Stinger Resources Announces Option Agreement Update and Exploration on the Silver Side Property in British Columbia
Cardston, August 15, 2022 - Stinger Resources Inc. (TSXV: STNG) (OTCQB: STNRF) ("the Corporation") ("Stinger") is pleased to report updates on the status of its option agreement and subsequent exploration on the Silver Side property ("the Property") located in central British Columbia approximately 20 km north of Clearwater.
Due to the present challenging junior exploration market, the prior Silver Side option agreement has been re-negotiated resulting in very favorable terms for Stinger. The new option terms are as follows:
The optionor grants the right to Stinger to earn an undivided 100% interest in the Property, subject to a 3% net smelter returns royalty ("NSR") on all base metals, precious metals, rare earth elements, and gems. The full NSR may be purchased at any time by Stinger for $500,000 cash per each one percent purchased.
Stinger paid the Optionor $5,000 in cash upon signing the new revised agreement.
Stinger will conduct enough assessment work in 2022 to keep the property claims in good standing until at least August 1, 2023.
During the year 2023, Stinger will conduct enough assessment work to keep the property claims in good standing until at least August 1, 2024.
On or before August 1, 2024, Stinger will pay to the optionor $30,000 in cash.
Stinger shall be permitted to accelerate any of the cash payments or exploration work commitment amounts listed above and all such payments and work commitments shall be cumulative meaning that any cash payments or work commitment expenditures that exceed the specific obligations for any given time period shall carry forward and be applied to future obligations.
Stinger shall be the operator of the Property.
The Corporation also reports that a geological team has now commenced prospecting along with an associated geochemical sampling program at the Property.
About Stinger Resources
Stinger holds interests in gold and silver properties in British Columbia, including the 100% owned past producing Dunwell Mine which is located near Stewart in the prolific "Golden Triangle".
In addition, Stinger owns the Gold Hill project located near Fort Steele, as well as optioned interests in the Ample Goldmax, Silver Side and Glitter King properties, all of which are located in other prospective areas of the Province of British Columbia.
For further information please contact Kelvin Burton at:
Phone: 587-271-0999
Email: kburton@stingerresources.com
Further information about Stinger can be found on its website at: www.stingerresources.com
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133830
