| From: pstad60 | 2/28/2024 10:00:39 AM | | | | | | Stuhini to attend PDAC and Metals Investor Forum and Provides Corporate Update
VANCOUVER, BC, Feb. 28, 2024 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSXV: STU) (OTCQB: STXPF) is pleased to announce it will be attending both the Prospectors and Developers Conference ("PDAC") and Metals Investor Forum ("MIF") in Toronto in early March, and wishes to provide a Corporate update on its Ruby Creek Project ("Project") and explorations plans for 2024.
Exploration
The Company plans to conduct geophysical work to help delineate drill targets on the Volcanic Creek molybdenum porphyry target located 4 km north of its flagship Ruby Creek molybdenum deposit (see news release dated November 28, 2023).
Exploring Opportunities Within the Sector
Given Stuhini's present cash balance and the current challenging environment in the mineral exploration sector, the Company is reviewing and considering other opportunities within the sector.
Successful Ruby Creek Permit Change of Ownership
Stuhini also wishes to announce that it has received notification from the British Columbia ("BC") Ministry of Energy, Mines and Low Carbon Emission ("EMLI") of the Ruby Creek Permit # M-231 Amendment, approving change of ownership from the previous operator, Global Drilling Solutions, to Stuhini. This successful permit transfer permit pertains to Stuhini's early completion of the Ruby Creek Option agreement whereby the Company now owns 100% of the Project (see news release dated June 6, 2023).
Environmental Baseline Review
The Company recently completed a desk-based review of existing environmental and heritage resource information and data to inform the potential initiation of select field studies for the Project. The Environmental Assessment Certificate ("EAC") that was granted to the previous operator for the Ruby Creek Molybdenum Project in 2006 has lapsed and since that time, Federal and Provincial legislation, regulations, policies and guidance have undergone significant changes. The Company engaged Environmental Dynamics Inc (EDI) to outline these changes and how they affect the Project's permitting, including baseline environmental programs, development, and operations. The Company will use this information to guide future work on the Project.
Critical Minerals Discussion paper
The Company applauds the EMLI keynote AMEBC Roundup speech, specifically mentioning molybdenum ("Mo") and its importance as a critical metal in the green economy of BC. Prior to the announcement, Stuhini made a submission to the BC government reminding EMLI that BC was the only producer of Mo within Canada and requesting that Mo be considered as a green energy constituent that is eligible for enhanced tax credits provincially and for the assistance of EMLI in getting Mo eligible for enhanced federal tax credits as well. Click the Link for access to the article.
news.gov.bc.ca
PDAC and Metals Investor Forum in Toronto
Stuhini also advises that it will be attending both PDAC and MIF in Toronto, Ontario in early March. Dave O'Brien (Chief Executive Officer and), Ehsan Salmabadi (VP–Exploration and Development) and Charles Kamimura (Corporate Secretary) will be attending both events and be available to meet with investors and potential partners. We cordially invite you to visit with Company representatives Sunday March 3rd through Wednesday March 6th, 2024 at Booth #IE 3018 at PDAC at the Metro Toronto Convention Centre. Stuhini will also be presenting and will have a display booth at the pre PDAC MIF, taking place March 1-2, 2023 at the Delta Hotel located on 75 Lower Simcoe Street, Toronto.
For more information or to register for PDAC or MIF, please visit:
pdac.ca
metalsinvestorforum.com
Dave O'Brien, Stuhini's President and CEO commented: "Given current market conditions and our $1.4 million cash balance, we are taking a measured approach to exploration while at the same time investigating new opportunities to leverage our share structure and cash on hand."
About Volcanic Creek Molybdenum Target
The Company acquired the Volcanic Creek Molybdenum target by staking 848.1 hectares ("ha") in 1 new claim block contiguous to the north of its existing Ruby Creek tenures in February 2023 (see February 17, 2023 new release). The new claim, which was consolidated into the Company's Ruby Creek Project, is situated in the headwaters of Volcanic Creek and is referred to as the "Volcanic Creek Moly" showing in BC Minfiles. Previous historic exploration work reported mineralization at surface and includes two drill holes drilled by Placer Development Ltd. in 1981. Hole DDH 81-1 intersected 24.38 m of 0.066% molybdenum disulfide ("MoS2") (0.040% Mo) starting at a depth of 33.53 m, including 6.10 m of 0.14 MoS2 (0.082 % Mo). A follow up program of prospecting in the summer of 2023 reported 9 rock grab samples taken with grades ranging from 0.017% Mo to 1.01% Mo, and mineralized outcrops with up to 900 meters distance between them.
