Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT)
is pleased to report on a number of recent property transactions
and option agreement negotiations. Together these transactions
increase the total claim package from 19,113 ha to
24,589
ha, decrease the percentage of optioned claims from 36% to
6.4%, and generate a total cumulative savings over the next 3 years
of greater than $1 million CAD. All claims are located within the
southern portion of British Columbia’s Golden Triangle, including
the 100% owned Scottie Gold Mine which produced 95,426 oz at an
average recovered grade of 16.25 g/t gold in the early 1980’s. The
road accessible Scottie Gold Mine is located 20 km south of
Pretium’s Brucejack Mine, and 14 km north of Ascot’s Premier Mine.
Table 1 – Summary of changes in
land positions in early 2020
Property |
Change |
Outcome |
Cost (CAD) |
Savings (CAD) |
Hectares |
Bow Property |
Renegotiation of option agreement |
100% Ownership |
$300,000 |
$100,000 |
472 |
Bitter Creek Property |
Renegotiation of option agreement |
100% Ownership |
$325,000&1,000,000 shares |
$956,787* |
4,832 |
Portland Claims |
New purchase |
100% Ownership |
n/a |
3,622 |
Black Hills Extension |
Staked |
100% Ownership |
$1,575 |
n/a |
235 |
Sulu Property |
Staked |
100% Ownership |
$2,830 |
n/a |
1,617 |
Total |
$629,405 |
$1,056,787 |
10,778 |
*Savings includes both direct option payments
($665,000) as well as required work commitments ($291,787) over the
life of the original option agreement.
Bradley Rourke, President and CEO of Scottie
Resources commented: “Given Scottie’s existing land package,
healthy treasury, and the recent momentum following upon our
successful fall drill results – consolidation within the area is
both natural and advantageous for us. The facilitation of these
recent transactions increases our land package in a very tough area
to acquire land, while simultaneously reducing our ongoing cash
payments. These deals only reinforce our perspective that now is an
excellent time to get business done.”
Bow Property –
The Bow property hosts two of the targets from
the exceptionally successful 2019 drill program, which produced
intercepts of 73.32 g/t gold over 4.38 metres on the Bend Vein, and
7.44 g/t gold over 34.78 metres on the Blueberry Vein. Exploration
plans for 2020 include follow up drilling on both targets. To
complete the original option agreement, Scottie was required to
make two more payments during 2020 totalling $400,000.
Re-negotiation of the agreement granted an expedited one-time
payment of $300,000 – achieving a savings of $100,000. The property
is now 100% owned by Scottie Resources, subject to a pre-existing
3% net smelter return (“NSR”), of which the Company can purchase 2%
for $600,000.
Figure 1 – Updated Claim Map
for Scottie Resources (April 2020)
Bitter Creek / Portland Claims / Black
Hills Extension –
The Cambria Project consists of a large package
of properties located just a few kilometers west of the town of
Stewart, BC, which extend north for 25 km (Figure 1). The
north-south swath of claims overlies a well-endowed mineral trend
and is bordered to the east by Ascot Resources’ Red Mountain
project. Together the claims host approximately 40 showings,
including 2 small past-producers. The claim history in the area is
complex and characteristically fragmental; the Cambria Project land
package represents one of the largest consolidations of claims in
this area over the past few decades. The mineral occurrences
primarily occur as high-grade polymetallic veins, dominated by
Ag-Pb-Zn±Au mineralization. The Cambria Project is a target-rich
environment that hosts excellent potential for the discovery of a
larger mineralized feeder system.
In March 2019, the Company entered into an
option agreement to acquire a 100% interest in 42 mineral claims
known as the Bitter Creek property (the “Original Agreement”) (see
news release dated March 6, 2019). Pursuant to the Original
Agreement, the Company was to make payments totaling $850,000 in
cash or a combination of cash and common shares, in staged payments
over 42 months to the vendor (the “Vendor”). Prior to the
renegotiation of the Original Agreement, the Company had paid
$160,000 in cash to the Vendor.
The Company has now entered into a new agreement
with the Vendor (the “Renegotiated Agreement”), which replaces the
Original Agreement, whereby the Company will acquire a 100%
interest in the Bitter Creek Property, as well as a 100% interest
in the Portland claims. The terms of the Renegotiated Agreement
call for payments to the Vendor as follows:
- A lump-sum cash payment of
$325,000; and
- Issuance to the Vendor of 1,000,000
common shares of the Company.
The Renegotiated Agreement remains subject to
approval of the TSX Venture Exchange.
Together, the renegotiation of the Bitter Creek
property option agreement, purchase of the Portland claims, and the
staking of the Black Hills Extension collectively enhance the
entire Cambria project. Renegotiation of the existing Bitter Creek
option agreement reduces the total acquisition cost of the ground
by eliminating future option payments and alleviates the need for
work commitments on select claims. Coupled in the renegotiation of
the Bitter Creek property, was the acquisition of the Portland
claims (3,622 ha). The outright purchase of both claim groups
grants Scottie Resources 100% ownership of the claims, subject to a
2.5% NSR, of which the Company can purchase up to 60% for
$1,500,000. The staking of the Black Hills Extension claims bridges
a gap between the Black Hills and Bitter Creek West claims, thereby
establishing the Cambria project as a single contiguous claims
block. Due to operational efficiencies these changes will
significantly reduce ongoing land holding costs and G&A
expenditures for the Cambria Project.
Sulu Property –
Located 1.5 km northwest of the Scottie
Resources’ Summit Lake property, and 7 km NE of the past-producing
Granduc Mine, the 1,617 ha Sulu property hosts significant
potential for both VMS mineralization and precious metal veins
similar to those at the Scottie Gold Mine. An airborne geophysical
survey flown on the claims in 2017 produced a number of coincident
EM and magnetic anomalies, however the work was never followed up
on. Future work on the property will involve ground truthing these
anomalies and mapping in areas of significant glacial retreat.
Thomas Mumford, Ph.D., P.Geo and VP Exploration
of Scottie, a qualified person under National Instrument 43-101,
has reviewed the technical information contained in this news
release on behalf of the Company.
Capital Markets Development
–
The Company is pleased to announce the addition
of Rahim Kassim-Lakha to the role of Head of Corporate Development.
Mr. Kassim-Lakha brings a wealth of experience with 25 years of
capital market experience including seven years of U.S. buy-side
training focused on portfolio management of global assets. Mr.
Kassim-Lakha will work closely with Bradley Rourke, CEO and
Director of Scottie Resources to lead the Company's corporate
development and capital market activities.
ABOUT SCOTTIE RESOURCES
CORP.
Scottie owns a 100% interest in the high-grade,
past-producing Scottie Gold Mine and Bow properties and has the
option to purchase a 100% interest in Summit Lake claims which are
contiguous with the Scottie Gold Mine property. Scottie also owns
100% interest in the Cambria Project properties and the Sulu
property.
All of the Company’s properties are located in
the area known as the Golden Triangle of British Columbia which is
among the world’s most prolific mineralized districts.
Further information on Scottie can be found on
the Company’s website at www.scottieresources.com and at
www.sedar.com, or by contacting Bradley Rourke, President and CEO
at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
“Bradley Rourke”
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking
statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company believes the expectations
expressed in such forward‐looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward looking statements. Forward‐looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date such statements were made. The Company
expressly disclaims any intention or obligation to update or revise
any forward‐looking statements whether as a result of new
information, future events or otherwise.Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this
release.
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