On Target For Mineral Creek Gold Project Agreement
Tempus Resources Ltd (ASX: TMR) (TSXV: TMRR) has executed a Property Option/Joint Venture agreement with respect to the vompany’s Mineral Creek Gold Project, located in British Columbia, Canada.
The key terms of the agreement, with Canadian company Robinhood Gold Corp (RGC) are:
- RGC to earn an initial 75% interest in the Mineral Creek Gold Property by completing the following work commitment and consideration payments:
- Complete minimum expenditure on the Property of C$100,000 by December 31, 2021;
- Complete total cumulative property expenditures of C$500,000 by December 31, 2022; and,
- Complete total cumulative property expenditures of C$2,000,000 by December 31, 2023.
- If RGC completes and initial Public Offering (IPO) then RGC will pay Tempus C$100,000 in fully paid common shares of RGC at the IPO issue price; of
- If RGC does not complete an IPO but becomes listed on any stock exchange via any transaction then RGC will pay Tempus $30,000 of fully paid common shares of RGC at a price equivalent the valuation implied by a concurrent equity raise or as agreed between the parties.
- Tempus retains a 1% Net Smelter Royalty on the Mineral Creek Property.
- RGC will be the operator of the Mineral Creek Property and will be responsible for all costs associated with maintaining the mineral claims in good standing, with Tempus having no obligation to contribute to project expenditures during the term of the Option/Joint Venture Agreement.
- Following completion of the Option, the parties will establish a joint venture and contribute to project expenditures on an equity basis (after C$2,000,000 minimum expenditure by RGC).
Tempus Managing Director, Brendan Borg, said RGC has the right to acquire an additional 5% of the Mineral Creek Property by paying Tempus C$1,000,000 at any time during the Option/Joint Venture Agreement period.
“The Mineral Creek Gold Project was acquired along with our flagship Blackdome-Elizabeth Gold Project in late 2019,” Mr Borg said.
“We welcome this opportunity to unlock value from the Project through this transaction with Robinhood and look forward to seeing the story develop as exploration proceeds.”
The Mineral Creek Gold Property is located on Vancouver Island, British Columbia, approximately 10 km east of the town of Port Alberni .
The Property consists of 42 contiguous mineral claims totalling 9,877.29 hectares. All 42 mineral claims are owned 100% by Tempus subsidiary Sona Resources, and have no underlying royalties. The Property is readily accessible by an extensive network of all-season logging roads.
Mineral Creek has a long history of gold mining, dating back to the late 1800’s where placer gold was mined from Mineral Creek and China Creek, and from several adits along the Mineral Creek Fault Zone, where gold was mined from high-grade gold-quartz veins.
