.jpg)
4 hours ago
1
Article content
TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Highrock Resources Ltd. (“Highrock” or “the Company”) (CSE: HRK) is pleased to announce that it has entered into an option agreement (the “Option Agreement“) with an arm’s length optionor (the “Optionor“) dated May 12, 2025 (the “Effective Date“), pursuant to which the Company was granted an option (the “Option“) to acquire seven (7) mining claims (116 units) (the “Property“). in the Minnitaki Lake area located between the towns of Dryden and Sioux Lookout in Northwest Ontario. Several historical gold showings are located in the sequence of Archean mafic metavolcanics, metasediments and iron formation which trend ENE through the general area of the property, The area has recently been the focus of gold exploration by a number of companies led by NexGold Mining Corp. which is proceeding to develop its Goliath Gold Complex near Dryden. Readers are cautioned that information regarding the geology, mineralization, mineral resources, and production history on adjacent or similar properties is not necessarily indicative of the mineralization on Company’s properties.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
Article content
Under the terms of the Option Agreement, the Company may exercise the Option to acquire 100% legal and beneficial interest in the Property in exchange for the aggregate cash payments in the amount of $56,000 payable to the Optionor and the issuance of an aggregate of 200,000 common shares (each, a “Common Share“) in the capital of the Company to the Optionor at a price of $0.05 per Common Share as follows:
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
- a cash payment in the amount of $8,000 on signing of the Option Agreement;
- 200,000 Common Shares issued to be issued to the Optionor on or before the seventh (7th) business day following the date of the Option Agreement;
- A cash payment in the amount of $12,000 on the date that is the first anniversary of the Option Agreement;
- a cash payment in the amount of $16,000 on the date that is the second anniversary of the Option Agreement; and
- a cash payment in the amount of $20,000 on the date that is the third anniversary of the Option Agreement.
Article content
In the event that the Option is exercised, the Company will grant a 1.5% net smelter returns royalty (“NSR“) in favour of the Optionor, subject to the ability of the Company to purchase 0.5% of the NSR (resulting in the remaining NSR being 1%) for a purchase price of $600,000 at any time after the NSR is granted.
Article content
Article content
Pursuant to the policies of the Canadian Securities Exchange (the “CSE“), the Option and the issuance of the Common Shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Article content
Qualified Person Review
Article content
The technical and scientific information contained within this news release have been reviewed and approved by James Pirie, P.Eng, a director of the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Qualified Person has not completed sufficient work to verify the historic information on the Property. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
Article content
About Highrock Resources Ltd.
Article content
Highrock Resources is a Canadian exploration company focused on strategic and precious metals in North America.
English (US)