Friday, October 4, 2024 3:15 PM PDT") at a deemed price of $0.075 per Share pursuant to the Company's recently announced option to purchase and an undivided 100% right, title and interest in the Ptarmigan Silica Project with respect the Property pursuant to a royalty agreement between the Company and the Optionor dated October 4, 2024 . The Company has the right to purchase from the Optionor 50% of the NSR Royalty for $1,000,000 within 30 days of commercial production.
A Phase 1 exploration program is planned, with detailed mapping and channel sampling, an airborne magnetometer survey and preliminary metallurgical testing. A budget of $77,000 has been proposed which is anticipated to lead to a Phase 2 drill program for further delineation of potential silica resources.The target Yanks Peak quartzite outcrops in a series of distinctive parallel ridges with 20-30 metres of relief.
Given positive results from Phase 1, the author has recommended a $269,500 Phase 2 work program consisting of a drill program to allow evaluation of the potential silica resources on the Property. Also, the author has recommended an initial program of ten 50 m vertical diamond drill holes using HQ core to provide a substantial amount of material for a second phase of metallurgical testing.Chris M. Healey, P.