VANCOUVER, BC / ACCESSWIRE / May 14, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY) (OTCQB:SSYRF) (FSE:4E7) is pleased to announce that through its subsidiary, Gander Gold Corp., the Company has expanded its Newfoundland property holdings from 1,381 sq. km to 2,257 sq. km.
The 3,503 newly acquired claims (876 sq. km) cover a large portion of the Mount Peyton Intrusive and Gabbroic Complex situated in between New Found Gold's Keats Zone and Sokoman Minerals' Moosehead discovery. These claims were staked by and optioned from prospector Shawn Ryan and Wildwood Exploration Inc. whose extensive area research has recently led to a new understanding of the potential of the under-explored Mount Peyton Intrusive.
Mr. Ryan, a technical adviser for Sassy, commented: "The Mount Peyton Project represents a unique opportunity in that we have a large gabbroic intrusive suite that has seen limited historic exploration work, though numerous gold showings are documented. A new magnetic structural interpretation of the Mount Peyton Intrusive is clearly indicating numerous NNE and EW structures that are coincidentally anomalous with gold-in-tills. This project checks all the boxes we look for: structure, geochemistry, the right type and age of rocks, not to mention emerging high-grade gold deposits in the immediate area. With this acquisition Sassy is also now the largest landholder among public companies in the region."
Central Newfoundland Gold Belt Updated Map with New Sassy Claims
Mr. Mark Scott, Sassy President and CEO, stated: "Given our group's experience with an emerging instrusive hosted gold deposit in the Eskay Camp, Mount Peyton is a perfect fit for Sassy. We are very pleased to acquire such a large prospective area in the middle of this increasingly exciting and still very under-explored district. These 3,503 claims also link two previously non-contiguous groups of claims held by the Company on the margins of the intrusive. Backed by fresh interpretations, we see real potential at Mount Peyton. We look forward to completing airborne geophysics and widespread soil and till sampling this summer in the pursuit of new surface discoveries ahead of drilling."
- The expanded Mount Peyton package includes extensive southwest-northeast trending geophysical structures and a potentially significant fold nose in the southwest portion of the project area. Several historic anomalous gold-in-till results overlay this structure;
- The intrusive and gabbroic rocks found at Mount Peyton are commonly associated with gold mineralization. Combined with known geophysics and geochemistry in the area, and the presence of two adjacent high-grade gold deposits (Keats & Moosehead), the under-explored Mount Peyton Project is considered highly prospective for new discoveries. A network of secondary roads covers much of the project and facilitates access;
- The Company, through its subsidiary Gander Gold, will soon launch into an extensive non-stop exploration program covering its significant holdings in the Central Newfoundland Gold Belt, including airborne geophysical surveys, widespread soil/till sampling, and Phase 1 drilling along the GRUB Line at Gander North.
Expanded Mount Peyton Project - Geology, Historical Showings, Gold-In-Till, Mag
The Deal - Key Terms
Sassy has amended the original BLT & Mount Peyton South option agreement (see Sassy's May 4, 2021 news release for additional details) with Shawn Ryan and Wildwood Exploration Inc. (the "optioner") to acquire a 100% interest in the 3,503 "Mount Peyton Add-On Claims" described in this news release.
Under the terms of the amended agreement, Sassy (Gander Gold) will pay to Wildwood a cash payment equal to the staking cost associated with the add-on-claims ($227,695), of which the $175,150 refundable portion of the claims deposit ($50 per claim) paid to the government of Newfoundland and Labrador will be reimbursed to Sassy (Gander Gold) if the Company meets the $200 per claim assessment obligation ($700,600 total) by January 15, 2022. Additional cash payments of $25,000 per year will be paid by the Company (Gander Gold) to Wildwood Exploration Inc. on the anniversary of the original BLT & Mount Peyton South option agreement in the years 2022 - 2025 ($100,000 total).
Sassy will pay to Ryan a total of 2,500,000 shares in the Company in annual installments of 500,000 shares per year, the first of which is payable upon approval of the agreement and then annually on the anniversary of the original BLT & Mount Peyton South in the years 2022 - 2025. Should Gander Gold Corporation list on a public exchange, share payments from that date forward will be in Gander Gold Corporation shares.
The technical information in this news release has been reviewed and approved by Mr. Ian Fraser, P. Geo., Vice President of Exploration for Sassy Resources. Mr. Fraser is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Sassy Resources Corporation
Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle, and the Central Newfoundland Gold Belt.
Caution Regarding Forward Looking Statements
Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.
Chief Executive Officer & Director
Sassy Resources Corporate Communications/IR
Managing Director - Star Finance GmbH
SOURCE: Sassy Resources Corporation