Sassy Accelerates Foremore Option Agreement; Acquires 100% Interest in Foremore Gold-Silver Project
VANCOUVER, British Columbia, November 18, 2020 – Sassy Resources Corporation (“Sassy” or the “Company”) (CSE: SASY) (FSE/SWB: 4E7) is pleased to announce that it has signed an Option Exercise Agreement to accelerate the completion of its option to acquire 100% of the Foremore Gold-Silver Project in Northwest British Columbia’s prolific Eskay Camp.
Mr. Mark Scott, President and CEO of Sassy, commented: “We are pleased to have accelerated by three-and-a-half years our option to acquire a full 100% interest in the Foremore Gold-Silver Project. We’re confident our maiden exploration program in 2020 has only scratched the surface of the potential the Foremore Project has to offer and the acceleration of this option agreement reflects that belief.
“News flow from our summer/early fall programs is expected to ramp up during this second half of November,” Mr. Scott added.
Under the original 2019 Binding LOI (“option agreement”) between the parties, Sassy was eligible to acquire its 100% interest in the Foremore Gold-Silver Project over a five-year period, through assessment expenditures totalling at least $1.2M, cash payments to the claim owners totalling $310,000 and the issuance of 1,250,000 shares in the Company. Under this original option agreement, $110,000 total cash has been paid and 500,000 total shares have previously been issued to the claim owners in 2019 and 2020. The Company’s maiden exploration program on the Foremore Gold-Silver Project in 2020 satisfied the assessment expenditure requirement ($1.2M) under the original option agreement.
Under the terms of the Option Exercise Agreement, Sassy will immediately pay the claim owners $175,000 cash and simultaneously issue the claim owners the remaining 750,000 shares in the Company. The Company will benefit from a $25,000 reduction in the total cash payment in return for early payment. Half (375,000) of the Sassy shares issued to the claim owners will be subject to a four-month hold; the remaining half (375,000) of the Sassy shares issued to the claim owners will be subject to an eight-month hold. The claim owners retain a 3.0% NSR on the Foremore Property claims specified in the original option agreement, subject to the repurchase provisions defined in the agreement, under which Sassy may at any time repurchase 2.5% of the NSR under the terms defined in the Binding LOI.
All dollar figures in this news release are expressed in Canadian dollars.
About Sassy Resources Corporation
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 current focus is on the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.’s prolific Golden Triangle.
Contact Info:
Mark Scott
Chief Executive Officer & Director
1.204.939.1957
Terry Bramhall
Sassy Resources – Corporate Communications/IR
1.604.833.6999 (cell)
1.604.675.9985 (landline)
Michael Adams
Managing Director – Star Finance GmbH
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