Sassy Resources (CSE:SASY, OTCQB:SSYRF) Corporation said it has completed the purchase of 5,273 mining claims involving 1,318 square kilometers in Newfoundland for 4,260,000 shares and $500,000 in cash through a series of transactions.
Sassy said it then sold the claims on, through a subsidiary, to privately-held Galloper Gold Corp for 8 million shares of Galloper Gold and $700,000 in cash.
“Sassy has made great strides since early last year at creating a foundation for long-term financial success with strategic ownership positions in three exciting entities, each with a bright future in our view,” Mark Scott, the company's president and CEO said in a statement.
READ: Sassy Resources says Gander Gold spinout approved for public listing
“We’re now laser-focused on our #1 priority of building out the high-grade gold discovery that successfully launched Sassy as a public company nearly two years ago. We’ve been diligent at protecting our share structure to give us maximum flexibility to build shareholder value in multiple ways,” he added.
The deal with Galloper Gold, which is applying to list on a Canadian stock exchange, is the culmination of a process that started in early 2021, giving Sassy a strategic stake in the Newfoundland Gold Rush with major share positions in Gander Gold and now Galloper Gold. Sassy has also optioned its Nicobat Property to CSE-listed MAX Power Mining in exchange for 5 million shares of MAX Power.
“We will soon be unveiling a new website for Sassy as we rebrand around the Eskay Camp and a value proposition that’s more compelling than ever for this young company. We’re looking forward to an exciting summer at the Foremore Project where the last five drill holes at Westmore each intersected shallow, high-grade mineralization," Scott concluded.
Sassy’s primary focus going forward is its 100%-owned Foremore Project in Northwest British Columbia's prolific Eskay Camp.
The company is starting a new drill program next month to follow up on the early-stage Westmore high-grade gold discovery and the potential for a gold-silver-rich VMS-style discovery along the adjacent More Creek Corridor.
Contact the author at jon.hopkins@proactiveinvestors.com