Sassy Resources Corporation (CSE:SASY) (OTCQB:SSYRF) (FRA:4E7) said that through its subsidiary Gander Gold Corp, it has expanded its Newfoundland property holdings by 876 square kilometers (sq.km).
The 3,503 newly acquired claims now encompassing 2,257 sq.km over a large portion of the Mount Peyton Intrusive and Gabbroic Complex situated in between New Found Gold’s Keats Zone and Sokoman Minerals’ Moosehead discovery, the company said.
These claims were staked by and optioned from prospector Shawn Ryan and Wildwood Exploration Inc, whose extensive area research has recently led to a new understanding of the potential of the under-explored Mount Peyton Intrusive, Sassy added.
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“The Mount Peyton Project represents a unique opportunity in that we have a large gabbroic intrusive suite that has seen limited historic exploration work, though numerous gold showings are documented,” said Ryan, a technical adviser for Sassy, in a statement.
“A new magnetic structural interpretation of the Mount Peyton Intrusive is clearly indicating numerous NNE and EW structures that are coincidentally anomalous with gold-in-tills. This project checks all the boxes we look for: structure, geochemistry, the right type and age of rocks, not to mention emerging high-grade gold deposits in the immediate area. With this acquisition, Sassy is also now the largest landholder among public companies in the region.”
Sassy CEO Mark Scott said Mount Peyton “is a perfect fit” for the company.
“We are very pleased to acquire such a large prospective area in the middle of this increasingly exciting and still very under-explored district,” Scott said. “These 3,503 claims also link two previously non-contiguous groups of claims held by the company on the margins of the intrusive. Backed by fresh interpretations, we see real potential at Mount Peyton. We look forward to completing airborne geophysics and widespread soil and till sampling this summer in the pursuit of new surface discoveries ahead of drilling.”
Deal terms
Meanwhile, Sassy has amended the original BLT & Mount Peyton South option agreement with Ryan and Wildwood Exploration to acquire a 100% interest in the 3,503 “Mount Peyton Add-On Claims.”
Under the terms of the amended agreement, Sassy said it (via Gander Gold) will pay to Wildwood a cash payment equal to the staking cost associated with the add-on-claims ($227,695), of which the $175,150 refundable portion of the claims deposit ($50 per claim) paid to the government of Newfoundland and Labrador will be reimbursed to Sassy (Gander Gold) if the company meets the $200 per-claim assessment obligation ($700,600 total) by January 15, 2022.
Also, additional cash payments of $25,000 per year will be paid by the company (Gander Gold) to Wildwood Exploration on the anniversary of the original BLT & Mount Peyton South option agreement in the years 2022-2025 ($100,000 total).
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