Stuhini Exploration Ltd. Options Que Property in Yukon
Stuhini Exploration Ltd. Options Que Property
in Yukon
VANCOUVER, Feb. 21, 2020 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the
"Company") (TSX V:STU) is pleased to announce that it has entered into an option agreement (the
"Agreement") with Nokuyukon Holdings Ltd., an arm's length vendor (the "Vendor"), whereby Stuhini
can acquire a 100% interest in the Vendor's Que Property (the "Property"), located in the south-
central Yukon Territories, Canada (the "Option").
The Property was first staked in the mid 1960's after the discovery of several large rusty,
gossanous kill zones. The rust zones are believed to indicate buried massive sulphide, however the
overburden is up to 30 metres deep and very little outcrop occurs within the area. The property has
been privately held by the Vendor's family since this time.
The Vendor's family has instigated small scale exploration programs since the 1960's and have
found gold bearing veins and a gold bearing felsic horizon on Kingdome Ridge. Soil sampling has
also identified gold in soil anomalies.
In the 2019 field season, Stuhini geologists spent an afternoon on the property conducting due
diligence. During this visit, they confirmed the presence of the gossanous kill zones and the
occurrence of gold mineralization within outcropping quartz veins. A grab sample collected during this
visit assayed 11.7 g/t gold.
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 Property consists of 108 mineral claims and is 2,246 hectares in size. The company staked an
additional 1,996 hectares bringing the entire claims package to approximately 4,243 hectares.
Hereinafter the entire claims package shall be referred to as the "Que Project".
David O'Brien, President and CEO of Stuhini states "we are pleased with the agreement as it
potentially represents a new district in a relatively unexplored area of the Yukon. Only limited
exploration has been done on the property and a modern, systematic exploration program is
warranted. This potential acquisition is in line with our goal of enhancing shareholder value by
acquiring and cost-effectively exploring high potential, mineral projects in western Canada. The
relatively close proximity of the Property to both the Metla and the Ruby Creek Properties offers the
Company optionality in that much of the work can be serviced out of Atlin, BC. Additionally, there are
no cash or work commitments associated with the Agreement, allowing the Company maximum
financial flexibility as it advances all its projects forward"
Stuhini can earn a 100% interest in the Property by issuing up to 5,000,000 common shares over a
four year term to exercise the Option. The Vendor has retained the right to develop and exploit the
Property for precious and semi-precious gemstones, including jade minerals, provided that no such
exploration, development or exploitation of the Property by the Vendor shall interfere with the
Company's current or future mining work on the Property.
The only committed payment is the issuance of 200,000 shares on the date of acceptance of the
Agreement by the TSX Venture Exchange (the "Exchange"). The balance of the share issuances are
all at the Company's election should it wish to maintain the Option after year 1. Upon exercise of the
Option, the Vendor will be entitled to a 1% net smelter returns royalty on the Property.
D ate for Completion Shares
Approval D ate 200,000
1st anniversary of Approval D ate400,000
2nd anniversary of Approval D ate 600,000
3rd anniversary of Approval D ate 800,000
4th anniversary of Approval D ate 3,000,000
TO TAL 5,000,000
There are no finder's fees payable in connection with this Agreement. The Company incurred staking
costs of $28,233 to stake the additional 1,996 hectares in order to better consolidate the Que
Project claims.
This Agreement is subject to approval of the Exchange.
The technical disclosures contained in this news release have been approved by Andrew
Wilkins, P. Geo. 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 that is focused on the exploration and development of
precious and base metal properties, with its focus on the Metla Property, located in northwestern
British Columbia, Canada, approximately 150 kilometres south of the town of Atlin and the Ruby
Creek Property located approximately 20 kilometres east of Atlin.
Forward-Looking Statements
This was release contains "forward-looking information " within the meaning of Canadian securities
laws, which may include, but are not limited to statements relating to the Option, the exercise of the
Option and obtaining regulatory and if necessary, shareholder approvals. 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 Property or
that the Option will be exercised. 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 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
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http://www.newswire.ca/en/releases/archive/February2020/21/c1294.html
%SEDAR: 00046568E
For further information:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 418-4019, Web: www.stuhini.com
CO: Stuhini Exploration
CNW 09:25e 21-FEB-20