Stuhini Provided Que Project Update
VANCOUVER, BC, Oct. 26, 2020 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) announces that the Company has renegotiated the underlying Option Agreement previously announced on February 21, 2020 and amended on March 10, 2020 whereby Stuhini can acquire a 100% interest in the Que Property (the "Property"), located in the south-central Yukon Territories, Canada (the "Option").
The renegotiated agreement provides for a revised option exercise payment schedule comprised of cash payments reduced from $280,000 to $95,000 and a reduction of shares to be issued from 2,950,000 shares to 937,500 shares over a 5-year period. Under the renegotiated agreement, the issuance of 50,000 shares to the vendor by April 1, 2021 is the only committed payment over the next 12 months. There are no work commitments. The balance of the share issuances and the cash payments are all at the Company's election should it wish to maintain the Option after April 1, 2021.
Dave O'Brien, Company President and CEO commented: "While assay results from 2 initial shallow drill holes showed no significant mineralization, we remain encouraged about the prospectivity of the Que Project as the Camp Gossan target area which was tested represents less than 10% of the area of the tenures."
The targets were selected based on the historical knowledge of the Project vendors and the results of the SkyTEM geophysics. The decision was made to drill 2 shallow holes on a subtle anomaly in the Camp Gossan since a trail and road were available to the site.
The SkyTEM airborne survey has revealed additional anomalies that will be followed up with prospecting and geochemical surveys in the summer 2021.
About the Que Project: The Que Project is road accessible from Yukon Hwy #6 (Canol Road) and is located 70 km north of Johnson's Crossing on the Alaska Highway. The Project is early stage and is 4,243 hectares in size. Stuhini has an option to acquire 100% of the Que Project, subject to a 1% Net Smelter Royalty.
The geological content of this news release has been reviewed and approved by Andrew Wilkins, P. Geo., a qualified person as defined under the terms of National Instrument 43-101.
About Stuhini Exploration Ltd.: Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada with its focus on it's flagship Ruby Creek Property located approximately 24 km east of Atlin and the Que Property located approximately 70 km north of Johnson's Crossing in the Yukon Territory.
Forward Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Stuhini Exploration
Company Codes: TorontoVE:STU
© 2020 PR Newswire. All Rights Reserved.