The TSX Venture Exchange has accepted for filing a disposition of a 100-per-cent interest in 39 boundary-cell mining claims and 76 single-cell mining claims located to the south of the Great Bear project, as well as two multicell mining claims located to the north of the Great Bear project with a total area of 2,637 hectares and up to 70-per-cent interest in and to 757 mining claims (12 boundary-cell mining claims, three multicell mining claims and 742 single-cell mining claims) covering approximately 16,410 hectares pursuant to a purchase agreement and an option agreement, respectively, between the company and an arm's-length party (the purchaser).

Pursuant to the terms of the purchase agreement, the purchaser will pay $1.55-million, with $1.25-million due immediately on closing and an additional $300,000 due on the one-year anniversary of the closing date, to the company and issue a variable 1.5 per cent to 2.5 per cent NSR (net smelter return) on the purchase agreement property in favour of the company in order to complete the acquisition of the purchase agreement property.

Pursuant to the terms of the option agreement, the purchaser must make cash payments or exploration expenditures on the option agreement property of $2.7-million, to be incurred on or before 36 months from the effective date of the option agreement, and a further $2-million, in the sole discretion of the purchaser, within 48 months from the effective date of the option agreement.

For further details, please refer to the company's news releases dated Feb. 22, 2023, and May 4, 2023.