Millrock Resources Acquires Kiska Metals’ Goodpaster Gold Project, Alaska
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Kiska Metals Corporation has signed a definitive agreement regarding the sale of its non-core Goodpaster project in Alaska to Millrock Resources Inc.
Highlights:
• Kiska to receive a $32,000 cash payment upon execution of the agreement;
• Kiska will be paid $1 for every gold equivalent ounce included in or added to the measured, indicated and inferred resource categories by the time a decision to mine is made;
• Kiska will receive a 1 percent net smelter returns royalty on the claims comprising the property, ½ of which may be purchased for a payment of $2 million on or before the earlier of: (i) the publication of a feasibility study, or (ii) a decision to mine;
• Kiska will receive advance minimum royalty (AMR) payments in the amount of $50,000 per year beginning on the 3rd anniversary of the agreement. One AMR payment can be postponed for a period of 3 years after the initial payment.
The property is comprised of claims in the vicinity of the Pogo gold mine that were staked by Kiska’s predecessor company, Rimfire Minerals Corporation. Extensive gold and multi-element soil anomalies in a geological setting comparable to the Pogo deposit exist on the property. Many of these anomalies remain untested by drilling, and present an excellent opportunity to explore for high-grade gold mineralization.
Kiska believes that with its significant Alaska experience and resources, Millrock is uniquely positioned to advance the property, and create value for Kiska’s shareholders by way of the retained royalty, AMR and milestone payments.
About Kiska Metals
Kiska specializes in developing early-stage mineral exploration projects with the goal of discovering economic mineral deposits. The company’s focus and expertise is precious and base metal deposits in the Americas. Kiska employs the “Project and Royalty Generator” business model to finance exploration, leverage exploration dollars and data, and preserve shareholder equity. Kiska partners its projects with mining and exploration companies who share its vision and commitment with respect to environmentally and socially responsible mineral exploration and development. Kiska believes that the next generation of economic mineral deposits will be discovered by solid boots-on-the-ground fieldwork coupled with innovative exploration technologies — this approach increases the odds of discovery and is Kiska’s competitive advantage over its peers.
To stop by Kiska Metals’ website, CLICK HERE
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