Kermode Resources enters LOI for Lucky Number 7
2022-06-24 12:19 ET - News Release
Mr. Peter Bell reports
LETTER OF INTENT FOR "LUCKY NUMBER 7" PROJECT FROM 911 MINING & BC MINING PROPERTIES
Kermode Resources Ltd. has entered into a non-binding letter of intent to acquire the Lucky Number 7 project. The project comprises mineral tenure No. 1080546 owned by the 911 Mining Co. & BC Mining Properties. The claims cover 679 hectares adjacent to the Mainline Carmanah logging road on Vancouver Island, B.C.
The LOI provides for a due diligence period extending to Oct. 1, 2022. During this period, Kermode can conduct any work on the project prior to entering a definitive agreement for a property purchase option as noted in the attached table.
Other terms and conditions:
- 2-per-cent net smelter return royalty payable to the group, where each 1 per cent can be bought down for $1-million;
- 10-per-cent sale participation right payable to the group, whereby they shall receive 10 per cent of any proceeds received by Kermode from any future sale of disposition of any interest in the property;
- There shall be no area of influence to the group for other claims.
Also, Kermode reports that the exchange has rejected the proposed terms for an expedited transaction on the Rye Patch silver mine. Kermode plans to renegotiate the Rye Patch deal before Aug. 1, 2022. Kermode also plans to provide an update on the LOI for the Rumleski Brazeau project before Sept. 1, 2022.
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities around the world.