VANCOUVER, BC, March 20,
2024 /CNW/ - Stuhini Exploration Ltd.
("Stuhini" or the "Company") (TSXV: STU) (OTCQB:
STXPF) announces that the Company has renewed
its option on the Que Project.
The Option Agreement was first announced on February 17, 2020, was amended and restated
on February 28, 2020 and was further
amended and restated on October 26,
2020 (the "Amended Option Agreement"). The
Amended Option Agreement provides that Stuhini can acquire a 100%
interest in Que Property (the
"Property"), located in Yukon, Canada approximately 70 kilometres
("km") from Johnson's Crossing
(the "Option").
Pursuant to the Amended Option Agreement, Stuhini can earn a
100% interest in the Property by issuing up to 937,500 common
shares of the Company ("Common Shares") and making cash
payments of up to $95,000 over a
5-year term.
Based on the road accessibility and what the board of directors
of the Company (the "Board") considers to be the prospective
nature of the Property, the Board has unanimously voted in favor of
proceeding with the fourth anniversary Option Commitment which
consists of 125,000 Common Shares and a $35,000 cash payment. This share issuance and
cash payment is the only committed payment over the next 12 months.
There are no work commitments. The final share issuance and cash
payment is at the Company's election should it wish to complete the
Option Agreement on April 1,
2025.
The Que Property
The Que Property is 4,243 hectares in
size, is road accessible of Yukon Hwy #6 and is located 70 km north
of Johnson's Crossing on the Alaska Highway. The property was first staked
in the mid 1960's due to the occurrence of several large rusty kill
zones believed to be indicative of buried massive sulphide on the
Property. Subsequent exploration has discovered anomalous gold in
soil and stream sediment silt samples and the discovery of gold
bearing quartz veins.
About Stuhini Exploration
Stuhini is a mineral
exploration company focused on exploration and development of
precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of
exploration properties includes the flagship Ruby Creek Property,
14 km east of Atlin,
BC; the Que Project, 70 km north of Johnson's
Crossing, Yukon; the South
Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge
Property, 57 km south of Revelstoke, BC; and the Lindsay Project
in southeast Arizona.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward Looking Statements
This news release
contains "forward-looking statements" within the meaning of
Canadian securities
legislation. Such forward-looking statements concern the
maintenance and continuation of the Que Property Option Agreement,
Such forward-looking statements or information are based on a number
of assumptions, which may prove to be incorrect. Assumptions have
been made regarding, among other things: conditions in general
economic and financial markets; accuracy of assay results;
geological interpretations from sampling results, timing and
amount of capital expenditures; and future exploration
costs. The actual results could differ materially from those
anticipated in these forward-looking statements as a result of
the risk factors including: the timing and content of work
programs; results of exploration activities and development of
mineral properties; the acquisition of additional exploration
properties or options thereon; the interpretation and uncertainties
of sampling results and other geological data; the receipt of
government grants, the receipt, maintenance and security of permits
and mineral property titles; environmental and other
regulatory risks; project costs overruns or unanticipated
costs and expenses; availability of funds and general market
and industry conditions. Forward-looking statements are based
on the expectations and opinions of the Company's management
on the date the statements are made. The assumptions used in the
preparation of such statements, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
the statements were made. The Company undertakes no obligation
to update or revise any forward-looking statements included
in this news release if these beliefs,
estimates and opinions
or other circumstances should change, except
as otherwise required
by applicable law.
SOURCE Stuhini Exploration Ltd.