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Great Red Lake Gold has signed an option agreement with BB GeoIntelligence to earn a 100% interest in the Bilton-Brown copper property in the Iron Bridge–Bruce Mines–Blind River area of Ontario, broadening its portfolio beyond the Red Lake gold camp into the historic north-shore copper district.
To earn its 100% interest, Great Red Lake will pay BB GeoIntelligence $25,000 in cash and $25,000 in Class A voting common shares on signing, then $75,000 within 12 months and $100,000 within 24 months — with up to half of the 12- and 24-month payments payable in shares at the company's election. It must also fund a minimum of $125,000 in exploration expenditures within the first 12 months and $200,000 in total within 24 months, with any excess spending carried forward. The agreement was negotiated at arm's length, and no finder's fees are payable. Share issuances are subject to the Canadian Securities Exchange's minimum-price rules, with the number of shares determined under a 15-day VWAP formula.
On exercise of the option, the property will come with pre-existing royalty obligations and a new 2.0% net smelter return royalty in favour of BB GeoIntelligence. Great Red Lake will hold a one-time right, exercisable at any point after option exercise and before commercial production, to buy back half of that royalty — a 1.0% NSR — for $800,000.
The Bilton-Brown property sits in a historically mineralized copper district where past-producing copper operations and documented copper occurrences are tied to Proterozoic intrusive and sedimentary host rocks. Great Red Lake said the ground is underlain by a Nipissing Diabase/Diorite-hosted copper model, with historical shallow copper intercepts and untested electromagnetic conductors giving the company a focused, low-cost way to validate and advance the priority targets.
Great Red Lake Gold is a mineral exploration and development company primarily focused on the Red Lake gold camp in Ontario, where it expects to deploy a material portion of its existing treasury.