Vancouver, British Columbia--(Newsfile Corp. - January 7, 2025) - Auric Minerals Corp. (CSE: AUMC) ("Auric" or the "Company") is pleased to announce it has entered into an option agreement to acquire up to a 100-per-cent interest, free and clear of all encumbrances, except for an underlying net smelter return royalty, in the BUB Uranium Property, (the "Property") located 55 kilometers southwest of Pottsville, NL, in Labrador's prospective Central Mineral Belt ("CMB").
Chris Huggins, CEO states, "by optioning the BUB Uranium property following the Company's recently acquired Route 500 Uranium project, Auric is positioning itself to become a significant player in the Central Mineral Belt of Labrador. With the previously announced exploration program scheduled to commence later in January, and these two prospective Uranium properties, we aim to advance the Company quickly in 2025."
About the Property
- The Bub Project is located 55 kilometres southwest of Potsville, NL and 200 km from the Route 500 Project.
- The Bub Project is in the southern portion of the CMB and overlies regional structural trends associated with known deposits such as the Michelin Project, Mustang and Jacques Lake projects.
- Targets on the Bub Project include radiometric anomalies correlated with anomalous Uranium lake sediment samples.
- A property wide northeast trending corridor is prospective for structurally related uranium mineralization. This corridor is defined by anomalous lake sediment samples along a northeast trending fault that skirts the peripheries of radiometric anomalies.
Option Agreement
Upon execution of the option agreement, Auric can earn 100% interest in the BUB property by making:
1) an aggregate of $200,000 in cash payments to the Optionor (the "Option Payments") as follows:
a) $75,000 within ten (10) days from the Effective Date; b) $50,000 on or before the first anniversary of the Effective Date; c) $75,000 on or before the second anniversary of the Effective Date;
2) incurring an aggregate of $1,000,000 in Expenditures on the Property as follows:
a) $100,000 on or before the first anniversary of the Effective Date; b) $100,000 on or before the second anniversary of the Effective Date; c) an additional $300,000 on or before the third anniversary of the Effective Date; d) an additional $500,000 on or before the fourth anniversary of the Effective Date; and
3) issuing to the Optionor an aggregate of 400,000 common shares in the capital of the Optionee (the "Option Shares") as follows:
a) 200,000 shares within ten (10) days from the Effective Date; b) 100,000 shares on or before the second anniversary of the Effective Date; c) 100,000 shares on or before the third anniversary of the Effective Date.
The Optionor retains a 2.5% NSR over the BUB Claims of which 1% can be purchased by Auric within 30 days of Commercial Production, for $1,500,000. The Consideration Shares are subject to a four-month hold period.
The option agreement is subject to the approval of the CSE. The option agreement was signed on January 6, 2025; it is an arm's-length transaction, and no finders' fees are payable in connection with the option agreement.
Qualified Person Statement
The technical information in this news release has been reviewed and approved by Jeremy Hanson a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101").
About the Company
Auric is a mineral exploration company based in Oakville, Ontario and holds options over the Route 500 Uranium Property in Labrador, and the Goodeye Property in British Columbia, Canada.
About the Property
Note: Readers are cautioned that the geology of nearby properties is not necessarily indicative of the geology of the Company's properties.
AURIC MINERALS CORP.
Chris Huggins, Director, and interim CEO
For more information, please call Chris Huggins at (604) 968-4844 or email chris@greenwood.capital
Forward-Looking Statements
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's intentions, plans and future actions described herein and the terms thereon.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
