Juggernaut Exploration agreement for Bingo property Juggernaut Exploration agreement for Bingo property
2022-02-08 17:23 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated Dec. 30, 2021, between the company and the J2 syndicate, whereby the company has been granted an option to acquire up to a 100-per-cent interest certain mineral claims (the Bingo property), located in the Skeena mining district in British Columbia.
Under the terms of the agreement, the company can earn a 49-per-cent interest in the property by: (i) incurring $190,000 of exploration expenditures by Dec. 15, 2022; (ii) incurring a minimum of an additional $700,000 of exploration expenditures by Dec. 31, 2023; (iii) making a $500,000 cash payment to the syndicate members by Dec. 31, 2023; and (iv) issuing three million units (consisting of one common share and one common share purchase warrant exercisable for a five-year period) to the syndicate members by Dec. 31, 2023.
To earn the remaining 51-per-cent interest in the property, the company is required to: (i) incur additional exploration expenses of $10-million between Jan. 1, 2024, and Dec. 15, 2027; and (ii) deliver a National Instrument 43-101 technical report that includes a resource calculation of gold equivalent mineral reserves (proven and probable) and gold equivalent mineral resources (measured, indicated and inferred categories) on the property by Dec. 31, 2027.
For further details, please refer to the company's news release dated Jan. 13, 2022.
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