n \n \n - Significant gold exploration work, including diamond\ndrilling, was conducted in the 1980s that identified multiple gold\noccurrences.\n \n \n \n \n \n \n Toronto, Ontario\n \n \n \n -\n \n \n \n TheNewswire -\n \n \n November 25, 2020 - CANSTAR RESOURCES INC.\n(TSXV:ROX\n \n \n ) (\n \n \n OTC:CSRNF)\n \n \n (\"\n \n \n Canstar\" or the \"Company\")\n \n \n is pleased to announce that it has entered into\nan\n \n \n option agreement (the \"Option\nAgreement\") with\n \n \n Altius Resources Inc.\n(\"Altius\"), a wholly owned subsidiary of Altius Minerals\nCorporation (TSX: ALS), David Hicks, Darrin Hicks, and Natalie Hicks\n(the \"Hicks Family\" or the\n\"Optionors\")\n \n \n . The Option Agreement\ngives the Company\n \n \n exclusive right and option\n(the \"Option\") to acquire, subject to retention by Altius\nand the Hicks Family of certain rights related to a 1.5% net smelter\nreturn royalty (the \"Royalty\"), a\n \n \n 100%\ninterest in 41 mineral claims covering an area of 1,025 hectares\ncontiguous with the Golden Baie Project (the \"Hicks Claims\")\n(Figure 1).\n \n \n \n \n In consideration for the acquisition of the Option,\nCanstar shall, among other things: (i) pay to the Optionors an\naggregate of such number of Canstar common shares\n(\"Shares\"), payable in installments as is equal to\n$75,000.00 divided by the prevailing 5-day volume weighted average\nprice per Share on the TSX Venture Exchange (\"Exchange\");\nand (ii) pay to the Optionors, an aggregate of $75,000.00 in cash,\npayable in installments over\n \n \n the three year\noption period.\n \n \n Additional details of the Option\nAgreement are provided below.\n \n \n \n \n Rob Bruggeman, President & CEO of Canstar, stated:\n\"We are very pleased to add ...