In a news release, SKRR Exploration Inc. (SKRR:TSX.V) announced that it has signed a "non-arm's length" option agreement to acquire 100% of the Irving Lake property from Edge Geological Consulting Inc. The company advised that the Lake property, located in Saskatchewan, consists of 10 mineral claims that encompass approximately 6,457 hectares. The firm indicated that Edge currently owns all unencumbered title rights to the ten non-contiguous mineral claims on the property.
The company outlined that the Irving Lake property mineral dispositions cover prospective sections of the Pine Lake greenstone belt located within the Glennie lithostructural domain. The firm stated that the property is centered about 20 km south of SSR Mining's Seabee and Santoy gold mines and noted that Seabee is Saskatchewan's largest orogenic gold deposit. The firm stated that the claims presently owned by Edge are located within one kilometer of all significant metal occurrences in the southern Pine Channel supracrustal belt.
The company's CEO Sherman Dahl commented, "At SKRR Exploration, we have the management and board expertise, high quality assets, balance sheet strength and focus on exploration excellence that will generate value and growth for our shareholders. Further, SKRR is committed to uncovering the immense opportunity in the Trans Hudson Corridor in Saskatchewan."
The company explained that under the terms of the agreement, it has the option to acquire a 100% interest in the property in exchange for making a cash payment of $8,000 to Edge within five days of TSX Venture Exchange approval of the option agreement and incurring total exploration expenditures of $600,000 over a three year period.
The firm added that Edge will manage and operate the exploration programs on the property during the life of the option agreement, but that all work programs and budgets prepared by Edge will be subject to prior written approval by SKRR.
The company advised that the option agreement is subject to acceptance by the TSX Venture Exchange as it is classified as a "Reviewable Transaction" under the exchange's rules. This is due to the fact that the purchase is not considered to be an arms-length transaction because SKRR's Ross McElroy serves as a director of both parties involved in the agreement.
SKRR Exploration is a precious metal explorer based in Vancouver, with properties located in Saskatchewan.
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