Refined Energy Corp. (CSE: RUU) (OTC: RRUUF) (FSE: CWA0) has entered into an option agreement with New Rock Mining Corp., Unity Resources Inc., and Nidon Enterprises Ltd. to acquire a 100% interest in the Golden Goose Project, which consists of 93 mineral claims in central Newfoundland. The project is located within a prospective gold-antimony district, historically explored through prospecting, geochemical surveys, geophysical surveys, and diamond drilling.
Transaction Terms
Under the option agreement, Refined may acquire the project by making aggregate cash payments of $455,000, issuing 2,100,000 common shares, and incurring $3,000,000 in exploration expenditures over four years. Upon exercise, the optionors will retain a net smelter return royalty of 1.5% to 2.0%, subject to certain buyback rights. An additional $100,000 cash payment and 1,250,000 common shares are due upon completion of a preliminary economic assessment meeting specified criteria.
Project Highlights
The Golden Goose Project comprises 93 mineral claims in central Newfoundland, situated within the broader Beaver Brook antimony mining region. Historical exploration has identified multiple targets through prospecting, geochemical surveys, geophysical surveys, and diamond drilling. An independent NI 43-101 technical report is currently underway to assist in prioritizing future exploration activities.
Mark Fields, CEO of Refined Energy, stated: “The execution of this option agreement marks an important milestone for Refined as we establish a foothold in a gold-antimony exploration district in central Newfoundland. We look forward to completing the ongoing technical review and advancing a systematic exploration strategy designed to assess historical exploration records.”
The company continues to evaluate additional regional opportunities.
