Squire Mining Ltd. said Dec. 6 that due to the forest fire closures and wildfires near the early stage Star gold-prospective property in central British Columbia, the company did not carry out exploration work on it this year.
Considering the situation, the owner of the Star property has agreed to extend Squire's option to acquire an undivided 51% interest in the property for a period of one year and partially defer certain option payments.
Subject to formally amending the option deal, the company is currently planning a two-phase work program for 2018.
Phase one is planned for May 2018, consisting of mechanical trenching, and contingent upon favorable results, it will be followed by a phase-two program in August or September 2018, consisting of 1,000 meters of diamond drilling, to follow up on the targets generated from the first phase. The program is expected to cost C$250,000.
Additionally, Squire reached an agreement in principle with an arm's length third party to acquire an 18% minority interest in an exclusive eight-year license to commercially exploit a patented communications technology design.
Under the deal terms, the company will pay C$150,000 to the vendor. In return, the vendor must incur, within one year, a minimum of C$50,000 in qualified expenditures to develop mining-related uses for the technology, failing which the company's interest in the license will automatically increase to 25%.
Once the vendor has incurred the minimum expenditure, the parties will reassess the technology and determine a mutually agreeable plan to further fund and advance its development. The acquisition remains subject to completion of formal documentation.