Solstice Gold Corp. (TSXV: SGC) (“
Solstice”, “we”,
“our” or the “
Company”) is pleased to announce
that it has entered into an option agreement with an arm’s length
third party (the “
Optionee”) that provides the
Optionee with the option (the “
Option”) to earn a
100% interest in the Cosgrave Copper Property (the
“
Property”) which is comprised of 124 mining
claims located in the Thunder Bay mining district of Ontario.
Mike Timmins, Solstice’s Chief Executive Officer
stated, “This agreement is another excellent example of how we
can generate value from our recently acquired portfolio by
partnering with both public and private companies to advance our
strategy of creating an attractive suite of distinct and permanent
royalties. It also provides exposure, at no cost to our
shareholders, to potential discoveries covering commodities like
copper and lithium. Harvesting from non-core property holdings
provides funding for our business and allows us to focus more
resources on our core district-scale exploration projects
in Red Lake, Atikokan and Nunavut.”
In order to exercise the Option in full, the
Optionee, a private company, is required to make cash payments
totaling $106,000 to Solstice over a three-year period and to issue
200,000 common shares in its capital to Solstice upon listing of
the Optionee’s common shares on a public stock exchange. Upon the
exercise of the Option by the Optionee to acquire a 100% interest
in the Property, Solstice will be granted a 1.5% net smelter
returns royalty. The Optionee has the right to repurchase 0.5% of
the royalty at any time after the exercise of the Option and prior
to the commencement of commercial production at the Property for
$500,000.
Solstice controls an extensive portfolio of
gold, copper and lithium/REE projects in Ontario which are
available for 100% sale or option. See our corporate materials
available at www.solsticegold.com for further details.
About Solstice Gold Corp.
Solstice is a gold-focused exploration company
with quality, district-scale projects in established mining regions
of Canada. Our 180 km² Red Lake land position is located on
the northern extensions of the prolific Red Lake Gold Camp in
Ontario. RLX is approximately 45km from the Red Lake Mine Complex
owned by Evolution Mining. The Company is funded for phase one
drilling in Red Lake. Our newly formed 248km² Atikokan Gold
Project is approximately 23km from the Hammond Reef Gold Project
owned by Agnico Eagle Mines Limited and is fully funded for a
robust field program in 2022. Our district scale Qaiqtuq Gold
Project covers 886 km² with certain other rights covering an
adjacent 683 km², hosts a 10 km² gold boulder field and is
fully permitted with multiple drill-ready targets. Qaiqtuq is
located in Nunavut, Canada, only 26 km from Rankin Inlet and
approximately 7 km from the Meliadine gold deposits owned by Agnico
Eagle Mines Limited. In October 2021, the Company acquired a
royalty and property portfolio of over 80 assets located in Ontario
and Quebec.
Solstice is committed to responsible exploration
and development in the communities in which we work.
Neither 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.
On Behalf of Solstice Gold
Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp.,
please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
info@solsticegold.com
Forward-Looking Statements and
Additional Cautionary Language
This news release contains certain
forward-looking statements (“FLS”) including, but not limited to
the Company generating value from its recently acquired portfolio,
advancing its strategy relating to its portfolio of royalties,
payments by the Optionee under the option agreement, the potential
exercise of the option under the Option Agreement, the potential
issuance of common shares of the Optionee to Solstice, the granting
of a 1.5% net smelter return royalty and the Optionee’s right of
repurchase of a portion of the royalty after the exercise of the
Option. FLS can often be identified by forward-looking words such
as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”,
“estimate”, “expects”, “potential”, “scheduled”, “may” and “will”
or similar words suggesting future outcomes or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, save and except as may be required by applicable
securities laws.
Since forward-looking information address future
events and conditions, by their very nature involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, that there is no guarantee
that continued exploration at Solstice exploration projects, all of
which are at an early stage of exploration, will lead to the
discovery of an economic gold deposit, there may not be market for
the Company’s non-core properties in its property portfolio or not
a market on financial terms satisfactory to the Company, the
Optionee may not exercise the option under the option agreement,
commercial production at the Property may delayed or may never
occur, the Optionee may never list on a public exchange and
accordingly its common shares may not be issued to Solstice, the
future impacts of the COVID 19 pandemic and government response to
such pandemic, the ability of the Company to continue exploration
at its projects during the pandemic and the risk of future lack of
access to the projects as a result thereof, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inability to locate source rocks, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects, regulatory approvals and other
factors. FLS are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from expected
results. The Company cautions that the foregoing list of factors
that may affect future results is not exhaustive. When relying on
our forward-looking statements to make decisions with respect to
the Company, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
All forward-looking statements are based on the
Company’s current beliefs as well as various assumptions made by
Company management and information currently available to them.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. Forward
looking statements reflect the beliefs, opinions and projections on
the date the statements are made and are based upon a number of
assumptions and estimates that, while considered reasonable, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies.
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