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Stone Gold Announces LOIs for the Acquisition of the East Breccia and Tribag Mine Properties in Batchewana Bay, Ontario
TORONTO, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Stone Gold Inc. (TSX-V: STG) ("Stone Gold" or the "Company") is pleased to announce that it has entered into two non-
About this update from Copper Road Resources Inc
[{"type":"text","content":" TORONTO, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Stone Gold Inc. (TSX-V: STG) (\"Stone Gold\" or the \"Company\") is pleased to announce that it has entered into two non-binding letters of intents (the “LOIs”) with current claims holders to earn a 100% interest in certain mineral claims in Batchewana Bay, Ontario making up the East Breccia property and the Tribag Mine property (collectively, the “Properties”), respectively. The transactions contemplated by the LOIs will provide Stone Gold the option to acquire: a 100% interest in the East Breccia property, over a 48 month period, by making total cash payments of $165,000 to the current claims holders (the “Vendors”), issuing a total of 800,000 common shares of the Company (“Common Shares”) to the Vendors, incurring cumulative exploration expenditures of $300,000, and granting of a 2% net smelter royalty, all in amounts and in accordance with timeframes to be negotiated and determined by the parties prior to executing a binding, definitive agreement respecting the transaction upon Stone Gold completing its due diligence investigations; and a 100% interest in the Tribag Mine property, over a 48 month period, by making total cash payments of $75,000 to the Vendors, issuing a total of 1,500,000 Common Shares to the Vendors, incurring cumulative exploration expenditures of $400,000, and granting of a 2% net smelter royalty, all in amounts and in accordance with timeframes to be negotiated and determined by the parties prior to executing a binding, definitive agreement respecting the transaction upon Stone Gold completing its due diligence investigations. The validity and exclusive dealings of the LOIs will remain in force until February 26, 2021. The Vendors are entirely arm’s length from the Company. The East Breccia and former Tribag Copper Mine properties, a combined 3,390 hectares, encompass multiple copper rich breccia bodies some of which were mined in the late 1960s to early 1970s with an official stated production of 1,218,000 tons grading 1.52% Cu. The breccia bodies are part of a series of known copper deposits containing historic resources and numerous showings trending west southwest onto the Company's Coppercorp Property including the Richards Breccia, Jogran Porphyry, Kincaid Breccia and the historic Coppercorp Mine which reported production of 1.02 million tons gr...