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Endurance Finalizes and Executes Final Option Agreement For the Olympic Claims That Immediately Adjoin the Reliance Gold Property in B.C.
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - Endurance Gold Corporation ...
About this update from Endurance Gold Corporation
[{"type":"text","content":"Endurance Finalizes and Executes Final Option Agreement For the Olympic Claims That Immediately Adjoin the Reliance Gold Property in B.C.Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the \"Company\") is pleased to announce that it has finalised a comprehensive option and royalty agreement to earn a 100% ownership in the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grants and mineral claims (the \"Olympic Claims\"). The Olympic Claims are located immediately adjoining and contiguous with the Company's Reliance Gold Property (the \"Reliance Property\") in southern British Columbia. The road-accessible Reliance Property, including the Olympic Claims, is located 4 kilometers (\"km\") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold. The acquisition of the Olympic Claims was announced on May 2, 2022 in a letter agreement which has now been replaced by a comprehensive option and royalty agreement. The Olympic Claims are owned by Avino Silver & Gold Mines Ltd. (\"Avino\") and are located on the north and south shores of BC Hydro's Carpenter Lake Reservoir in the Bridge River Valley, east of the Royal Shear trend and the Company's current drilling focus. The year-round road-accessible properties including the Reliance Property and Olympic Claims total approximately 2,475 hectares. Under the terms of the finalized comprehensive option and royalty agreement with Avino, the Company can earn a 100% interest in the Olympic Claims for:A total cash consideration in the aggregate amount of $100,000 ($10,000 paid); the allotment and issuance of up to a total of 1,500,000 common shares ('Shares') of the Company (100,000 Shares issued); andexploration expenditures in the aggregate amount of $300,000.all to be incurred by December 31, 2024.A payment of 100,000 Shares and $15,000 cash is due on or before December 31, 2022. On vesting its ownership interest, the Olympic Claims will be subject to a 2% net smelter return royalty (\"NSR\"), of which 1% NSR can be purchased by the Company for $750,000 and the remaining balance of the NSR can be purchased for $1,000,000. As part of the final requirement to earn its ...