Goldrea Options Hanstone's Snip North Property

Rhea-AI Summary

Goldrea Resources (OTC: GORAF) executed an option agreement dated Sept 29, 2025 to acquire 70% of Hanstone's Snip North property in the Golden Triangle.

The 3,400-hectare Property is contiguous to Goldrea's Cannonball holdings and would raise Goldrea's total land package to 8,500 hectares if the option is exercised. Earn-in requires $1.25M in exploration expenditures over four years: $100,000 annually for years 1–3 and $950,000 in year 4. Goldrea applied $100,000 of 2025 exploration spending to keep the Property in good standing to Nov 30, 2026.

Upon earn-in Goldrea will be the initial operator of a joint venture with Hanstone; a finder's fee will be paid per CSE rules. Map links are posted on Goldrea's website and The Northern Miner.

Positive

• Earn-in option for 70% interest (Sept 29, 2025)
• Adds 3,400 hectares contiguous to Cannonball
• Total land package increases to 8,500 hectares
• Goldrea named initial operator on JV upon earn-in

Negative

• Binding $1.25M exploration commitment over four years
• Concentrated $950,000 expenditure required in year four

Vancouver, British Columbia--(Newsfile Corp. - October 3, 2025) - Goldrea Resources Corp. (CSE: GOR) (FSE: GOJ1) (OTC Pink: GORAF) ("Goldrea" or the "Company") is pleased to announce the execution of an option agreement dated September 29th, 2025 between the Company and Hanstone Gold Gorp. ("Hanstone") whereby Goldrea can acquire 70% of Hanstone's Snip North property (the "Property") in northwestern British Columbia, in an area known as the "Golden Triangle". Contiguous to Goldrea's Cannonball property, the Property consists of 3400 hectares which will bring Goldrea's mineral land package to a total of 8500 hectares (if the option for the Property is exercised). The south border of the Property adjoins boundary of Seabridge Gold's Iskut property which includes the recently discovered Snip North porphyry prospect and the Bronson Slope porphyry deposit and also surrounds the former Snip Gold Mine.

In order to earn a 70% interest in the Property, the Company must incur exploration expenditures of $1.25 million over four years, specifically $100,000 annually on or before September 30th for the first three years and $950,000 in the fourth year. Moreover, as a condition of the agreement, Goldrea has applied $100,000 of their 2025 exploration expenditures to the Property to keep it in good standing to November 30, 2026. Upon earning its 70% interest, Goldrea will automatically enter into a joint venture with Hanstone with respect to the Property, with Goldrea being the initial operator of the joint venture. A finder's fee will be paid in accordance with CSE regulations for the option agreement transaction.

The company has posted a map on its website showing the location of the Company's existing holdings and the location of the Hanstone Gold Joint Venture Property https://goldrea.com/wp-content/uploads/2025/10/News_Release_Map_Oct2025.pdf). The Northern Miner has published a map of the entire Golden Triangle which can be accessed at: https://maps.northernminer.com/?t=area&sn=true&sn2=true&lyrs=m&z=9.740652839018678&c=-14527641.82288237,7699867.290013914&co=Canada&ma=Golden%20Triangle&aid=12

Jim Elbert, CEO, states, "The joint venture with Hanstone Gold on their Snip North property is a major addition to Goldrea's holdings in the increasingly important Golden Triangle. In the face of challenging markets, work to date on Goldrea's holdings have identified multiple promising targets. Robust gold and copper markets should help the Company raise financing for a major exploration program in 2026."

For more information, please contact:

James Elbert, President and CEO
Telephone: (604) 559-7230
Email: jelbert@goldrea.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269026

FAQ

What did Goldrea (OTC: GORAF) announce on October 3, 2025 about Snip North?

Goldrea signed a Sept 29, 2025 option to earn 70% of the 3,400-hectare Snip North property.

How much must Goldrea (GORAF) spend to earn 70% of Snip North and over what timeline?

Goldrea must incur $1.25M of exploration expenditures over four years ( $100k annually years 1–3; $950k in year 4 ).

How does the Snip North option change Goldrea's land position (GORAF)?

If exercised, the acquisition raises Goldrea's total holdings to 8,500 hectares, adding 3,400 hectares.

Has Goldrea (GORAF) already spent money to secure the Snip North property?

Yes. Goldrea applied $100,000 of 2025 exploration expenditures to keep the property in good standing to Nov 30, 2026.

Who will operate the Snip North joint venture after Goldrea earns 70% (GORAF)?

Upon earning 70%, Goldrea will be the initial operator of the joint venture with Hanstone.

Are there any fees or third-party payments in the Snip North option for Goldrea (GORAF)?

A finder's fee will be paid in accordance with CSE regulations as part of the transaction.