September 6, 2022 (Investorideas.com Newswire) The company is in the process of meeting its obligations to earn 100% of a Vancouver Island property that is prospective for precious and base minerals … and sasquatches.
The mining exploration firm, Sasquatch Resource Corp., will begin trading on the Canadian Stock Exchange (CSE) on September 6, 2022, under the symbol SASQ.
The corporation has 17,454,000 (17.454M) shares outstanding and 1.72M shares reserved for issuance.
Tradable float shares total 6.104M, given many founders and early shareholders agreed to secure their shares through a three-year escrow release arrangement.
The Canadian company’s primary focus is the Mt. Sicker project on British Columbia’s Vancouver Island, a 10-minute drive from the city of Duncan.
Historically, at least five mines have produced gold, silver, copper, and lead on this property spanning 2,103 hectares and encompassing 17 claims.
“British Columbia MINFILE reports contain at least 16 documented mineral occurrences that now lie within the Mt. Sicker claim area,” said Sasquatch CEO Peter Smith.
Mt. Sicker also stands out as the place of more sasquatch sightings than anywhere else in the world, making “sasquatch” an apropos name for this mining entity.
Resources Map. Source: Sasquatch Resources.
Sasquatch, the corporation that is, has the option to earn 100% of the Mt. Sicker project and is working toward that end.
With about $650,000 in working capital, the company is in the process of carrying out various exploration efforts there.
The terms of the earn-in agreement for Mt. Sicker require Sasquatch to pay $285,000 in cash and issue 2.3M shares to the seller in tranches by November 2024 and conduct $250,000 worth of on-site work by October 2024.
If and when Sasquatch meets these requirements, it will own Mt. Sicker outright, but the seller will retain a 1% net smelter return royalty on it.
Various sampling programs have been conducted at Mt. Sicker since 2003 and have shown noteworthy metal values, up to 28.9% copper, 20 grams per ton (20 g/t) gold, and 397 g/t silver.
The project is likened to Nyrstar’s Myra Falls, also on Vancouver Island, in terms of geological setting, host rock age, and mineralization style.
To date, Myra Falls has produced 25,000,000 tons (25 Mt) and has 10 Mt of reserves and resources.
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