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92 Resources Corp. Announces the Conversion from Option to Joint Venture with Far Resources Ltd. for the Hidden Lake Property
VANCOUVER, BC / ACCESSWIRE / May 16, 2019 / 92 Resources Corp. (the "Company") (TSX.V: NTY ...
About this update from Germanium Mining Corp.
[{"type":"text","content":"92 Resources Corp. Announces the Conversion from Option to Joint Venture with Far Resources Ltd. for the Hidden Lake PropertyVANCOUVER, BC / ACCESSWIRE / May 16, 2019 / 92 Resources Corp. (the \"Company\") (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) announces that Far Resources Ltd. (\"Far Resources\") has formally notified the Company of its intention to terminate its remaining earn-in for the Hidden Lake Property, originally announced January 23rd, 2018, and will therefore maintain its 60% interest earned through satisfying the Year 1 conditions of the Option Agreement (the \"Agreement\"). Therefore, the Company will maintain a 40% interest in Hidden Lake and a Joint Venture between the companies will be formed for future exploration of the Property. In addition, under the terms of the Agreement, Far Resources will remain as operator and is responsible for funding the Joint Venture's initial $1,000,000 in expenditures.Although $500,000 in exploration expenditures were required for Year 1 of the Agreement to vest, in addition to the cash and share based payments made to the Company, a larger total expenditure of approximately $737,000 was incurred by Far Resources on the Property. This expenditure culminated in a successful maiden drill program at Hidden Lake in 2018 with numerous high-grade intercepts returned, including 1.6% Li2O over 9.2 m in drill hole HL18-003 at the D-12 Pegmatite (see Far Resources news release dated September 10th, 2018).Company President & CEO Adrian Lamoureux comments: \"Although we would have preferred for Far Resources to continue through Year's 2, 3, and 4 of the Option, the Company has received considerable benefit from the work completed under the Year 1 terms. The Company will now retain a 40% interest in this excellent project and is further positioned long-term for the lithium space as the market rebalances and rebounds. The Company is also insulated from the first $1,000,000 is exploration expenditures under the Joint Venture, in which Far Resources remains obligated to incur.\"NI 43-101 DisclosureDarren L. Smith, M.Sc., P. Geo., of Dahrouge Geological Consulting Ltd. and member of the Board of Advisors to the Company, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.About 92 Resources Corp.92 Resources C...