VANCOUVER, BC / ACCESSWIRE / July 24, 2024 / SASQUATCH RESOURCES CORP. (CSE:SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has entered into an option agreement dated July 23, 2024 with Gene Robert Overall (the "Optionor") respecting three mineral claims (the "Claims") covering 191.34 hectares on Vancouver Island in the Province of British Columbia. Under the agreement, Sasquatch has the irrevocable right and option for a period of three years to conduct exploration on the Claims and to remove and process minerals from the surface and near-surface of the Claims, including without limitation from the mineral "waste rock" on the Claims and near-surface exposures on the Claims up to a depth of 10m from surface.
The Claims comprise the area formerly known as the Blue Grouse Mine ("Blue Grouse"), located on the south side of Cowichan Lake, 4.8 kilometres northwest of Honeymoon Bay, and only a few hundred meters from a paved access road. Logging roads provide direct access to the area from the paved road. The mine was in production from 1917 to 1919 and from 1956 to 1960, and produced copper, silver and gold.
The Claims are host to a significant amount of waste-rock from previous mining activities, as depicted below.
Photograph 1 - Blue Grouse waste-rock pile
Photograph 2 - access road running through waste-rock
Photograph 3 - close-up of grab samples from the waste-rock pile at Blue Grouse
Photograph 4 - overhead view of a portion of the waste-rock pile at Blue Grouse
The Company plans to evaluate the waste-rock's composition, volume, and economic potential over the coming months.
Peter Smith, Sasquatch's CEO, said "now that we are rapidly advancing our waste-rock project at Mount Sicker, it's time to consider what might be next for Sasquatch. Blue Grouse has many similarities to the historical mines which operated at Mount Sicker, and a waste-rock reclamation project at Blue Grouse would have us dealing with many of the same local groups, which have been overwhelmingly supportive. Access is also very favorable, with a paved road in very close proximity, and logging roads leading directly to the waste-rock piles. In addition, previous mining activity on Blue Grouse was conducted long ago, at a time when cut-off grades would presumably be very high by today's standards. We very much look forward to assessing the potential at Blue Grouse for waste-rock sorting and reclamation over the coming months."
As consideration for the option, Sasquatch is required to make such exploration expenditures on the Claims as are necessary to keep the Claims in good standing during the three-year option period. In addition, on commencement of commercial production on the Claims by Sasquatch, Sasquatch is required to make a cash payment of $25,000 to the Optionor and to grant a 2% net smelter returns royalty to the Optionor. Upon completion of commercial production, Sasquatch will be required to make such exploration expenditures on the Claims as are necessary to keep the Claims in good standing for five years thereafter.
About the Company
Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia. For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at psmith@sasquatchresources.com or by telephone at 778.999.7030.
On Behalf of the Board of Directors
Peter Smith
Chief Executive Officer
778.999.7030
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Mount Sicker Property, the proposed work program on the Mount Sicker Property and the potential and economic viability of the Mount Sicker Property. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Sasquatch Resources Corp.
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