Business
Sienna to Acquire the Drill Ready "Blue Clay Lithium Project" in the Clayton Valley of Nevada
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2021) - Sienna Resources Inc. (...
About this update from Sienna Resources Inc
[{"type":"text","content":"Sienna to Acquire the Drill Ready \"Blue Clay Lithium Project\" in the Clayton Valley of NevadaVancouver, British Columbia--(Newsfile Corp. - October 1, 2021) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) (\"Sienna\" or the \"Company\") is pleased to announce that it has entered into an option agreement with an arm's length vendor 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.Pursuant 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:Paying the Optionor $30,000 and issuing the Optionor 2,000,000 common shares within five (5) days of TSX Venture Exchange (\"Exchange\") approval;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; andIssuing the Optionor 1,000,000 common shares prior to the date that is twelve (12) months from the date of Exchange approval.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.The Optionee also agrees to pay any maintenance fees due during the due diligence process and if no agreement is reached, the Owner agrees to reimburse the Optionee the balance of any fees paid to maintain the claims listed in Schedule \"A\" (the Claims).Upon fulfilling the obligations set out in paragraphs 3 and 4 above, the Optionee will acquire 100% right, title, and interest in and to the Property subject only to:A 1.5% Net Smelter Return (\"NSR\"), (as more particularly described in \"Schedule B\" attached hereto) to the Owner provided that the Optionee shall have the right to purchase 0.75% NSR for $500,000 at any time up to commencement of production; andProviding the Owner written notice of its intention to exercise its option pursuant to the Agreement.Sienna Clayton Valley Ownership Map To view an enhanced version of...