Thistle Resources advances Brunswick antimony option with second anniversary payment

Thistle Resources (TSX-V:TRCG, OTC:TRCGF) has completed the second anniversary payment under its option agreement for the Brunswick antimony project in New Brunswick, keeping the company on track to acquire full ownership of the property. The payment comprised $25,000 in cash and 250,000 common shares issued to optionor Prospect 'Or Corp.…

Thistle Resources (TSX-V:TRCG, OTC:TRCGF) has completed the second anniversary payment under its option agreement for the Brunswick antimony project in New Brunswick, keeping the company on track to acquire full ownership of the property.

The payment comprised $25,000 in cash and 250,000 common shares issued to optionor Prospect 'Or Corp.

The Brunswick project spans approximately 199 mineral claim units across four blocks, known as Pabineau River 1, Pabineau Falls Granite, Brunswick East and Knights Brook.

Under the staged earn-in arrangement, Thistle may acquire a 100% interest in the project by making aggregate cash payments of $90,000 and issuing a total of 1 million common shares over the term of the option agreement, subject to a 2% net smelter return royalty in favour of Prospect 'Or Corp.

The company retains the right to buy back half that royalty for $1 million.

One final payment remains, due before the third anniversary of the agreement: $40,000 in cash and an additional 250,000 common shares.

"We are pleased to have completed the second anniversary payment under our option agreement, advancing toward earning full ownership of the Brunswick Antimony Project," said CEO Patrick Cruickshank.

"The company will continue to carry out systematic exploration activities with a view to generating long-term value for shareholders."