Stuhini Exploration Ltd. Provides Corporate Update on Arizona and Manitoba Mineral Claims
Stuhini Exploration Ltd. Provides Corporate
Update on Arizona and Manitoba Mineral
Claims
VANCOUVER, BC
,
May 25, 2023
/CNW/ - Stuhini Exploration Ltd. (the "
Company
" or "
Stuhini
")
(TSXV: STU) (OTCPK: STXPF) is pleased to announce that it has entered into a purchase
agreement with G.
Mark Lindsay
(the "
Purchase Agreement
") for the acquisition of strategic
information and access to a proprietary database regarding mineral prospects in
Arizona
and
Manitoba
("
Strategic Information
").
The Strategic Information led to the Company's identification of four (4) mineral claims which it
recently acquired in
Arizona, USA
(the "
Arizona Claims
"). As a result, in recognition of the Strategic
Information's utility, the Company has agreed to compensate Mr. Lindsay. Under the terms of the
Purchase Agreement, Mr. Lindsay received an immediate cash payment of
$35,000
on signing and
will receive additional cash payments on an annual basis in respect of each Arizona Claim on the
anniversary of the signing date (provided the Company has not abandoned such claims prior thereto)
until
May 25, 2027
.
The Company has also granted to Mr. Lindsay a 1% net smelter returns royalty in respect of all ores
and concentrates produced from the Arizona Claims upon achieving commercial production (the
"
NSR Royalty
"), with an option to repurchase at any time one-half of the NSR Royalty on any of the
4 Arizona Claims (reducing the NSR Royalty to 0.5% on such Arizona Claim) for consideration of
$1,000,000
per Arizona Claim NSR repurchased.
In addition to the Arizona Claims, the Strategic Information from G.
Mark Lindsay
also led to the
Company identifying one (1) mineral claim which it acquired by staking in
Manitoba
referred to as the
South Thompson Nickel Project (see news release dated
May 21, 2021
). As a result, in recognition
of the utility of the Strategic Information, the Company has agreed to compensate Mr. Lindsay by
granting him a 1% net smelter royalty in respect of all concentrates and ores produced from the
South Thompson Nickel Project, (the "
Manitoba NSR Royalty"),
with an option to repurchase at any
time one-half of the Manitoba NSR Royalty (reducing the Manitoba NSR Royalty to 0.5% on the
South Thompson Nickel Project) for a consideration of
$50,000
. There are no cash payments or
work commitments associated with the acquisition of the South Thompson Nickel Project.
These transactions are in the ordinary course of business for the Company and management does
not consider it to be a material change for the Company.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious
and base metals properties in western
Canada
and southwestern
USA
. The Company's portfolio of
exploration properties includes: its flagship, the Ruby Creek Property located approximately 20 km
east of
Atlin, British Columbia
; the Que Project located approximately 70 km north of Johnson's
Crossing in the
Yukon
; the South Thompson Nickel Project located approximately 35 km northwest
of
Grand Rapids, Manitoba
; the Big Ledge Property located approximately 57 km south of
Revelstoke, British Columbia
; and its portfolio of 4 properties 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.
Web:
www.stuhini.com
SOURCE
Stuhini Exploration Ltd.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2023/25/c8826.html
%SEDAR: 00046568E
For further information:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 835-4019
CO: Stuhini Exploration Ltd.
CNW 09:00e 25-MAY-23