The project currently contains two active mines operating under Small Miner Exclusion Statements (SMES).
The non-binding LOI provides terms for Steele Resources to lease the mining claims located in the Pony Mining District, near Pony, Montana, and it includes a $10,000 non-refundable deposit and allows for a 90 day due diligence period.
Upon satisfactory completion of due diligence, execution of definitive agreements, and securing project financing, SRI will enter into a six year lease period with an initial payment of $0.3m and an annual commitment of $0.5m for the next five years.
After the six year lease period expires, SRI will have the right to buy the project outright for $0.19.
SRI has begun taking samples from the existing underground mines and surrounding claims in order to better define the extent of the potential mineralization.
Based on the reported historic production and the regional potential identified in historic geologic reports, SRI is preparing a plan to capitalize on the potential mineralisation.
