Granite Creek to Acquire Majority Stake in Stillwater’s Duke Island Project
Stillwater Critical Minerals has signed a Letter of Intent (LOI) with Granite Creek Copper, allowing Granite Creek to acquire a 90% interest in the Duke Island copper-nickel-platinum-palladium (Cu-Ni-PGE) project. The all-share transaction aligns with Stillwater's strategic focus on its flagship Stillwater West project in Montana.
The Duke Island project, located in the Alexander Platinum Belt near Ketchikan, BC, comprises 31 unpatented claims over a core area of Cu-Ni-PGE sulphide mineralization. Despite previous exploration efforts, only a portion of the project's prospective zones has been drilled, leaving substantial untapped potential.
Under the terms of the LOI, Granite Creek will issue share units valued at C$1 (USD $0.73) to Stillwater over three years, commit to a minimum of C$1 (USD $0.73) in exploration work, and provide a 1% Net Smelter Royalty (NSR) to Stillwater, with an option to buy down to 0.5% for C$1 (USD $0.73). A joint venture will be formed once the transaction is finalized.
Stillwater President and CEO Michael Rowley emphasized the synergies with Granite Creek and their collaborative effort to advance both mineral extraction and new technologies like geologic hydrogen generation. The transaction awaits final approval from the TSX Venture Exchange.
