New Claims
Pacific Ridge, Aurico Metals property agreement
2022-05-30 16:59 ET - Property Agreement
The TSX Venture Exchange has accepted for filing an earn-in agreement dated May 6, 2022, between Pacific Ridge Exploration Ltd. and Aurico Metals Inc. (the vendor), whereby the company may earn an up-to-75-per-cent interest in the Chuchi property (6,100 hectares), located in northwestern British Columbia. Consideration is $160,000 cash, 3.5 million common shares and $10-million in exploration expenditures over a seven-year period to earn a 75-per-cent interest. There is an up-to-6-per-cent net smelter return (NSR) royalty on various claims, which can be reduced to 2.1 per cent.
A finder's fee is payable to Geo Exploration Scouts of $15,000 upon signing, $5,000 each month thereafter, 2 per cent of exploration expenditures (commencing after payment of $250,000), $25,000 upon commencement of drilling and $100,000 upon disclosure of a National Instrument 43-101-compliant resource.
For further details, please see the company's news release dated May 9, 2022.