The TSX Venture Exchange has accepted for filing an option agreement dated July 7, 2023, between the company and an arm's-length party (the optionor) to acquire a 100-per-cent interest in a group of mineral claims that are located internal to and near to the northern extent of the Duke property in British Columbia.

Under the terms of the agreement, the company will issue 200,000 shares (100,000 shares at closing and the other 100,000 shares on the first anniversary) and pay $50,000 in cash ($5,000 at closing and the other $45,000 in instalments of $5,000 on each anniversary for the following nine anniversaries) to the optionor in order to exercise the option.

Upon exercise of the option, the property will be subject to a 2-per-cent net smelter return (NSR) royalty in favour of the optionor, subject to maximum royalty payments of $10-million.

Under the terms of the agreement, the company shall also finance an annual scholarship for indigenous students for a period of 10 years in the amount of $20,000 per year or for a total of $200,000 if the option is exercised earlier than 10 years.

For further details, please refer to the company's news release dated Sept. 5, 2023.