Sassy Resources (CSE:SASY, OTCQB:SSYRF) Corporation announced that it has completed a definitive option agreement with project operator Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF) to acquire the Highrock uranium project in Saskatchewan.
Sassy said mobilization for access to the Highrock drill sites by a winter haul road is in progress, with the start of drilling anticipated this month.
“We are very pleased to have completed the definitive option agreement for the Highrock Project, following up on the terms laid out in the original Letter of Intent signed with Forum Energy Metals in early January,” Sassy Resources (CSE:SASY, OTCQB:SSYRF) CEO Mark Scott said in a statement.
READ: Sassy Resources receives drill permits for Highrock Uranium Project in Saskatchewan’s Athabasca Basin
“We have high quality drill targets at Highrock, offering shareholders excellent leverage to a potential new discovery and uranium market upside this year and beyond,” Scott added.
On January 6, 2022, the company signed a binding letter of intent with Forum, in which Sassy is required to pay C$350,000 in cash, issue 3.75 million Sassy shares and provide up to C$3.5 million in exploration funding over four years between January 3, 2022, and December 31, 2025, in order to acquire 100% of the Highrock project.
As well, upon acquiring its 100% interest Sassy will pay Forum C$1 million on delivery of a feasibility study and a further C$3 million on commencement of commercial production.
Forum will maintain a 1% net smelter return (NSR) royalty on Highrock, half of which can be purchased by Sassy before the commencement of commercial production for C$1 million.
Forum Energy Metals will act as project operator for 2022 and 2023 and may do so at Sassy's option in 2024.
Sassy Resources (CSE:SASY, OTCQB:SSYRF) is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal, base metal and uranium projects in North America.
Its focus is the Foremore project located in the Eskay Camp, Liard Mining Division, in the heart of northwest British Columbia’s prolific Golden Triangle, the Central Newfoundland Gold Belt where the company is one of the district’s largest landowners, and the recently-acquired option on the Highrock uranium project in the Key Lake region of Saskatchewan’s Athabasca Basin.
Contact Sean at sean@proactiveinvestors.com