Forgan Lake/Georgia Lake Project
The Forgan Lake property is wholly owned by the Company and consists of eighteen cell claims and two boundary claims covering an area of 256 hectares located in the Thunder Bay Mining District in Northwestern Ontario, Canada. The Company entered into a sale and royalty agreement with Ultra Resources Inc (“ULT”) in September, 2018. Under the terms of the agreement, as subsequently amended, ULT may earn 100% interest in the Forgan Lake property by spending $500,000 on exploration expenditures and paying the Company a total of $191,000, in a combination of cash and shares, over a period of three years. In addition, the Company will receive a 1.5% NSR on future production from the Forgan Lake property and from the adjoining Lucky Lake property owned by ULT.
For more information on the Forgan Lake project see Ultra Resources’s website, https://ultraresourcesinc.com/