Solstice Gold Corp. [SGC-TSXV] on Tuesday named industry veteran Mike Timmins as the company’s new CEO. In his new role, the company said Timmins will continue to be a director of Solstice and will be based in Toronto.
Timmins is a mining executive with over 24 years of technical and corporate development experience at Agnico Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) and Placer Dome. He has extensive project experience in acquisitions and numerous strategic investments in the junior mining space. He has also worked in various operational capacities for Placer Dome in the Red Lake, Ontario gold mining camp.
He has been named CEO after Solstice recently announced a $3.9 million deal to acquire a portfolio of royalty and property interests in 86 projects located in Ontario and Quebec.
Solstice said it was buying the properties from a group of vendors that includes Perry English, an award-winning Canadian prospector who has been extensively involved in Ontario’s mineral exploration industry for 35 years.
The 86 projects that Solstice agreed to acquire include 45 that are currently under option to third parties, of which 42 include a provision for net smelter return royalty interests (subject to the exercise of options), as well as 10 stand-alone NSR royalty interests,
Transaction highlights included 30 additional 100%-owned properties that are available for option or sale.
The deal included a buyout of the company’s RLX (Red Lake Extension) project including NSR royalty. Solstice is currently carrying out expanded surveys at RLX, a move it said will lead to drill targeting in the latter part of 2021.
As a result of the transaction, RLX becomes 100%-owned and royalty free.
Solstice said Timmins has the project leadership skills that are necessary to build out the company’s business plan which seeks to drive shareholder value through discovery on its 100%-owned projects in Red Lake and its KGP project near the Meliadine gold mine in Nunavut.
The KGP project covers 886 square kilometres with certain other rights covering an adjacent 683 square kilometres, all with no underlying option or earn in payments. Solstice said $12 million has been invested in the project to date, leading to the identification of 10 square kilometres of gold boulder field and the identification of drill-ready targets.
“I’m very excited to be joining a team with a strategic land position in two of the most prolific gold districts in Canada,’’ Timmins said.
The company said Marty Tunney will step down as president to pursue other endeavours, but will continue to proved transition and consulting services to Solstice on a continuing basis.
On October 18, 2021, Solstice shares were unchanged at 15 cents. The shares are currently trading in a 52-week range of 17.5 cents and $0.055.