- Stinger Resources (STNG) has negotiated new terms for the option agreement to earn 100 per cent of the Glitter King property
- The company also reports that an exploration program on the property has begun
- Stinger will conduct enough assessment work in 2022 to keep the property claims in good standing until at least August 1, 2023
- Stinger holds interests in gold and silver properties in British Columbia
- Stinger Resources Inc. opened the day’s trading at $0.085 per share
Stinger Resources (STNG) has negotiated new terms for the option agreement to earn 100 per cent of the Glitter King Property.
The property is located in western British Columbia which is about 90 kilometres southeast of Prince Rupert on Pitt Island.
The company also reports that an exploration program on the property has begun today. The exploration program will incorporate prospecting, detailed sampling of mineralized zones, and identifying specific drill sites.
“The opportunity to renegotiate the terms of our option agreement has allowed for cost effective and prospective planning for exploration and advancement of the property,” said Stinger Resources President and CEO Darren Blaney.
The challenges the junior exploration market faces have allowed for the prior Glitter King option agreement to be re-negotiated, resulting in favourable terms for Stinger.
Under the new terms, Stinger paid the optionor $5,000 in cash upon signing the new revised agreement.
Also, the optionor grants the right to Stinger to earn an undivided 100-per-cent interest in the property, subject to a 3-per-cent net smelter returns royalty. The full NSR may be purchased at any time by Stinger for $500,000 cash for each one percent purchased.
Stinger will conduct enough assessment work in 2022 to keep the property claims in good standing until at least August 1, 2023.
During the year 2023, Stinger will conduct enough assessment work to keep the property claims in good standing until at least August 1, 2024.
On or before August 1, 2024, Stinger will pay to the optionor $30,000 in cash.
Stinger shall be the operator of the property.
Stinger Resources Inc is engaged in the exploration and development of mineral properties in Canada.
Stinger Resources Inc. opened the day’s trading at $0.085 per share.