The TSX Venture Exchange has accepted for filing of an option agreement dated Jan. 6, 2024, between the company and an arm's-length party to acquire a 100-per-cent interest in five mapped staked claims comprising 18 cells located near the town of Grand Falls-Windsor in central Newfoundland.

Under the terms of the agreement, the company must issue in aggregate 800,000 shares and pay $55,000 in cash to the optionor over a period of three years. If mutually agreed by all parties, the company can pay the cash consideration in shares of the company at a price of five cents per share.

The property will be subject to 2-per-cent net smelter return (NSR) royalty in favour of the optionor, whereby the company retains the right to buy back three-quarters of the royalty (equal to a 1.5-per-cent NSR royalty) for $1-million at any time.

For further details, please refer to the company's news releases dated Jan. 10, 2024, and Feb. 1, 2024.