SKRR Amends Option Agreement to Acquire the Irving Lake Property in Saskatchewan, Canada
Vancouver, May 14, 2020 - SKRR Exploration Inc. (TSXV: SKRR) ("SKRR" or the "Company") announces that it entered into a non-arm's length amendment agreement dated May 13, 2020 in respect of the option agreement dated April 26, 2020 (see news release dated April 27, 2020) (the "Option Agreement") with Edge Geological Consulting Inc. ("Edge"), a company controlled by Ross McElroy (the "Amendment Agreement") to acquire from Edge 100% of the Irving Lake property, consisting of ten mineral claims encompassing approximately 6,457.14 hectares, located in the province of Saskatchewan, approximately 120 km northeast of the town of La Ronge (the "Property"). Edge holds 100% unencumbered title rights to ten non-contiguous mineral claims encompassing the Property. Ross McElroy is a director of SKRR and is also a director of Edge.
Pursuant to the terms of the Amendment Agreement, five additional claims encompassing approximately 6,362.9 hectares have been added to the Property (for a total of 15 mineral claims) of which Edge owns 100% unencumbered title rights. In addition, SKRR must incur total exploration expenditures of $1,050,000 over a three-year period instead of $600,000. The image below shows the Irving project land tenure makeup, with the claims added pursuant to the Amendment Agreement highlighted striped red and the original claims pursuant to the Option Agreement shown in solid red.
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Recent staking by Edge encompasses the west margin of the Eyophaise pluton, a late felsic intrusive body of mostly tonalitic composition, in contact with hornblendic and biotitic felsic gneisses of mixed sedimentary and igneous origin. This is the same body of rock in contact with the layered ultramafic intrusives that host the Seabee deposit 7 km to the north. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on SKRR's properties. An extensive rock, soil and till sampling program by Placer Dome in 1989 outlined several areas within the newly staked ground that are geochemically anomalous for gold and base metals. Highlights included outcrop samples that returned up to 3.93 g/t gold and 413 ppm copper from a 5 metre wide shear zone in the north of the property, and 3,300 ppm copper with 200 ppb gold from granodioritic gneiss in the south of the property. Other staking picked up remaining exposures of favourable metavolcanics on the north side of the Pine Lake greenstone belt.
The Amendment Agreement is subject to acceptance by the TSX Venture Exchange.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol, a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. McElroy verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.
About SKRR Exploration Inc.:
SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan - one of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen - although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the TSX Venture Exchange approval of the Amendment Agreement, future exploration work on the Property, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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