The TSX Venture Exchange has accepted for filing a claims purchase agreement dated May 19, 2023, between a wholly owned subsidiary of Snowline Gold Corp. and two arm's-length parties, whereby the company will purchase 92 minerals claims located in the Mayo mining district in Yukon. In consideration, the company will pay $1-million and issue 200,000 common share purchase warrants to one of the sellers. Each warrant will entitle the holder to acquire one common share of the company with an exercise price of $3.50 for a two-year period from the date of the issuance.

The company will grant a 1-per-cent net smelter return (NSR) royalty to each seller on the mineral claims they sell to the company. In addition, each seller will receive a cash bonus of $1-million on the same claims that they sell to the company, contingent upon the establishment, announcement, publication or declaration of certain resources.

For further details, please refer to the company's news release dated June 1, 2023.