Sassy Resources Corporation (CSE:SASY) (OTCQB:SSYRF) (FRA:4E7) announced it has expanded, through its Gander Gold Corp subsidiary, the company’s Newfoundland property holdings from 156 square kilometres (sq km) to 1,381 sq km in an option agreement with famed prospector Shawn Ryan.
Sassy said its acquisition of multiple new claim blocks in the province, optioned from Ryan and Wildwood Exploration Inc., establishes it and its Gander Gold subsidiary as a significant force in the Newfoundland Gold Rush triggered by New Found Gold’s high-grade Keats Zone discovery.
“These very under-explored large claim blocks, now considered even more prospective given recent district developments, were all staked by Shawn based on extensive research and discovery models that led to his great success in the Yukon,” Sassy Resources CEO Mark Scott said in a statement.
“Significantly, Sassy is now the only company with a major foothold in both of Canada’s most exciting high-grade gold camps right now – Eskay and Central Newfoundland, providing shareholders with extremely attractive leverage to potential new discoveries,” Scott added.
Shawn Ryan also commented, stating: “Based on compilation and interpretation of new data, each of the claim blocks I’ve optioned to Sassy offers district-scale discovery potential and Sassy will be the first company to target these key structures.”
Ryan will also join the board of Sassy Resources as a technical advisor.
The optioned claim blocks include one that expands Sassy’s Gander North Project by nearly 25-fold to a contiguous 480 sq km, starting 15 km northeast of New Found Gold’s Keats Zone.
The option agreement will require Sassy Resources in 2021 to pay $345,355 in cash, issue 2.25 million Sassy shares, and make a minimum work commitment of $515,000.
As well, Sassy is expected to make an additional $1.32 million in cash payments over a five-year period between 2022 and 2026, plus issue 10.25 million Sassy Resources shares, and commit to $615,000 in exploration in 2022, $750,000 in 2023, $1.68 million in 2024, and $3 million in 2025.
The company added that Gander Gold has also arranged a $1.5 million non-brokered private placement to fund an initial phase of exploration and drilling ahead of a planned listing on a Canadian exchange.
Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of northwest British Columbia’s prolific Golden Triangle, and the Central Newfoundland Gold Belt.
Contact Sean at [email protected]
Story by ProactiveInvestors
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