GOLDREA OPTIONS HANSTONE’S SNIP NORTH PROPERTY
Goldrea Resources Corp. has executed an option agreement between the company and Hanstone Gold Gorp., whereby Goldrea can acquire 70 per cent of Hanstone’s Snip North property in northwestern British Columbia, in an area known as the Golden Triangle. Contiguous to Goldrea’s Cannonball property, the property consists of 3,400 hectares, which will bring Goldrea’s mineral land package to a total of 8,500 hectares (if the option for the property is exercised). The southern border of the property adjoins the boundary of Seabridge Gold’s Iskut property, which includes the recently discovered Snip North porphyry prospect and the Bronson Slope porphyry deposit and also surrounds the former Snip gold mine.
In order to earn a 70-per-cent interest in the property, the company must incur exploration expenditures of $1.25-million over four years, specifically $100,000 annually on or before Sept. 30 for the first three years and $950,000 in the fourth year. Moreover, as a condition of the agreement, Goldrea has applied $100,000 of its 2025 exploration expenditures to the property to keep it in good standing to Nov. 30, 2026. Upon earning its 70-per-cent interest, Goldrea will automatically enter into a joint venture with Hanstone with respect to the property, with Goldrea being the initial operator of the joint venture. A finder’s fee will be paid in accordance with Canadian Securities Exchange regulations for the option agreement transaction.
The company has posted a map on its website showing the location of the company’s existing holdings and the location of the Hanstone Gold joint venture property. The Northern Miner has published a map of the entire Golden Triangle.
Jim Elbert, chief executive officer, stated: “The joint venture with Hanstone Gold on their Snip North property is a major addition to Goldrea’s holdings in the increasingly important Golden Triangle. In the face of challenging markets, work to date on Goldrea’s holdings has identified multiple promising targets. Robust gold and copper markets should help the company raise financing for a major exploration program in 2026.