Make Option Claims Adjacent To Joint Kepenkeck Gold Property
Sokoman Minerals Corp.(TSXV: SIC) (OTCQB: SICNF) and Benton Resources Inc. have through their strategic alliance entered into an option agreement to acquire the Larry’s Pond project which lies along the western boundary of the Kepenkeck Gold JV claims in Newfoundland.
Larry’s Pond consists of two licenses totalling 30 claim units. The optionors of the Larry’s Pond project have discovered and sampled multiple quartz veins and silicified zones containing sulphides (chalcopyrite and galena) for which results are pending.
Under the Option Agreement and upon approval from the TSX Venture Exchange Benton, on behalf of the Joint Venture, will issue 200,000 common shares and make cash payments to the Optionors of C$60,000 as per:
- paying to the Optionors in the aggregate C$10,000 cash on execution of the Option Agreement;
- issuing to the Optionors in the aggregate 50,000 common shares of Benton upon receipt of Exchange approval for the Option Agreement;
- paying to the Optionors in the aggregate a further C$10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the first anniversary of the effective date of the Option Agreement;
- paying to the Optionors in the aggregate a further C$10,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the second anniversary of the Effective Date; and
- paying to the Optionors in the aggregate a further C$30,000 cash and issuing to the Optionors in the aggregate a further 50,000 common shares of Benton by the third anniversary of the Effective Date.
The Optionors will retain a 2% Net Smelter Royalty, half of which Benton, on behalf of the Joint Venture, can purchase for C$1 million at any time. Under the terms of the Joint Venture, Sokoman will reimburse Benton for 50% of the Option payments made by Benton pursuant to the Option Agreement.
Personnel have begun prospecting and mapping on the Property, and the imminent, detailed, 100m-spaced Airborne Mag-VFL survey that will encompass approximately 1,600 line-km in the area will include the optioned Property.
Benton and Sokoman anticipate that these initial activities will generate gold targets for further exploration.
For further information please visit: https://sokomanmineralscorp.com/
