en.Wedoany.com Reported - Great Red Lake Gold Corp. has entered into an option agreement with BB GeoIntelligence Inc. to acquire a 100% legal and beneficial interest in the Bilton-Brown property in Ontario, subject to certain existing royalties and the grant of a new royalty upon exercise of the option.

Under the agreement, Great Red Lake must make the following payments to the optionor and incur exploration expenditures to earn the property interest: a cash payment of CAD 25,000 and common shares of the company valued at CAD 25,000 upon signing; CAD 75,000 within 12 months of the effective date, of which up to 50% may be paid in shares at the company's option; and CAD 100,000 within 24 months of the effective date, of which up to 50% may be paid in shares at the company's option. For exploration expenditures, a minimum of CAD 125,000 must be incurred within 12 months of the effective date, with total expenditures of at least CAD 200,000 within 24 months, and excess expenditures may be carried forward.

The property is located in the Iron Bridge–Bruce Mines–Blind River area of Ontario, historically hosting copper mineralization and mining operations associated with Proterozoic intrusive and sedimentary host rocks. The property is underlain by a Nipissing Diabase/Diorite-type copper model, with historical shallow copper intercepts and untested electromagnetic conductors providing a low-cost pathway to validate priority copper targets.

Upon exercise of the option, Great Red Lake will acquire a 100% interest in the property, subject to granting the optionor a 2.0% net smelter return royalty. The company has the right, after exercise and prior to commercial production, to repurchase 50% of this royalty (i.e., a 1.0% net smelter return royalty) for a one-time cash payment of CAD 800,000.

The scientific and technical information in this news release has been reviewed and approved by Mark Richardson (P.Geo.) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Completion of the proposed transaction under the option agreement remains subject to all necessary approvals, including from the Canadian Securities Exchange.

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