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Full Metal Is Proceeding with Its Option Agreement to Earn 60% Interest in Olivine Mountain Project; Announces Appointment of CFO
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2020) - Full Metal Minerals Ltd. (TSX...
About this update from Gsp Resource Corp.
[{"type":"text","content":"Full Metal Is Proceeding with Its Option Agreement to Earn 60% Interest in Olivine Mountain Project; Announces Appointment of CFOVancouver, British Columbia--(Newsfile Corp. - July 31, 2020) - Full Metal Minerals Ltd. (TSXV: FMM) (\"Full Metal\" or the \"Company\") announces that the agreement (the \"Agreement\") with GSP Resource Corp. (TSXV: GSPR) (\"GSPR\") for an option (the \"Option\") to earn a 60% interest in GSPR's Olivine Mountain property in the Similkameen Mining Division, British Columbia previously announced on February 26, 2020 is proceeding to obtain the necessary approvals.The Option may be exercised by (i) incurring exploration expenditures of $500,000 including a minimum $75,000 within 12 months following the date (the \"Acceptance Date\") upon which the Agreement is accepted by the TSX Venture Exchange; (ii) making cash payments totaling $500,000 ($80,000 (previously $75,000) within 12 months of the Acceptance Date); and (iii) issuing 250,000 common shares of Full Metal (70,000 within 12 months of the Acceptance Date), over the four-year Option term. GSP Resource Corp. retains a 2% net smelter returns royalty pursuant to the Underlying Agreement, that may be purchased down for $1,000,000 per each 1%. GSPR will be the operator for exploration programs determined by Full Metal. The 10% operator fee will count towards the required exploration expenditures. Following the exercise of the Option, Full Metal and GSPR will continue under a joint venture with Full Metal holding a 60% interest and GSPR holding a 40% interest. The Agreement is subject to acceptance by the TSX Venture Exchange. About Olivine MountainThe 3,021.87-hectare Olivine Mountain Property (the \"Property\") is located approximately 25km northwest of Princeton, British Columbia. The Property is underlain by rocks of the Tulameen Mafic/Ultramafic Complex which hosts two adjacent magnetite deposits, Lodestone Mountain and Tanglewood Hill, both less than a kilometre outside of the Property boundary, and hosted within same geological formations found within the Property. Potential target metals include but aren't limited to copper, nickel, platinum-group metals, cobalt, and gold.In 2019 GSPR completed roughly 1200 metres of reconnaissance exploration drilling consisting of seven (7) drill holes. Five (5) of the seven (7) holes encountered multiple inter...