VANCOUVER, BC / ACCESSWIRE / June 4, 2020 / Strategic Metals Ltd. (TSXV:
Strategic has granted CMC a two staged option to acquire up to a 100% interest in the Blue Heaven silver project (the "Property"), located adjacent to CMC's Silver Hart Deposit and about 50 km north of Coeur Mining's Silver Tip Mine. The Blue Heaven is one of several high grade silver projects held by Strategic that host mineralization grading in excess of 1,000 g/t silver.
Under the first option CMC can earn an 80% interest by making staged payments to Strategic totalling $400,000 by June 1, 2024. Following the exercise of the first option, Strategic will retain a 10% net smelter return royalty interest ("NSR") from all high grade mining and a 2% NSR from all commercial scale mining. Upon exercising the first option, CMC will have a second option to earn an additional 20% interest in the Property by paying Strategic an additional $500,000 within 180 days of the exercise of the first option.
About Strategic Metals Ltd.
Strategic is a project generator with a portfolio of more than 130 projects that are the product of over 50 years of focussed exploration and research by a team with a track record of major discoveries. Current projects include more than 80 properties where precious metals are a major component. Projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features that resemble those at nearby deposits.
Strategic has a current cash position of over $6.5 million and large shareholdings in a number of active mineral exploration companies including 46.3% of GGL Resources Corp., 36.3% of Rockhaven Resources Ltd., 19.9% of Precipitate Gold Corp., 18.7% of Silver Range Resources Ltd., 8.7% Trifecta Gold Ltd., and 6.1% of ATAC Resources Ltd. Strategic also holds a 56.7% interest in Terra CO2 Technologies Ltd., a private company which is developing an environmentally-friendly, cost-effective alternative to Portland cement.
ON BEHALF OF THE BOARD
"W. Douglas Eaton"
President and Chief Executive Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
W. Douglas Eaton
Neither the 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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: Strategic Metals Ltd.