Ruby Creek Project
The 31,126-hectare Ruby Creek Project is road accessible and located 14 kilometres (km) east of Atlin, BC. There are 48 different documented mineral occurrences on the Property, of which 16 are gold-related, with 7 significant gold placer creeks. The Property also hosts the Ruby Creek Molybdenum Deposit, which hosts a measured and indicated pit-constrained resource of 433 million lbs Mo using US$15.00 per lb Mo price and a 0.02% cut-off grade.[1] Stuhini owns 100% of the Project subject to a 1% NSR.
About Stuhini Exploration
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
The geological content of this news release has been reviewed and approved by Ehsan Salmabadi, P. Geo., and VP Exploration and Project Development of Stuhini, a qualified person as defined under the terms of National Instrument 43-101.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to a potential additional satellite molybdenum deposit near the Ruby Creek Molybdenum Deposit, conducting geophysical work at Volcanic Creek, potentially enhancing economies of scale of the Ruby Creek Project or successfully securing additional projects. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Project or any other property. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's prospectus. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1. See "Technical Report, Ruby Creek Project, Northern British Columbia, Canada" effective March 10, 2022 and dated April 22, 2022 authored by Steven Ristorcelli, C. P. G., Peter Ronning, P. Eng., Finley Bakker, P. Geo., and John Eggert, P. Eng.
Contact:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration Ltd.,
Email: dobrien@stuhini.com,
Phone: (604) 835-4019,
Web: www.stuhini.com
Source:
newswire.ca
GLTA !
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| To: pstad60 who wrote (111) | 3/3/2024 1:23:59 PM | | From: pstad60 | | | | I think Stuhini's share price would get a significant boost if a strategic partner invested in
Stuhini to move this basically “shovel ready” molybdenum deposit forward.
During the last moly price cycle, this moly deposit was the only one that had a positive
decision to go into production by the former operator Adanac Moly Corp. Adanac even
obtained an $800 million credit facility to fund construction, just before the 2009 credit
crisis hit and moly prices dropped from +$30/lb to less than $10/lb . The road upgrades
completed back in 2008 cost approx $22 million, which is more than double the current
market cap of Stuhini at just under $9 million with roughly 46 million shares outstanding
At the current time however, preserving cash seems to be the prudent thing to do.
No sense diluting the share structure much more with an already well delineated pit
constrained 476 million pound open pit molybdenum deposit in measured, indicated
and inferred resources.
Personally, I would eventually like to see a number of deeper holes punched into the
ground in the area of drill hole AD417 which bottomed out in 45 meters of 0.23% moly.
If further high grade intercepts were encountered, It might go a long way in establishing
the potential for an underground mining component in addition to the proposed open pit
at Ruby Creek.
Also note that the AD 417 drill hole is outside the current pit constrained resource.
Having a strategic partner enter the picture for a 10% or 20% stake in Ruby Creek could
see the environmental studies and permitting updated to current, and potentially fund some
drilling in the AD 417 drill hole area and deeper, to see just how much larger and how far
down the high grade zone goes.
Also of interest is the potential for a satellite moly deposit at Volcanic Creek ... potentially
like the "cluster" of moly deposits that Freeport mines at their Climax and Henderson operations.
jobs.fcx.com
Looking at Moon River Capital’s recent PEA, their CAPEX came in at $575 million including
a $108 million in contingency funding to mine and process a high grade underground resource
of approximately 44 million tonnes grading 0.21% moly at a 7000 tpd rate with OPEX still coming
in just under $10.00 / lb.moly.
What would Stuhini's CAPEX and OPEX be for their Ruby Creek open pit with approx. 8-9 times
the tonneage in their current pit constrained resource estimate at roughly 1/4 the grade ?
Moon River Capital retained A-Z Mining Professionals Ltd. (AMPL) to prepare their Sept 2023
Technical Report for their Davidson moly project .
Note on page 10 "Introduction 2.0" of that Technical Report that Stuhini's V.P of Exploration
Ehsan Salmabadi was involved with the preparation of that AMPL Technical Report .
wp-moonrivermoly-2023.s3.ca-central-1.amazonaws.com
AMPL was also hired by Moon River Capital to prepare the recently released Feb 2024
Preliminary Economic Assessment for Davidson.
moonrivermoly.com
With Ehsan Salmabadi's participation in the AMPL studies for Moon River, I would have to believe
that Stuhini’s V.P of Exploration should have a very good working knowledge of the current costs
for CAPEX, as well as OPEX, at Stuhini's Ruby Creek Project.
