RE:fmc.v Drilling result video conference june 9,2021I have a question for the bullboard regarding this presentation. It was stated that Rio had spent 3.7 million previous to 2020 and then in 2020/2021 had spent approximately 8 million. That gives a total of 11.7 million worth of expenditures.
New Release May 19 2019 stated "RTEC has been granted a four year option to acquire a 51% interest in the Janice Lake Project by spending $10 million in exploration, making $490,000 in cash payments, and servicing the remaining $200,000 in underlying cash payments to Transition Metals Corp. as per the terms of the Forum/Transition Option Agreement dated February 5, 2018 to earn 100% interest in the Janice Lake Project."
Im curious why they have not exercised their 51% ownership at this point? Also when reviewing the claims where these copper deposits are situtated, Rio Tinto owns 100% with no mention of Forum whatsoever....
Someone in the know explain this? Why would they move through this threshold without executing their 51% ownership?
My thought would be that the grade results are so poor up to this point they are unsure if they want to make a $690000 cash payment to aquire?