Mann Lake Project Location Map:
https://skyharbourltd.com/_resources/SYH_Mann_Lake_Tenure.jpg
Under the Option Agreement, Black Shield will contribute cash and exploration expenditure consideration totaling CAD
Skyharbour’s President and CEO,
Mann Lake Uranium Project Summary:
Skyharbour owns a 100% interest in the 3,473 hectare (8,582 acre)
Skyharbour carried out a ground-based EM survey in 2014 focused on an area where a 2 km long aeromagnetic low coincided with basement conductors interpreted from earlier EM surveys. This program successfully confirmed the presence of a broad, NE-SW trending corridor of conductive basement rocks which are likely graphitic metapelites.
Mann Lake Project Geological Compilation Map:
https://skyharbourltd.com/_resources/SYH_Mann_Lake_Compilation.jpg
Terms of the Option Agreement:
Under the terms of the Option Agreement, the Black Shield Metals Corp. is committed to the following:
- paying to Skyharbour a total of CAD
$850,000 cash and issuing Skyharbour the total number of common shares (“Shares”) of Black Shield equivalent to a value of CAD$1,750,000 based on the 20 day VWAP at the time of issuance, as follows:- within five days of the signing of the Option Agreement, pay
$100,000 and issue Shares equivalent to$250,000 at the 20 day VWAP at the time of issuance; - on the first anniversary of the signing of the Option Agreement, pay
$250,000 and issue Shares equivalent to$500,000 at the 20 day VWAP at the time of issuance; - on the second anniversary of the signing of the Option Agreement, pay
$250,000 and issue Shares equivalent to$500,000 at the 20 day VWAP at the time of issuance; - on the third anniversary of the signing of the Option Agreement, pay
$250,000 and issue Shares equivalent to$500,000 at the 20 day VWAP at the time of issuance;
- within five days of the signing of the Option Agreement, pay
- incur a minimum of
$4,000,000 in exploration expenditures on the Property as follows:$1,000,000 in exploration expenditures on or before the first anniversary of the signing of the Option Agreement;- an additional
$1,000,000 in exploration expenditures on or before the second anniversary of the signing of the Option Agreement; and - an additional
$2,000,000 in exploration expenditures on or before the third anniversary of the signing of the Option Agreement.
In the event that Black Shield spends, in any of the above periods, less than the specified sum, it may pay to the Optionor the difference between the amount it actually spent and the specified sum before the expiry of that period in full satisfaction of the exploration expenditures to be incurred. In the event that Black Shield spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the exploration expenditures to be incurred in succeeding periods.
Immediately on Black Shield satisfying all of the conditions, Black Shield will be deemed to have exercised the Option and to have earned a 75% interest in and to the Property which will vest to Black Shield subject to the net smelter returns royalty (“NSR Royalty”). A NSR Royalty of two and a half percent (2.5%) is payable to a third party of net smelter returns from minerals mined and removed from the Property (payable pro-rata based on ownership interest in the Property).
The issuance of the Black Shield shares is subject to approval by the board of directors of Black Shield and the Canadian Securities Exchange. All securities issued pursuant to this offering will be subject to a four-month plus one-day hold period from the issuance date. Black Shield may pay finder's fees and/or commissions to eligible persons in connection with the Option in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by
About Black Shield Metals Corp.
Black Shield Metals Corp. is a Canadian junior exploration company focused on diversified mineral resources. Black Shield is proposing to change its name to
About
Skyharbour holds an extensive portfolio of uranium exploration projects in
Skyharbour has a joint-venture with industry-leader
The Company also owns a 100% interest in the
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.jpg
To find out more about
“Jordan Trimble”
_________________________________
President and CEO
For further information contact myself or:
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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