Will be meeting with CEO Dave O’Brien and his Stuhini management team at PDAC tomorrow.
GLTA !
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| From: pstad60 | 3/7/2024 11:22:14 PM | | | | | | Chen Lin interview with Stuhini CEO Dave O'Brien recorded
during the Toronto Metals Investor Forum on March 2, 2024.
m.youtube.com
8:30 minutes in length
Stuhini CEO Dave O'Brien's presentation from March 2 , 2024 at the
Toronto Metals Investor Forum.
m.youtube.com
13 minutes in length.
GLTA ! |
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| From: pstad60 | 3/20/2024 4:40:12 PM | | | | | | Stuhini Renews Option on Que Project
VANCOUVER, BC, March 20, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) (OTCQB: STXPF) announces that the Company has renewed its option on the Que Project.
The Option Agreement was first announced on February 17, 2020, was amended and restated on February 28, 2020 and was further amended and restated on October 26, 2020 (the "Amended Option Agreement"). The Amended Option Agreement provides that Stuhini can acquire a 100% interest in Que Property (the "Property"), located in Yukon, Canada approximately 70 kilometres ("km") from Johnson's Crossing (the "Option").
Pursuant to the Amended Option Agreement, Stuhini can earn a 100% interest in the Property by issuing up to 937,500 common shares of the Company ("Common Shares") and making cash payments of up to $95,000 over a 5-year term.
Based on the road accessibility and what the board of directors of the Company (the "Board") considers to be the prospective nature of the Property, the Board has unanimously voted in favor of proceeding with the fourth anniversary Option Commitment which consists of 125,000 Common Shares and a $35,000 cash payment. This share issuance and cash payment is the only committed payment over the next 12 months. There are no work commitments. The final share issuance and cash payment is at the Company's election should it wish to complete the Option Agreement on April 1, 2025.
The Que Property
The Que Property is 4,243 hectares in size, is road accessible of Yukon Hwy #6 and is located 70 km north of Johnson's Crossing on the Alaska Highway. The property was first staked in the mid 1960's due to the occurrence of several large rusty kill zones believed to be indicative of buried massive sulphide on the Property. Subsequent exploration has discovered anomalous gold in soil and stream sediment silt samples and the discovery of gold bearing quartz veins.
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stuhini Exploration Ltd.
For further information:
David O'Brien, President & Chief Executive Officer Stuhini Exploration Ltd.,
Email: dobrien@stuhini.com,
Phone: (604) 835-4019,
Web: www.stuhini.com
News source :
newswire.ca
GLTA ! |
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| From: pstad60 | 5/10/2024 9:49:11 PM | | | | | | Molybdenum prices are on the rise again. Appears to be decent support at US$19.50/lb level
2 thru 15 month contract on molybdenum closed at US$21.53/lb today, May 11 2024
lme.com
The quotes for daily spot are currently posted at US$31.39/lb
dailymetalprice.com
Stuhini mg't use the LME monthly contract quotes.
Someone is going to show some interest in Stuhini's Ruby Creek Project sooner or later. Zijin Mining paid US$0.16/lb in the ground for the Shapinggou moly deposit back in Oct 2022.when molyvwas only US$18.00 per lb.
Even if Stuhini accepted an offer at US$0.10/lb for the pit constrained 476 million lb Ruby Creek moly deposit, it would be worth more than C$1.25 per share in value .....
GLTA ! |
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| From: pstad60 | 6/6/2024 5:17:51 PM | | | | | | Stuhini Exploration on Globe and Mail's Top 10 List as one of the most undervalued
small cap growth stocks on the TSX-V.
.
theglobeandmail.com
.
Molybdenum price continues to climb higher .... now at US$23.28 / lb .
lme.com
.
Stuhini's Ruby Creek moly deposit has a 476 million lb pit constrained measured, indicated
and inferred open pit resource.
GLTA ! |
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| From: pstad60 | 7/31/2024 10:06:45 PM | | | | | | Stuhini Announces Intention to Extend Warrant Expiry Dates
VANCOUVER, BC, July 31, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) announces its intention to extend the expiry date of previously issued common share purchase warrants to purchase up to 1,663,817 common shares at an exercise price of $0.60 per share (the "FT Warrants"). The FT Warrants were issued in connection with a non-brokered private placement (the "FT Offering") of flow-through units (the "FT Units"), each FT Unit comprised of one flow-through common share and one-half of one FT Warrant. The FT Offering closed in two tranches on August 4, 2022 and August 19, 2022, with the FT Warrants from each tranche scheduled to expire on August 4, 2024 and August 19, 2024, respectively.
