VANCOUVER, BC / ACCESSWIRE / July 24, 2024 / SASQUATCH RESOURCES CORP. (CSE:SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has entered into an option agreement dated July 23, 2024 with Gene Robert Overall (the "Optionor") respecting three mineral claims (the "Claims") covering 191.34 hectares on Vancouver Island in the Province of British Columbia. Under the agreement, Sasquatch has the irrevocable right and option for a period of three years to conduct exploration on the Claims and to remove and process minerals from the surface and near-surface of the Claims, including without limitation from the mineral "waste rock" on the Claims and near-surface exposures on the Claims up to a depth of 10m from surface.

The Claims comprise the area formerly known as the Blue Grouse Mine ("Blue Grouse"), located on the south side of Cowichan Lake, 4.8 kilometres northwest of Honeymoon Bay, and only a few hundred meters from a paved access road. Logging roads provide direct access to the area from the paved road. The mine was in production from 1917 to 1919 and from 1956 to 1960, and produced copper, silver and gold.

The Claims are host to a significant amount of waste-rock from previous mining activities, as depicted below.

Photograph 1 - Blue Grouse waste-rock pile

Photograph 2 - access road running through waste-rock

Photograph 3 - close-up of grab samples from the waste-rock pile at Blue Grouse

Photograph 4 - overhead view of a portion of the waste-rock pile at Blue Grouse

The Company plans to evaluate the waste-rock's composition, volume, and economic potential over the coming months.

Peter Smith, Sasquatch's CEO, said "now that we are rapidly advancing our waste-rock project at Mount Sicker, it's time to consider what might be next for Sasquatch. Blue Grouse has many similarities to the historical mines which operated at Mount Sicker, and a waste-rock reclamation project at Blue Grouse would have us dealing with many of the same local groups, which have been overwhelmingly supportive. Access is also very favorable, with a paved road in very close proximity, and logging roads leading directly to the waste-rock piles. In addition, previous mining activity on Blue Grouse was conducted long ago, at a time when cut-off grades would presumably be very high by today's standards. We very much look forward to assessing the potential at Blue Grouse for waste-rock sorting and reclamation over the coming months."

As consideration for the option, Sasquatch is required to make such exploration expenditures on the Claims as are necessary to keep the Claims in good standing during the three-year option period. In addition, on commencement of commercial production on the Claims by Sasquatch, Sasquatch is required to make a cash payment of $25,000 to the Optionor and to grant a 2% net smelter returns royalty to the Optionor. Upon completion of commercial production, Sasquatch will be required to make such exploration expenditures on the Claims as are necessary to keep the Claims in good standing for five years thereafter.