Solstice Sells Shaw Property to HighGold Mining
Generates New Royalty in Timmins Mining Camp
VANCOUVER, British Columbia, Feb. 07, 2022 (GLOBE NEWSWIRE) — Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that it has entered into a purchase and sale agreement (the ”Agreement”) with HighGold Mining Inc. (“HighGold”) to sell a 100% interest in the Shaw Property located in the Timmins Mining Camp in Ontario. The property is comprised of 18 single and multi-cell claims located in Shaw, Eldorado, and Whitney Townships, near Timmins Ontario, located approximately seven kilometers southeast of Newmont’s Dome Mine open pit operation.
Mike Timmins, Solstice’s Chief Executive Officer stated, “The agreement provides Solstice shareholders exposure to exploration and potential new discoveries in the Timmins Mining Camp via the royalty on the Shaw Property which will be advanced by the exploration and development team at HighGold. This is yet another example of how we can collaborate with other exploration groups to unlock value through the conversion of our property portfolio into attractive stand-alone royalties or other project participation in prospective areas of Canada. Improving cash inflows allow us to direct more resources to support exploration activities at our core district-scale exploration projects in Red Lake, Atikokan and Nunavut.”
Under the Agreement, HighGold is required to make a cash payment of $75,000 to Solstice and the Company will be granted a 2.0% net smelter return royalty. HighGold has the right to repurchase 1.0% of the royalty at any time for $1,500,000.
Solstice controls an extensive portfolio of gold, copper and lithium/REE projects in Ontario which are available for 100% sale or option. See our corporate materials available at www.solsticegold.com for further details.
About Solstice Gold Corp.
Solstice is a gold-focused exploration company with quality, district-scale projects in established mining regions of Canada. Our 174 km2 Red Lake land position is located on the northern extensions of the prolific Red Lake Gold Camp in Ontario. RLX is approximately 45km from the Red Lake Mine Complex owned by Evolution Mining. The Company is funded for phase one drilling in Red Lake. Our newly formed 225km2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited and is fully funded for a robust field program in 2022. Our district scale Qaiqtuq Gold Project covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 gold boulder field and is fully permitted with multiple drill-ready targets. Qaiqtuq is located in Nunavut, Canada, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Limited. In October 2021, the Company acquired a royalty and property portfolio of over 80 assets located in Ontario and Quebec.
Solstice is committed to responsible exploration and development in the communities in which we work.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the exposure of Solstice shareholders to exploration and potential new discoveries in the Timmins Mining Camp, supporting exploration activities at the Company’s core district-scale exploration projects, the granting of a 2.0% net smelter return royalty, and the right of HighGold to repurchase 1.0% of the royalty at any time for $1,500,000. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, that there is no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit, there may not be market for the Company’s non-core properties in its property portfolio or not a market on financial terms satisfactory to the Company, returns may not be generated under the net smelter return royalty, HighGold may not exercise the right to repurchase 1.0% of the royalty, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
All forward-looking statements are based on the Company’s current beliefs as well as various assumptions made by Company management and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.
