Millen Mountain Property
Latest project news from CSE disclosure materials – The Company is the registered holder of exploration licence 10577 (the “Licence”) in the Province of Nova Scotia. The Licence is comprised of 80 mineral claims covering approximately 1,280 hectares known as the Millen Mountain Property (the “Property”).
On April 10, 2017, Legion Metals Corp. (“Legion”) entered into a property option agreement with Probe Metals Inc. (“Probe”), which was amended October 3, 2017 (the “Option Agreement”). On March 14, 2019, Legion completed a plan of arrangement with Nextleaf Solutions Ltd. under which, among other things, Legion transferred all of its right, title and interest in and to the Millen Mountain Property to Myriad by way of a “spin out” transaction. Further to the spin out of the Property from Legion to Myriad, Myriad, Legion and Probe entered into an assignment and assumption agreement dated as of March 14, 2019 (the “Assignment Agreement”) pursuant to which Legion assigned, transferred and conveyed all of Legion’s right, title and interest to, and all of its obligations under, the Option Agreement to Myriad, and Probe accepted, confirmed and ratified the assignment from Legion to Myriad.
Under the Option Agreement, Probe was granted the right to earn an initial 50% interest in the Property by incurring expenditures on the Property of $250,000. Probe has successfully exercised this 50% option and has indicated that it will not earn an additional 25% interest in the Property Accordingly, the Company and Probe have formed a joint venture pursuant to the joint venture terms set out in the Option Agreement. Probe will be the operator under the joint venture for so long as it holds at least a 50% interest in the Property. The joint venture terms provide that: a party that doesn’t participate in joint venture expenditures will have its interest in the Property reduced accordingly; and if a party’s interest in the Property is reduced to 10%, the joint venture will terminate, the participating party will receive a 100% interest in the Property and the non-participating party will receive a 2% net smelter royalty (“NSR”) in the Property.
A geological report (the “Technical Report”) prepared by Sharon Allan, P. Geo., who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), was completed in relation to the Property on June 10, 2019. The Technical Report recommends further drilling and soil sampling on the Property. Additional drilling on the Property is recommended to investigate untested geophysical anomalies. Soil sampling could be used to aid in prioritizing the remaining targets. The unsurveyed area between the two geophysical grids, Block A and Block B, could be infilled to identify other targets.