VANCOUVER, BC, March 20, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) (OTCQB: STXPF) announces that the Company has renewed its option on the Que Project. 

The Option Agreement was first announced on February 17, 2020, was amended and restated on February 28, 2020 and was further amended and restated on October 26, 2020 (the "Amended Option Agreement"). The Amended Option Agreement provides that Stuhini can acquire a 100% interest in Que Property (the "Property"), located in Yukon, Canada approximately 70 kilometres ("km") from Johnson's Crossing (the "Option").

Pursuant to the Amended Option Agreement, Stuhini can earn a 100% interest in the Property by issuing up to 937,500 common shares of the Company ("Common Shares") and making cash payments of up to $95,000 over a 5-year term.

Based on the road accessibility and what the board of directors of the Company (the "Board") considers to be the prospective nature of the Property, the Board has unanimously voted in favor of proceeding with the fourth anniversary Option Commitment which consists of 125,000 Common Shares and a $35,000 cash payment. This share issuance and cash payment is the only committed payment over the next 12 months. There are no work commitments. The final share issuance and cash payment is at the Company's election should it wish to complete the Option Agreement on April 1, 2025.

The Que Property

The Que Property is 4,243 hectares in size, is road accessible of Yukon Hwy #6 and is located 70 km north of Johnson's Crossing on the Alaska Highway. The property was first staked in the mid 1960's due to the occurrence of several large rusty kill zones believed to be indicative of buried massive sulphide on the Property. Subsequent exploration has discovered anomalous gold in soil and stream sediment silt samples and the discovery of gold bearing quartz veins.

About Stuhini Exploration

Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of Atlin, BC; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Stuhini Exploration Ltd.

For further information: 

David O'Brien, President & Chief Executive Officer Stuhini Exploration Ltd., 

Email: [email protected], 

Phone: (604) 835-4019, 

Web: www.stuhini.com

News source:

https://www.newswire.ca/news-releases/stuhini-renews-option-on-que-project-883519831.html