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Genius Metals Announces Option to Acquire 100% of the A-Lake Cu-Sn-Zn Property in New Brunswick (Canada)
Genius Metals Announces Option to Acquire 100% of the A-Lake Cu-Sn-Zn Property in New Brun...
About this update from Morocco Strategic Minerals Corporation
[{"type":"text","content":"\n\n\n\nGenius Metals Announces Option to Acquire 100% of the A-Lake Cu-Sn-Zn Property in New Brunswick (Canada)\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nST-SAUVEUR, QC, Feb. 14, 2019\n\n\n\nST-SAUVEUR, QC, Feb. 14, 2019 /CNW Telbec/ - Genius Metals Inc. (CSE: GENI) (\"Genius\") is pleased to announce it has entered into an option agreement (the \"Agreement\") with Atlantic Vanadium Corporation (\"AVC\") to acquire 100% of the A-Lake Cu-Sn-Zn Property in New Brunswick (Canada).\n\n \n \n\n \nGenius has completed a technical due diligence of the Property, this involved a review of geological information available and of the prior exploration work. A visit to the property was conducted by a qualified geologist who collected various copper mineralized samples from float materiel obtained by trenching. The samples collected were submitted for precious, base and trace element analysis.  \nThe Transaction\nGenius shall have the right until April 15, 2022 to acquire one hundred percent of AVC's interest in the Property (the \"Option\") by making cash payments totaling $90,000 to AVC in accordance with the following schedule:\n$20,000 upon execution of this Agreement $10,000 on or prior to May 31, 2019 $25,000 on or prior to May 31, 2020 $35,000 on or prior to May 31, 2021In addition, Genius must incur Work Commitments totalling at least $700,000 as follows:\nA minimum of $100,000 before April 15, 2020 A further $250,000 before April 15, 2021, A further $350,000 before April 15, 2022.Any excess work incurred in any year may be carried forward and applied against the subsequent year's Work Commitments. The Corporation intends to raise additional equity financing in order to fulfill Work Commitments.\nThe Property will be subject to a 2.5% net smelter returns royalty (NSR) on production, of which 1.5% may be purchased at any time by the Corporation for $3,000,000, at any time on or prior to December 31, 2021.\nA-Lake Cu-Sn-Zn Property\nThe A-Lake property is located in southern New Brunswick within the Charlotte County, NTS map 21G07. It consist...