The Company also intends to extend the expiry date of previously issued common share purchase warrants to purchase up to 596,250 common shares at an exercise price of $0.60 per share (the "NFT Warrants"). The NFT Warrants were issued in connection with a non-brokered private placement (the "NFT Offering") of non-flow-through units (the "NFT Units"), each NFT Unit comprised of one common share and one-half of one NFT Warrant. The NFT Offering also closed in two tranches on August 4, 2022 and August 19, 2022, with the NFT Warrants from each tranche scheduled to expire on August 4, 2024 and August 19, 2024, respectively.
If accepted by the TSX Venture Exchange, the Company will extend the expiry date of the FT Warrants and the NFT Warrants issued under the August 4, 2022 and August 19, 2022 tranches to August 4, 2026, and August 19, 2026, respectively. All other terms and conditions of the FT Warrants and NFT Warrants will remain unchanged.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stuhini Exploration Ltd.
For further information please contact:
David O'Brien, President & Chief Executive Officer
Telephone: (604) 835-4019,
Email: dobrien@stuhini.com
Source :
newswire.ca |
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| From: pstad60 | 10/9/2024 10:03:59 PM | | | | | | Stuhini Corporate Update
The company reports unsolicited expressions of interest for its 476 million lb molybdenum deposit
at its 100% owned Ruby Creek Project. Stuhini's current market cap is only C$5.1 million
Molybdenum 2 thru 15 month forward contracts are currently quoted at US$22.00/lb
lme.com
.
.
Stuhini Provides Corporate Update
NEWS PROVIDED BY
Stuhini Exploration Ltd.
VANCOUVER, BC, Oct. 9, 2024 /CNW/ - Stuhini Exploration Ltd. (the "Company" or Stuhini") (TSX-V: STU) and (OTCQB: STXPF) wishes to provide a corporate update on 2024 exploration activities at its Que and Big Ledge projects and corporate matters pertaining to its Ruby Creek Project (Ruby Creek).
Big Ledge Project
Stuhini exploration crews conducted a geological mapping, prospecting and soil sampling program at its Big Ledge Project, located just south of Revelstoke, British Columbia. The program focused on a less explored 2 km section of the ~14 km mineralized strike length east of Pingston Creek. The resultant zinc soil anomaly is coincident with the historic IP geophysics and extends through the explored section; however, the overburden is believed to be much deeper, resulting in a less pronounced anomaly. The 100% owned Big Ledge zinc Project is road accessible and covers 5,093 hectares.
Que Project
Stuhini personnel conducted a targeted soil sampling and prospecting program at its Que Project located in Yukon, Canada. The program's purpose was to ground truth two geophysical anomalies outlined by a previous magnetic and electromagnetic survey by the Company. The Que Project is road accessible from Yukon Hwy #6 (Canol Road) and is located 70 km north of Johnson's Crossing on the Alaska Highway. The Project is early stage and is 4,243 hectares in size. Stuhini has an option to acquire 100% of the Que Project, subject to a 1% Net Smelter Royalty.
In other Company news, Stuhini President and CEO David O'Brien recently attended the IMOA (International Molybdenum Association) AGM which was held in Tokyo, Japan. Several meetings were held to discuss the Company's 100% owned Ruby Creek Molybdenum Project. The Company has received unsolicited expressions of interest in its Ruby Creek project and has had discussions which are continuing regarding strategic alternatives for the Ruby Creek project.
Lastly, over the past 12 months, the Company has been investigating new project opportunities. The process is ongoing, and thus far, several projects have been reviewed by Company personnel. As new projects are taken on, the Company will seek strategic alternatives for some of the projects it currently holds.
The geological content of this news release has been reviewed and approved by Andrew Wilkins, P. Geo., a qualified person as defined under the terms of National Instrument 43-101.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
Source :
newswire.ca
GLTA ! |
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| From: pstad60 | 10/28/2024 9:43:19 AM | | | | | | Stuhini Announces Option of Red Hills Silver Property
VANCOUVER, BC, Oct. 28, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) (OTCQB: STXPF) is pleased to announce that it has entered into an option agreement (the "Agreement") with Red Hills Project LLC ("RHP") dated October 25, 2024 (the "Effective Date") whereby Stuhini can acquire a 100% interest in RHP's Red Hills Property ("Red Hills" or the "Property"), located in White Pine County, Nevada (the "Option").
