Earthwise extends option at Iron Range by six months

Executive Summary

• Earthwise Minerals Corp. has secured a six-month extension on its option agreement for the Iron Range Gold Project in British Columbia, pushing the first-year commitment deadline to August 26, 2026.
• As consideration for this extension, Earthwise issued 100,000 common shares to optionor Eagle Plains Resources Ltd.
• The release details the full terms of the earn-in agreement, including cash payments, share issuances, exploration expenditure requirements, and potential royalty structures for acquiring up to an 80% interest in the project.
• The company also announced the granting of 1,075,000 incentive stock options to senior executives, directors, and consultants, and reported the immediate resignation of Vice-President of Exploration and Director George Yordanov.

Key Details

• Option Extension Terms:
  • The option agreement with Eagle Plains Resources Ltd. (EPL) has been extended by six months.
  • The first-year commitment under the option is now due on August 26, 2026.
  • Consideration for the extension: Earthwise issued 100,000 common shares to EPL.
• Option Agreement Structure (Earn-In):
  • Phase 1 (70% Interest): Earthwise can acquire a 70% interest by:
    • Paying $250,000 in cash.
    • Issuing an aggregate of 1.5 million common shares to EPL.
    • Funding $4 million in exploration expenditures over a four-year term.
  • Phase 2 (Additional 10% Interest): Earthwise may acquire an additional 10% (totaling 80%) by:
    • Notifying EPL of intent to increase interest.
    • Making an additional one-time cash payment of $1 million.
    • Completing a bankable feasibility study prior to the eighth anniversary of the option.
  • Royalty: A 2% smelter returns royalty is granted to EPL over the entire property upon exercise of either option. 1% of this royalty may be repurchased for $1.5 million.
  • Joint Venture: Upon exercise, Earthwise and EPL will form a 70/30 or 80/20 joint venture. EPL remains operator and reserves the right to use TerraLogic Exploration Inc. as geoscience consultant.
• Incentive Stock Options:
  • Board approved the granting of 1,075,000 incentive stock options.
  • Recipients: Senior executives, directors, and consultants.
  • Exercise Price: $0.05 per common share.
  • Vesting: Immediate.
  • Expiration: January 6, 2031.
• Management Changes:
  • George Yordanov resigned as Vice-President of Exploration and Director, effective immediately.
• Project Overview (Iron Range Gold Project):
  • Location: ~16 km NE of Creston, SE British Columbia.
  • Geology: Western flank of Proterozoic Purcell Anticlinorium; Aldridge formation metasedimentary rocks; district-scale hydrothermal system.
  • Key Zone: Talon zone, interpreted as a multiphase, structurally focused breccia/vein system hosting Ag-Au-Pb-Zn-Cu mineralization.
  • Infrastructure: Canadian Pacific Railway mainline, Highway 3 access, high-voltage transmission line, high-pressure natural gas pipeline, forest service roads, ~133 km from Teck's Trail smelter.
  • Historical Work: Exploration since 1897; EPL acquired in 1999; extensive geophysical surveys (VTEM, ZTEM, gravity), geochemistry, and drilling identified high-grade gold at O-Ray, Talon polymetallic system, and Sullivan-style mineralization at Car and IR05-03.

Notable Quotes

• None explicitly quoted in the text, though the release notes that "Earthwise management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties."