Frenchmans Creek comprises 88 mining claims in four blocks covering approximately 2,200 hectares, approximately 10 km from Saint John, New Brunswick. AIS has a conditional right to acquire up to 100% under a joint four-year option with Grand Bay that has received TSXV acceptance; shared consideration totals C$90,000 cash and C$200,000 in shares, for which cash may be substituted, plus C$187,450 of work credits and an obligation to keep the claims in good standing. After AIS acquires 100% of Frenchmans Creek, the optionor will retain a 2% net smelter royalty; AIS has a right of first refusal to buy 1% for C$1 million cash or an agreed cash/share amount, subject to TSXV acceptance. The early-stage project requires systematic verification of selective vendor and historical surface data, mapping, sampling, geophysics and drilling, and has no defined Mineral Resource.
- Country
- Canada
- Commodity
- Cu
- Stage
- Exploration