Cartier Resources Inc. [ECR-TSXV; ECRFF-OTC] has executed an option agreement with Delta Resources Ltd. [DLTA-TSXV; GOLHF-OTC; 6G01-FSE] to option 100% of its interests in its Dollier property located 30 km south of the municipality of Chibougamau, Quebec. On May 28, 2021, the TSX Venture Exchange accepted the documentation pertaining to the agreement and has issued to Delta a final bulletin.
During the four-year option period, Delta can earn a 100% interest by issuing Cartier 600,000 common shares of Delta and incurring not less than $1-million in exploration expenditures on the Dollier property. Cartier will receive an amount of $10,000 in cash and 100,000 common shares of Delta. All shares issued to Cartier under the agreement will be subject to a statutory four-month hold period.
Upon the exercise of the option, Cartier will be granted a 2% net smelter return production royalty on the Dollier property, half of which (1% NSR) will be redeemable for $2-million and the other half (1% NSR) will be redeemable for $15-million.