Vancouver, B.C., October
20, 2021, Sienna Resources Inc. (“Sienna” or
the “Company”) (SIE—TSX.v, SNNAF—USA, A1XCQ0–Germany) is pleased to announce that it has closed an
option agreement dated September 30, 2021 to acquire the Blue Clay Lithium
Project in Clayton Valley Nevada. This
project consists of 94 contiguous claims totaling approximately 1950 acres
prospective for lithium. Management is now planning to drill as soon as
possible, expected to happen this quarter.
president of Sienna Resources, states: “We are very pleased to close on
this exciting lithium project. Lithium
prices have just traded to all-time highs this week and we look forward to
getting to work as soon as possible on this drill ready prospect. Nevada has become one of the most sought after
lithium addresses in the world, and Sienna is located in multiple locations in
this prolific region. Management is
very optimistic about the short-term prospects for this project and expects to
have a steady flow of news.”
Pursuant to the terms of
the option agreement, the optionee shall have the exclusive right and option to
earn a 100-per-cent interest in the property from the owner by issuing a total
of four million common shares (subject to a four-month hold) and by making cash
payments totaling $60,000 in cash as set
- Paying the Optionor
(‘Chancellor Corp’, or the ‘Optionor’) $30,000 and issuing the Optionor
2,000,000 common shares within five (5) days of TSX Venture Exchange
- Paying the Optionor
$30,000 and issuing the Optionor 1,000,000 common shares prior to the date that
is six (6) months from the date of Exchange approval; and
- Issuing the Optionor
1,000,000 common shares prior to the date that is twelve (12) months from the
date of Exchange approval.
- The Optionee also agrees to pay any annual taxes and fees to
maintain the claims listed in Schedule “A” (the “Claims”) and supply
proof of payment to the Owner.
- The Optionee also agrees to pay any maintenance fees due
during the due diligence process and if no agreement is reached, the Owner
agrees to reimburse the Optionee the balance of any fees paid to maintain the
claims listed in Schedule “A” (the Claims).
- Upon fulfilling the obligations set out in paragraphs 3 and 4
above, the Optionee will acquire 100% right, title, and interest in and to the
Property subject only to:
- a 1.5% Net Smelter Return
(“NSR”), (as more particularly described in “Schedule B”
attached hereto) to the Owner provided that the Optionee shall have the right
to purchase 0.75% NSR for $500,000 at any time up to commencement of
- Providing the Owner
written notice of its intention to exercise its option pursuant to the
Sienna Resources is focused
on exploring for and developing high-grade deposits in politically stable,
environmentally responsible and ethical mining jurisdictions. Sienna is
partnered with a New York Stock Exchange-listed mining company on two separate
projects in Scandinavia including the past-producing Bleka and Vekselmyr
orogenic gold projects in southern Norway which are both greenstone-hosted gold
systems, and the Kuusamo platinum group elements (PGE) project in Finland
directly bordering the LK Project being advanced by Palladium One Mining Inc.
In North America, Sienna’s projects include the Marathon North
platinum-palladium property in Northern Ontario directly bordering Generation
Mining Ltd.’s 7.1-million-ounce palladium-equivalent Marathon deposit. Sienna
also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nev.,
home to the only lithium brine basin in production in North America, in the
direct vicinity of Albemarle Corp.’s Silver Peak deposit and Tesla Motors
Inc.’s Gigafactory. Management cautions that past results or discoveries on
properties in proximity to Sienna may not necessarily be indicative to the
presence of mineralization on the company’s properties.
The technical contents of this release were approved
by Greg Thomson, PGeo, a qualified person as defined by National Instrument
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Sienna Resources Inc.
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.