Sassy Resources (CSE: SASY) announced that it is working towards accelerating the acquisition of the Foremore gold-silver project in British Columbia, Canada.
To do so, the miner has signed an option exercise agreement with the claim owners where it commits to pay them C$175,000 cash and simultaneously issue them the remaining 750,000 shares in the company, of the 1,250,000 shares it agreed to issue in the original 2019 binding letter of intent. Of this total, Sassy had already issued 500,0000 between 2019 and 2020.
The initial LoI established that Sassy could acquire a 100% interest over a five-year period through assessment expenditures totalling at least C$1.2 million, cash payments to the claim owners totalling C$310,000 and the share issuance.
However, having paid C$110,000 cash, issued the shares and completed the C$1.2-million exploration program, the company decided it was time to go full steam ahead.
“We are pleased to have accelerated by three-and-a-half years our option to acquire a full 100% interest in the Foremore gold-silver project,” Mark Scott, Sassy Resources’ president and CEO, said in a media statement.
“We’re confident our maiden exploration program in 2020 has only scratched the surface of the potential the Foremore project has to offer and the acceleration of this option agreement reflects that belief.”
Foremore extends for 146 square kilometres and is located in the Eskay Camp, Liard Mining Division, in the heart of northwest B.C.’s prolific Golden Triangle.