Thistle Resources Inc. Completes Second Anniversary Option Payment at Its Flagship Brunswick Antimony Project, Bathurst, New Brunswick
Toronto, Ontario--(Newsfile Corp. - June 17, 2026) - Thistle Resources Inc. (TSXV: TRCG) (OTC Pink: TRCGF) ("Thistle" or the "Company") is pleased to announce the completion of the second anniversary payment required under the option agreement (the "Option Agreement") dated May 12, 2024 between Thistle Resources Corp., a wholly owned subsidiary of Thistle, and Prospect 'Or Corp. (the "Optionor"), pursuant to which the Company has the option to acquire a 100% interest in certain mineral claims located in New Brunswick (the "Brunswick Antimony Project").
The Brunswick Antimony Project comprises four mineral claim blocks known as Pabineau River 1, Pabineau Falls Granite, Brunswick East and Knights Brook, totaling approximately 199 mineral claim units.
The second anniversary payment consisted of a cash payment of $25,000 and the issuance of 250,000 common shares of the Company ("Common Shares") to the Optionor. The final payment, due prior to the third anniversary of the Option Agreement, consists of a cash payment of $40,000 and the issuance of an additional 250,000 Common Shares. The Common Shares issued pursuant to the Option Agreement are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
These payments form part of a staged earn-in arrangement under which the Company may acquire a 100% interest in the Brunswick Antimony Project, subject to a 2% net smelter return royalty ("NSR") in favour of the Optionor, by making aggregate cash payments of $90,000 and issuing an aggregate of 1,000,000 Common Shares over the term of the Option Agreement. The Company retains the right to repurchase a 1% NSR (representing one-half of the total 2% NSR) for a one-time cash payment of $1,000,000.
Completion of this milestone payment maintains the Company's option rights in the Brunswick Antimony Project and allows it to continue evaluating the property through ongoing exploration activities.
Patrick Cruickshank, President and CEO, stated: "We are pleased to have completed the second anniversary payment under our option agreement, advancing toward earning full ownership of the Brunswick Antimony Project. The Company will continue to carry out systematic exploration activities with a view to generating long-term value for shareholders."
Thistle Resources Inc.
Thistle Resources Inc. is a Canadian public mineral exploration company focused on Precious Metals & Critical Minerals (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its five Projects: Middle River Gold Project, Brunswick Antimony Project, Middle River VMS Project, Alba Forks Gold Project, in the World-Famous Bathurst Mining Camp & Celtic Highland Gold, located in Cape Breton Nova Scotia, Canada. The Company is focused on Precious Metals and Critical Minerals Exploration (CME).
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as of the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including the Company's ability to complete required payments. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: availability of financing; regulatory approvals; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Thistle Resources Inc., 40 King Street West, Suite 2400, Toronto, ON M5H 3Y2 www.thistleresources.com (506) 800-0581
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301922
Source: Thistle Resources Inc.
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