Business
Sienna Closes on the Drill Ready "Blue Clay Lithium Project" in the Clayton Valley of Nevada
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Sienna Resources Inc. (TSXV...
About this update from Sienna Resources Inc
[{"type":"text","content":"Sienna Closes on the Drill Ready \"Blue Clay Lithium Project\" in the Clayton Valley of NevadaVancouver, British Columbia--(Newsfile Corp. - October 20, 2021) - Sienna Resources Inc. (TSXV: SIE) (OTC PINK: SNNAF) (FSE: A1XCQ0) (\"Sienna\" or the \"Company\") is pleased to announce that it has closed an option agreement dated September 30, 2021 to acquire the Blue Clay Lithium Project in Clayton Valley Nevada. This project consists of 94 contiguous claims totaling approximately 1950 acres prospective for lithium. Management is now planning to drill as soon as possible, expected to happen this quarter.Jason Gigliotti, president of Sienna Resources, states: \"We are very pleased to close on this exciting lithium project. Lithium prices have just traded to all-time highs this week and we look forward to getting to work as soon as possible on this drill ready prospect. Nevada has become one of the most sought after lithium addresses in the world, and Sienna is located in multiple locations in this prolific region. Management is very optimistic about the short-term prospects for this project and expects to have a steady flow of news.\"Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/854/100289_746d97468430bae2_002full.jpgPursuant to the terms of the option agreement, the optionee shall have the exclusive right and option to earn a 100-per-cent interest in the property from the owner by issuing a total of four million common shares (subject to a four-month hold) and by making cash payments totaling $60,000 in cash as set out below:(a) Paying the Optionor ('Chancellor Corp', or the 'Optionor') $30,000 and issuing the Optionor 2,000,000 common shares within five (5) days of TSX Venture Exchange (\"Exchange\") approval;(b) Paying the Optionor $30,000 and issuing the Optionor 1,000,000 common shares prior to the date that is six (6) months from the date of Exchange approval; and(c) Issuing the Optionor 1,000,000 common shares prior to the date that is twelve (12) months from the date of Exchange approval. 1) The Optionee also agrees to pay any annual taxes and fees to maintain the claims listed in Schedule \"A\" (the \"Claims\") and supply proof of payment to the Owner.2) The Optionee also agrees to pay any maintenance fees due during the due diligence process and if no agreement is r...