Red Hills is a polymetallic, carbonate replacement deposit (CRD) target located approximately 68 kilometres (km) northeast of Ely, Nevada, in the central portion of the Red Hills in White Pine County. The Property comprises 27 unpatented lode claims, covering 557.8 acres and is located in a favourable structural and lithostratigraphic setting. Access to the Property from Ely is approximately 137 km by paved and county-maintained roads.
From 1908-1918, the Property had limited historic production from gossan pods accessed by three adits, totalling 229 ounces (oz) of gold (Au), 35,029 oz silver (Ag), 550 lbs of copper (Cu) and 789,782 lbs of lead (Pb). There has been limited drilling on the Property with the best historic result being 17 metres (m) of 129.7 grams per tonne (g/t) Ag, 0.15 g/t Au, 2.42% Pb, 0.92% zinc (Zn), including 12m of 179.2 g/t Ag, 0.20g/t Au, 3.29% Pb, 1.18% Zn.
The lithostratigraphic units include the Notch Peak carbonates, which are unconformably overlain by Pogonip Group carbonates. The Eureka Quartzite, Hanson Creek and Lone Mountain dolostones overlay the latter lithostratigraphic group. The majority of the mineralization is hosted in Pogonip Group carbonates.
Alteration in the carbonates is significant and includes widespread recrystallization of the limestones, local calc-silicate alteration, extensive hematite staining, the formation of jasperoids along structures and calcite veining possibly related to decalcification at depth.
Stuhini President and CEO Dave O'Brien commented: "After a long search, we are delighted to obtain on option on the Red Hills Property, which attracted strong interest from our team ever since the initial data review. We are also pleased to obtain this Property on reasonable and non-dilutive terms as we pursue strategic options on our flagship Ruby Creek molybdenum deposit. Given the apparent footprint of the CRD target, the Company has dispatched staking crews and a geological team to expand the current land position. With the silver market starting to generate strong investor interest, particularly in the southwest USA, we believe this opportunity has the potential to create significant shareholder value."
During the 30-year term of the Agreement, Stuhini must make the following minimum payments (until the commencement of commercial production on the Property) (the "Minimum Payments") and incur the following qualified expenditures (the "Qualified Expenditures") to keep the Option in good standing:
Minimum Payments
| Payment Dates
| Qualified Expenditures
| Effective Date
| US$20,000 plus reimbursement
of BLM mining claim
maintenance fees and Nevada
mining claim fees in the amount
of $5,736.
| Nil
| 1st anniversary of Effective Date
| US$25,000
| US$75,000
| 2nd anniversary of Effective Date
| US$30,000
| US$200,000, including not less
than 3,000 feet of drilling (core or
reverse circulation)
| 3rd anniversary
| US$40,000
| US$200,000, including not less
than 4,000 feet of drilling (core or
reverse circulation)
| 4th and each succeeding
anniversary of the Effective Date
until the Commencement of
Commercial Production
| US$50,000
| Nil
|
The only committed obligations are the US$20,000 cash payment on the Effective Date and the work commitment to incur US$75,000 in qualified expenditures in the first year. The balance of the Minimum Payments and Qualified Expenditures are all at the Company's election should it wish to maintain the Option after year 1.
In addition to the Minimum Payments, Stuhini must make certain milestone payments ("Milestone Payments") as follows:
- a one-time payment of US$250,000 upon completion of a technical report on the Property disclosing a resource containing at least 250,000 troy ounces of gold equivalent2.
- a one-time payment of US$500,000 (the "Feasibility Report Milestone Payment") on completion of a positive feasibility report on the Property3.
- a one-time payment of US$1,000,000 on commencement of commercial production;
Stuhini may exercise the Option at any time by making a cash payment of US$400,000 (in addition to any Minimum Payments and Milestone Payments already made) and completing the cumulative Qualified Expenditures. Upon exercise of the Option, RHP will be entitled to a 2.5% gross returns royalty (the "Royalty") on the Property, subject to Stuhini's right to purchase 60% of the Royalty (representing 1.5% of the gross returns) for US$1,500,000 within 30 days of the Feasibility Report Milestone Payment accruing. Minimum Payments made after the exercise of the Option shall be credited against the Royalty payments. The technical disclosures contained in this news release have been approved by Ehsan Salmabadi, P.Geo., and VP Exploration and Project Development for Stuhini, who is a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; the Red Hills Project in Nevada and the Lindsay Project in southeast Arizona.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stuhini Exploration Ltd.
For further information please contact:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration Ltd.,
Email: dobrien@stuhini.com,
Phone: (604) 835-4019,
Web: www.stuhini.com
Source :
https://www.newswire.ca/news-releases/stuhini-announces-option-of-red-hills-silver-property-830738603.html |
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