Solstice Gold Corporation (TSXV:SGC)
(“Solstice”, the “Company”, “we” or “our”) is pleased to
announce that, further to our news release dated February 2, 2021
and following receipt of approval from the TSX Venture Exchange,
the Company has issued to Gravel Ridge Resources Ltd.
(“
Gravel Ridge”) 300,000 common shares
(“
Common Shares”) as a portion of the
consideration payable by the Company to Gravel Ridge in connection
with the option agreement (“
Agreement”) dated
February 1, 2021 (“
Effective Date”) for an option
(“
Option”) to acquire a 100% interest in the Red
Lake Extension project (the “
Project”). In
accordance with the terms and conditions of the Agreement, the
Company has also paid $22,000 to Gravel Ridge
on
the Effective Date.
Pursuant to the Agreement, to fully exercise the
Option, the Company shall in its sole discretion: (i) make
additional cash payments of $84,000 over three years; and (ii)
issue an additional 300,000 Common Shares to Gravel Ridge on or
before the first anniversary of the Effective Date. Upon full
exercise of the Option (if any), the Project would be subject to a
1.5% net smelter royalty, of which an aggregate of 1% may be
repurchased by the Company subject to the terms and conditions of
the Agreement.
All Common Shares issuable under the Agreement
shall be subject to a statutory hold period of four months and a
day from the date of their issuance.
The Company has begun exploration at RLX with an
ongoing heliborne magnetic survey covering the entire 33 km2
Project. The survey, which is being flown at 50m spacing, will
provide high definition magnetic and structural information to aid
further exploration on the project.
For further details of the Agreement and the
Project, please see the Company’s news release dated February 2,
2021 available under the Company’s profile on SEDAR.
About Solstice
Solstice is a gold-focussed exploration company
engaged in the exploration of our high-quality exploration assets
in top tier jurisdictions. Our 33 km2 Red Lake Extension project is
located on the north end of the prolific Red Lake Gold District.
Our district scale KGP project covers 886 km2 with certain other
rights covering an adjacent 683 km2, all with no underlying option
or earn in payments. KGP has seen over $12MM dollars spent on
significant field work, identified a 10 km2 gold boulder field and
now prepared with multiple drill ready targets. KGP is located in
Nunavut, Canada only 26 km from Rankin Inlet and approximately 7 km
from the Meliadine gold deposits owned by Agnico Eagle Mines Ltd.
Solstice has 99.8 million shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold, the Red Lake Extension Project and the
KGP Project, please see our Corporate Presentation available at
www.solsticegold.com.
Neither 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.
On Behalf of Solstice Gold
Corp.
David Adamson, PhDChairman
For further information please visit our website
at www.solsticegold.com or contact:
Marty Tunney,
PEngPresidentinfo@solsticegold.com
(604) 622-5040
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating but not limited to the
Company’s expectations, intentions, plans and beliefs. FLS can
often be identified by forward-looking words such as “approximate
or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”,
“expects”, “potential”, “scheduled”, “may” and “will” or similar
words suggesting future outcomes or other expectations, beliefs,
plans, objectives, assumptions, intentions or statements about
future events or performance. FLS in this news release also
include, but are not limited to, the extent and timing of described
programs and ground-work, such as rock sampling, drilling,
geophysics, mapping, till sampling and analysis. Geological
interpretations are FLS and are subject to change based on
additional data and/or further analysis. FLS in this news release
include comparison with certain geological features at adjacent and
regional projects. There can be no guarantee that continued
exploration at Solstice exploration projects, which are at an early
stage of exploration, will lead to the discovery of an economic
gold deposit. Factors that could cause actual results to differ
materially from any FLS include, but are not limited to, the future
impacts of the COVID 19 pandemic and government response to such
pandemic, the ability of the Company to continue exploration at its
project in lieu of the pandemic and the risk of future lack of
access to the project as a result thereof, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inability to locate source rocks, inflation,
changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects, regulatory approvals and other
factors. FLS are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from expected
results.
Potential shareholders and prospective investors
should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the
FLS. Shareholders are cautioned not to place undue reliance on FLS.
By their nature FLS involve numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
various future events will not occur. Solstice undertakes no
obligation to update publicly or otherwise revise any FLS whether
as a result of new information, future events or other such factors
which affect this information, except as required by law.
This news release contains information with
respect to adjacent or other mineral properties in respect of which
the Company has no interest or rights to explore or mine or
acquire. Readers are cautioned that mineral deposits on adjacent or
similar properties are not indicative of mineral deposits on the
Company’s properties, nor is there certainty that Solstice’s
projects will contain economic mineralization. This news release
mentions other companies that are unrelated to Solstice and this
does not imply any agreements, partnerships or rights with respect
to any of these companies or their properties other than where
explicitly defined. Past performance is no guarantee of future
performance and all investors are urged to consult their investment
professionals before making an investment decision.
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