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Golden Ridge Resources Options North Canol Property to Fireweed Zinc
KELOWNA, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V:GLDN) is pleased to announce
About this update from Golden Ridge Resources Ltd.
[{"type":"text","content":" KELOWNA, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSX-V:GLDN) is pleased to announce that it has signed an option agreement (the “Agreement”) with Fireweed Zinc Ltd. (“Fireweed Zinc”) whereby Fireweed Zinc can acquire 100% interest in the Company’s North Canol Property (“The Property”) in Yukon Territory, Canada, by incurring certain exploration expenditures and making cash and share payments over a three year period. The North Canol project is located adjacent to the western boarder of Fireweed Zinc’s Macmillan Pass project. About the North Canol Option Agreement Under the terms of the Agreement, which is subject to TSX Venture Exchange (“TSX.V”) approval, Fireweed Zinc can earn 100% interest in the North Canol Property by paying an aggregate $500,000 in cash and issuing 450,000 common shares in the capital of Fireweed Zinc to Golden Ridge and by incurring exploration work on the Property during the course of the Agreement such that the claims remain in good standing for at least 12 months with the Yukon Mining Recorder from notification of cancellation of the option. Cdn$75,000 and 75,000 shares upon TSX Venture Exchange approval of the Option; On or before 12 months of approval, Cdn$75,000 and 75,000 shares On or before 24 months of approval, Cdn$150,000 and 100,000 shares On or before 36 months of approval, Cdn$200,000 and 200,000 shares Fireweed Zinc may prepay any of the Option Payments and/or prepay the entire Purchase Price at any time. Additional Payment Fireweed Zinc agrees to pay Golden Ridge an additional $750,000 upon receiving a resource calculation of at least 2.0 million tonnes of indicated (or better) resource on any part of the Property. The $750,000 payment may be made in cash, Shares or any combination thereof, at the discretion of Fireweed Zinc. NSR Royalty Golden Ridge will retain the following net smelter returns (“NSR”) royalties from production derived from the Property: A 0.5% NSR royalty on base metals and silver; and A 2.0% NSR royalty on all other metals (excluding cobalt, to which Fireweed Zinc acknowledges that a third party 3.0% NSR on cobalt presently exists with respect to the Property). Fireweed will have the right to purchase one-half of the royalties for $2.0 million any time prior to the commencement of commercial pr...