Stewart, BC – – Decade Resources Ltd. (“Decade” or the “Company”) is pleased to announce it has entered into an option agreement (the “Agreement“) with Rotation Minerals Ltd. (the “Optionee“) whereby the Company has granted an exclusive option to the Optionee to acquire a 100% interest in the Bow Claims, situated in the Skeena Mining District in British Columbia (the “Property“).
Under the terms of the Agreement, the Optionee will have the option to acquire a 100% interest in Property by paying total of $1,000,000 to Decade in five equal installments, subject to a 3% net smelter return royalty.
- $200,000 upon execution of this Agreement (December 12, 2018);
- $200,000 on or before the date that is 6 months after the Execution Date;
- $200,000 on or before the date that is 12 months after the Execution Date;
- $200,000 on or before the date that is 18 months after the Execution Date; and
- $200,000 on or before the date that is 24 months after the Execution Date.
In the event all the payments are not made, the buyer will have no interest in the Bow property.
The acquisition remains subject to approval of the TSX Venture Exchange (the “Exchange“).
The Bow is contiguous with the Scottie property, which hosts the past producing Scottie Gold mine. The Bow property covers a package of Hazelton Group volcanic rocks in contact with the Summit Lake stock, part of the Texas Creek plutonic suite. This sequence of rocks exhibits similar alteration and mineralization to the former-producing Premier mine 20 kilometres south of the Bow property, and the KSM copper-gold porphyries and Brucejack gold deposits 20 kilometres north of the Bow property.
Edward R. Kruchkowski serves as a director of the Company and the Optionee, and is considered a Non Arm’s Length Party, in accordance with Exchange policies. As such, Mr. Kruchkowski has abstained from voting on all matters relating to the transaction.