WILLOUGHBY PROPERTY NSR 1.5%
Willoughby Property
The Willoughby Property lies 25 kilometres east-northeast of Stewart and consists of three mineral tenures totaling approximately 1,032 hectares. The property is underlain by Lower Jurassic Hazelton Group volcaniclastics and intruded by interpreted Lower to Middle Jurassic monzodiorites to granodiorites. On March 14, 2019 the Company entered into a definitive agreement to sell the Willoughby Property to Strikepoint Gold Inc. (the “Strikepoint Agreement”). The transaction closed on April 17, 2019. The terms of the Strikepoint Agreement include: • A cash payment $85,000 and 3,000,000 common shares (paid and issued by Strikepoint); 4 • The Company retains a 1.5% net smelter return royalty, which can be reduced by Strikepoint to 0.5% for an additional cash payment of $1,000,000.
Status
Sold to Arcwest Exploration (formerly Sojourn Exploration) on September 14th, 2018
Location and Setting
The Willoughby property is located in northwest British Columbia’s mineral-rich Golden Triangle, Skeena Mining Division of British Columbia, about 26 km east of the Town of Stewart. The Red Mountain Au-Ag deposit being developed by IDM Mining is located about 7 km to the west across the Cambria Icefield. Highway 37A and the Stewart power line are located about 14 km to the north.
Royalty
Millrock sold the property to Arcwest Exploration Inc., (TSX-V: AWX) ("Arcwest") and now owns 9,623,417 Arcwest shares, representing a 16.1% interest in the company.
Millrock holds a 2% royalty, buyable down to 1% for $1 million, on the project