SXL holds huge acreage in NB, the price is about to increase....
I will continue to buy/bid SXL...10X+ ahead...
Big Ridge Gold acquisition of 80% of Hope Brook project
2021-06-08 16:13 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an earn-in agreement dated April 5, 2021, between the company, First Mining Gold Corp. and First Mining's wholly owned subsidiary Coastal Gold Corp. (collectively with First Mining, the optionors), whereby the company can acquire up to an 80-per-cent interest in First Mining's Hope Brook gold project located in Newfoundland and Labrador.
The company paid First Mining $500,000 and issued 11.5 million shares on closing. Under the terms of the agreement, the company must issue 15 million shares, subject to TSX Venture Exchange approval at the time of issuance, and incur $10.0-million in exploration expenditures within three years in order to earn a 51-per-cent interest in the property. The company must issue a further 10 million shares, subject to TSX Venture Exchange approval at the time of issuance, and incur additional exploration expenditures of $10.0-million within five years to earn an additional 29-per-cent interest in the property. The company must pay $2.0-million upon the commencement of commercial production. The company and First Mining will enter into a joint venture agreement when the stage 1 earn-in is paid. At that time, the joint venture will grant First Mining a 1.5-per-cent NSR royalty on the property, of which 0.5 per cent may be repurchased by the company for $2.0-million.
For further details, please refer to the company's news releases dated April 6, 2021, May 6, 2021, and June 8, 2021.