Yorkton Options Bellechase Timmins Project to Royal Gold Mining Inc.
Vancouver, BC – September 29, 2020 – The Company reports that it has granted to Royal Gold Mining Inc.(“RGM”), an option to acquire up to a 70-per-cent interest in the advanced-stage Bellechasse Timmins gold property located in the Beauce region of southern Quebec.
Terms of the Option
In order to acquire a 35-per-cent interest in the property, RGM will:
- Make a $250,000 cash payment prior to October 2, 2020 to
- Issue a $100,000 2 year 10% Promissory Note to Yorkton
- Issue 1 million RGM shares to Yorkton
- Incur $200,000 of Property Expenditures within 12 months
In order to acquire an additional 35% resulting in a 70% interest, RGM shall make a cash payment to Yorkton of $350,000 on or before April 15, 2021 and expend $250,000 in work expenditures prior to September 30, 2023. At that point a joint venture partnership will be formed where each party will contribute their share of the project expenditures and costs or will be diluted down accordingly. The Agreement is subject to regulatory approval.
Yorkton will initially be operator of the Bellechasse-Timmins property and budgets must be approved by Yorkton. All technical components will be approved by a technical committee comprising of two nominees of RGM and two nominees of the Company.
Royal management believes further exploration on the Bellechasse-Timmins property, is warranted and the potential to upgrade the historical mineral resource is very good along strike and to depth. Further it believes that the potential for new discoveries is high with defined targets yet to be investigated.
The recently completed 43-101 summary report by Christian Derosier, on SEDAR, recommends an initial two-phase program focused on the Bellechasse-Timmins Deposit for 2020-2021.
Dr. Christian Derosier, P.Geo., D.Sc., is the qualified person (QP) as defined in National Instrument 43- 101 and, acting on behalf of Royal Gold Mining Inc. and Yorkton Ventures Inc, has reviewed and approved the technical content of this news release.
For more information please visit www.sedar.com.
On behalf of Yorkton Ventures Inc.
Andrew Lee Smith
Chief Executive Officer
888 – 1027 Davie Street, Vancouver, BC V6E 4L2 Canada
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