VANCOUVER, BC, March 20, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) (OTCQB: STXPF) announces that the Company has renewed its option on the Que Project.
The Option Agreement was first announced on February 17, 2020, was amended and restated on February 28, 2020 and was further amended and restated on October 26, 2020 (the "AmendedOption Agreement"). The Amended Option Agreement provides that Stuhini can acquire a 100% interest in Que Property (the "Property"), located in Yukon, Canada approximately 70 kilometres ("km") from Johnson's Crossing (the "Option").
Pursuant to the Amended Option Agreement, Stuhini can earn a 100% interest in the Property by issuing up to 937,500 common shares of the Company ("Common Shares") and making cash payments of up to $95,000 over a 5-year term.
Based on the road accessibility and what the board of directors of the Company (the "Board") considers to be the prospective nature of the Property, the Board has unanimously voted in favor of proceeding with the fourth anniversary Option Commitment which consists of 125,000 Common Shares and a $35,000 cash payment. This share issuance and cash payment is the only committed payment over the next 12 months. There are no work commitments. The final share issuance and cash payment is at the Company's election should it wish to complete the Option Agreement on April 1, 2025.
The Que Property
The Que Property is 4,243 hectares in size, is road accessible of Yukon Hwy #6 and is located 70 km north of Johnson's Crossing on the Alaska Highway. The property was first staked in the mid 1960's due to the occurrence of several large rusty kill zones believed to be indicative of buried massive sulphide on the Property. Subsequent exploration has discovered anomalous gold in soil and stream sediment silt samples and the discovery of gold bearing quartz veins.
About Stuhini Exploration
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the maintenance and continuation of the Que Property Option Agreement, Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from sampling results, timing and amount of capital expenditures; and future exploration costs. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities and development of mineral properties; the acquisition of additional exploration properties or options thereon; the interpretation and uncertainties of sampling results and other geological data; the receipt of government grants, the receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
SOURCE Stuhini Exploration Ltd.
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