The TSX Venture Exchange has accepted an option agreement to acquire a 100-per-cent interest in the Horne property from arm's-length parties. The property is in the Eureka gold zone, located approximately 50 kilometres west of Thunder Bay in Northwestern Ontario.

Pursuant to the terms of the agreement, the company will issue one million shares to the vendors, pay $225,000 in cash and incur exploration expenditures of $800,000 over a four-year period. The company will additionally grant a 2-per-cent net smelter return (NSR) royalty to the vendors, of which a 1-per-cent royalty can be bought back from the vendors before the fifth anniversary for $500,000. The remaining 1-per-cent royalty can be bought back before the 10th anniversary for the sum of $2.5-million. Advance royalty payments of $20,000 are due annually on each anniversary from, at minimum, the seventh year to the 10th year of the agreement.

Please refer to the company's news releases dated April 12, 2023, and May 2, 2023, for further details.