Business
Lucky Ben Mine Group Lease Update
Lucky Ben Mine Group Lease Update.
About this update from Sidney Resources Corp.
[{"type":"text","content":"Sidney Resources Corporation management has reached and signed a new lease agreement with Leland Minerals, LLC regarding the extension of the lease for the Lucky Ben Mine Group claims and properties located in the historic Warren Mining District of Idaho. This includes the Patented Lucky Ben Claim, Lucky Ben Extension and Hornet Claims as well as the Unpatented Lucky Ben Extension West Claim, Lucky Ben South Claim, Dandy Don Claim, Royal Richard Claim and the Lucky Leland Claim. The lease term will be extended for a period of (5) years and will continue beyond the five (5) year period for an unlimited term as long as Sidney Resources Corporation is conducting underground mining work producing ore on said leased properties. Sidney Resources Corporation has agreed to issue Leland Minerals, LLC a total of twenty million shares of restricted common stock and pay a 6% net smelter return royalty once the properties are in production. Sidney Resources Corporation management is finalizing plans to begin major work on the Lucky Ben Project site as soon as the area is accessible. The planned work includes the placement of a new adit and portal at an elevation 200 feet below the existing tunnel which produced averages of over 2 ounces of gold per ton of ore based upon historic smelter production reports filed with the State of Idaho. The existing tunnel is planned to be opened and secured. Sampling work at intervals of 5 feet will be conducted in areas previously mined. Plans for an improved access road are being finalized as well as a plan to obliterate the old access road to greatly reduce sediment entering Arlise Creek will be presented to the U.S. Forest Service in the coming months. Management is working aggressively to secure the remaining funding necessary to complete planned work for this coming season and to prepare for expanded operations in the 2021 season. ","length":1952,"tagName":"div"}]