Stuhini Renews Option on Que Project
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.
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
.
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.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities
legislation. Such forward-looking statements concern the maintenance and continuation of the Que
Property Option Agreement, Such forward-
looking statements or information are based on a number of assumptions, which may prove to be
incorrect. Assumptions have been made regarding, among other things: conditions in general
economic and financial markets; accuracy of assay results; geological interpretations from
sampling results, timing and amount of capital expenditures; and future exploration costs. The
actual results could differ materially from those anticipated in these forward-looking statements as
a result of the risk factors including: the timing and content of work programs; results of exploration
activities and development of mineral properties; the acquisition of additional exploration
properties or options thereon; the interpretation and uncertainties of sampling results and other
geological data; the receipt of government grants, the receipt, maintenance and security of permits
and mineral property titles; environmental and other regulatory risks; project costs overruns or
unanticipated costs and expenses; availability of funds and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used in the
preparation of such statements, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date the statements were made. The
Company undertakes no obligation to update or revise any forward-looking statements included
in this news release if these beliefs, estimates and opinions
or other circumstances should change, except as otherwise required by applicable law.
SOURCE
Stuhini Exploration Ltd.
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For further information:
David O'Brien, President & Chief Executive Officer Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 835-4019, Web: www.stuhini.com
CO: Stuhini Exploration Ltd.
CNW 09:20e 20-MAR-24