Driven Capital has entered into a definite option agreement with Tarsis Resources to earn a 60% interest in the White River Property located in Yukon, Canada.
The company will pay Tarsis $400,000 in cash, issue two million shares and invest $4.25m in exploration expenditures before 15 January 2016 to earn the stake in the project.
Tarsis will retain a 2% net smelter return royalty on any minerals produced from the property, half of which may be purchased by Driven Capital for $2m.
Once exchange approval is received, Driven Capital will issue 250,000 shares and pay $50,000 to Tarsis. The first year’s work commitment is worth $500,000, up to 1,500m of drilling.
A joint venture will be formed to operate the project, once earn in obligations have been completed.
Tarsis Rsources president and CEO Marc Blythe said, "We are very pleased to have optioned the White River project to Driven, which intends to explore it aggressively. Driven has adequate financing to complete the first year’s exploration commitment."