The TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated May 27, 2024, between the company and Portofino Resources Inc., whereby the company has a right to purchase the Gold Creek property, covering approximately 4,324 hectares in Duckworth and Lamport townships, Thunder Bay, Ont.

Under the terms of the agreement, the company agreed to purchase the target in exchange for 2,000,001 common shares and a cash payment of $300,000, to be issued and paid over the period of three years in equal instalments. Additionally, the company granted to the optionor a 2-per-cent net smelter return (NSR) royalty, with the option to buy back a 1-per-cent NSR royalty at any time for $1-million, and will have a right of first refusal on the second 1-per-cent NSR royalty in exchange for up to a maximum of $4-million. The company also assumed the underlying agreements between the optionor and previous vendors on three different portions of the target, therefore retaining the right to buy back an existing 0.75-per-cent NSR royalty for $500,000, a 0.5-per-cent NSR royalty for $300,000 and a 0.75-per-cent NSR for $200,000.

For further details, please refer to the company's news release dated May 28, 2024.