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Stellar AfricaGold Signs Definitive Agreement to Acquire 90% Interest in Tichka Est Gold Project in Morocco
(via TheNewswire) Vancouver - TheNewswire - August 19 , 2020 - John Cumming...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Signs Definitive Agreement to Acquire 90% Interest in Tichka Est Gold Project in Morocco(via TheNewswire)\n \n \nVancouver - TheNewswire - August 19, 2020 - John Cumming, President and CEO of Stellar AfricaGold Inc., (TSXV:SPX) (\"Stellar\" or the \"Company\") is pleased to announce:\n\n \n \nTichka Est Gold Project Acquisition\n\n \n \nStellar and the Moroccan National Office of Hydrocarbons and Mines (\" ONHYM\") have signed the definitive Exploration Agreement for the acquisition, exploration and development of the gold and multi-elements potential of the Tichka Est property in the Occidental High Atlas region of Morocco. Pursuant to the Exploration Agreement Stellar may earn a 90% interest in the Tichka Est project by spending 19,200,000 Moroccan dirhams, approximately US$2,070,000, over three years. Following the first three-year term or the completion of the proposed agreed exploration program, whichever comes first, a decision either to proceed to a feasibility study or continue exploration will be made by a joint management committee and, if advisable additional exploration may be required prior to proceeding with a feasibility study. All exploration work, including the feasibility study, will be at Stellar's expense.\n\n \n \nUpon completion of a positive feasibility study, the permits will be transferred at no additional charge from ONHYM to a new mining company that will be jointly owned by Stellar as to 90% and by ONHYM as to 10%. Following the commissioning of the mining operation ONHYM will receive the greater of a 2.5% Net Smelter Return royalty or a lump sum payment of 100,000 Moroccan dirhams, approximately US$10,750.\n\n \n \nSee link for detailed map of Tichka Est due diligence sampling \n\n\n \nhttp://stellarafricagold.com/wp-content/uploads/Tichka-due-Diligence-Sampling-Map-August-12-2020-FINAL.pdf\n\n \n \nOther than the exploration expenditure requirements there are no additional fees payable to ONHYM. \n\n \n \nPursuant to TSX Venture Exchange Listing Policy 5.3 the Tichka acquisition is an Exempt Transaction.\n\n \n \nAbout Tichka Est Gold Project\n\n \n \nThe Tichka Est gold project is comprised of three licences of 16 km2 each totalling 48 Km2. Tichka Est is in the High Atlas mountain region approximately 160-kilometres southwest of Marrakech and is easily accessible by road. Histori...