Strategic Metals Ltd. Options GK Project to a Private B.C. Company
TSX VENTURE: SMD
VANCOUVER, BC / ACCESSWIRE / June 4, 2019 / Strategic Metals Ltd. (TSX-V: SMD) ("Strategic") is pleased to announce that it has granted 1193490 B.C. LTD. ("NumCo") the optional right to purchase a 100% interest in its GK Project ("GK").
GK is a copper-gold porphyry and epithermal target located within northern British Columbia's golden triangle. The property covers 27,400 hectares and features highly prospective geophysical anomalies, gold-copper soil geochemical anomalies and mineral showings hosted within units of the Stuhini Group and related plutons.
Under the terms of the agreement NumCo can earn its 100% interest by paying Strategic an aggregate of $2,525,000 (with $125,000 due by June 14, 2019) and incurring aggregate exploration expenditures of $6,900,000 on or before May 31, 2024.
Upon earn-in, Strategic will retain a 2% net smelter return royalty ("NSR") on precious metals and a 1% NSR on other minerals. NumCo can, at any time, purchase half of (equal to 1% of the net smelter return) the NSR on precious metals for $3,500,000.
About Strategic Metals Ltd.
Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Current projects include 116 wholly-owned, 5 joint ventures, 5 under option and 8 royalty interests. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features that resemble those at nearby deposits.
Strategic has a current cash position of over $8 million and large shareholdings in a number of active mineral exploration companies including 45.2% of GGL Resources Corp., 41.7% of Rockhaven Resources Ltd., 27.7% of Precipitate Gold Corp., 17.9% of Silver Range Resources Ltd., 9.1% Trifecta Gold Ltd., and 6.4% of ATAC Resources Ltd.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
W. Douglas Eaton
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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.