Miata Metals Announces Exploitation License Renewal for the Sela Creek Gold Project
globenewswire.com
August 27, 2025 08:40 ET | Source: Miata Metals Corp
VANCOUVER, British Columbia, Aug. 27, 2025 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB: MMETF) (“Miata” or the “Company”) is pleased to announce that its exploitation license has been renewed for a period of five years. The Company has further completed its anniversary payments for the option agreement (the “Option Agreement”) on its Sela Creek Gold Project (“Sela Creek” or “the Project”).
“We are pleased to have received the renewal of our exploitation license for another five years, providing a long runway for continued exploration.” stated Jaap Verbaas, CEO of Miata. “We are now firmly established at Sela Creek and well into our 10,000 m drill program. With our recently closed oversubscribed financing, we are well-positioned to continue systematic exploration on our flagship project.”
The five-year renewal, granted by the Geological Mining Service in Suriname (GMD), covers 100 km² encompassing the vast majority of the current artisanal mining footprint at Sela Creek, including Miata’s primary zones of interest. The license allows the Company to continue exploration activities such as sampling, trenching and drilling.
Miata has made the required cash payments under the Option Agreement to date and issued 592,883 Miata shares to the optionors of Sela Creek, (representing US$100,000 in shares at the trailing 5-day volume-weighted average price). The Company has completed all work commitments as required for the length of the option agreement. Full terms of the Option Agreement for Sela Creek are contained in Miata’s August 26, 2024 press release.
To satisfy the Option Agreement and increase its 70% earned interest to 100%, the following remaining milestones are required:
| | Cash Payment (USD) | Share Payment (USD) | | August 23, 2026 | US$250,000 | US$150,000 | | August 23, 2027 | US$500,000 | US$150,000 |
The Company has also issued 2,400,000 stock options to management and consultants of the Company. These options have an exercise price of $0.25, carry a three-year term, and vest over twelve months (50% on grant and 50% after twelve months).
About Miata Metals Corp.
Miata Metals Corp. (CSE: MMET) is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as the OTCQB (OTCQB: MMETF) and Frankfurt (FSE: 8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215km2 Sela Creek Gold Project with an option to acquire a full 100% interest in the Project, and a 70% beneficial interest in the Nassau Gold Project in Suriname with an option to acquire 100%. Both exploration properties are located in the greenstone belt of Suriname.
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
info@miatametals.com
+1 778 488 9754
Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to the use of proceeds of the Offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “anticipated” “expected” “intends” “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. |
