Sassy Resources Corporation Acquires Drill-Ready Highrock Uranium Project in Key Lake Region of Saskatchewan's Athabasca Basin
Sassy can earn an additional 19% interest (70% total) by paying $50,000 cash, 250,000 shares on or about January 2, 2024 and providing $1,500,000 in exploration funding for 2024; The final 30% interest in the Property (100% total) may be acquired by Sassy by paying Forum $150,000 in
cash and 3,000,000 shares on or before December 31, 2025; In total, to acquire 100% of Highrock, Sassy will pay $350,000 in cash, issue 3,750,000 shares and provide up to $3,500,000 in exploration funding over four years between January 3, 2022, and December 31, 2025. Should the project advance to this stage, Sassy will pay Forum $1,000,000 on delivery of a Feasibility Study and a further $3,000,000 on commencement of commercial production. Forum maintains a 1% NSR on Highrock, half of which (0.5%) can be purchased by Sassy prior to the commencement of commercial production for the sum of $1,000,000. A 1% NSR on the north claim (S-113362) is shared by third parties, half of which (0.5%) may be purchased by Sassy for the sum of $1,000,000. A 2% NSR on the south claim (MC00013262) is held by a third party and at present is not subject to a repurchase clause; Forum Energy Metals will act as project operator for 2022 and 2023 and may do so at Sassy's option in 2024. Permitting and procurement processes are well underway to facilitate 2022 drilling starting as early as February. The parties have agreed to complete a Definitive Option Agreement by January 31, 2022. This Definitive Agreement is subject to customary Board, Exchange and regulatory approvals, as required.