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1844 Resources Inc. (TSXV: EFF) (the "Company" or "1844") announces that it has acquired the final four (4) claims required to complete its land position on it Native Copper Project on the Gaspe Peninsula of eastern Quebec. This addition now brings the total land position to 299 claims covering over 98 square kilometres and includes seven (9) known copper showings and high-grade drilling, trenching and grab sample assays for both coppers.
(Map of Native Copper Project complete with showings and LIDAR background)
Mr. Bernard-Olivier Martel, Director of Exploration at 1844, states "we are exceptionally pleased with this addition as it closes off our land position and adds the remaining two (2) known showing in the Native Copper Project area. The high-grade samples taken to date on the limited exploration done in the area are highly prospective and strengthens our thesis that the Native Copper Project could become a copper exploration camp in the Gaspe Peninsula." Historic work results on these newly acquired claims are as follows:
Showing | GM | Type | Cu (%) | Ag (g/t) | Length (m) |
Fer à Cheval 2 | GM56982 | Trenches/channels: 95-04 | 2.62 | 24 | 11 |
Triangle d'Argent | GM57820 | Main showing | 5.4 | 2.8 | 11.6 |
Triangle d'Argent | GM59588 | Trenches/channels: TR 2000-02 | 4.14 | 7 | 1 |
Triangle d'Argent | GM59588 | Trenches/channels: TR 2000-04 | 10.3 | 21.3 | 9 |
Triangle d'Argent | GM61139* | Drilling: TA-2002-01 | 0.39 | 0.43 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-02 | 0.62 | 1.98 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-02 | 1.77 | 2.23 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-03 | 1 | 1.05 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-04 | 0.38 | 1.5 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-04 | 0.13 | 3.04 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-04 | 0.4 | 1.46 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-05 | 1.21 | 3.04 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-06 | 1.4 | 2.64 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-07 | 0.29 | 3.35 | |
Triangle d'Argent | GM61139* | Drilling: TA-2002-08 | 0.35 | 3.05 |
* The GM report does not include any certificates of analysis or summary tables of results. These exposed values are selected from longitudinal section available in the report.
Under the terms of the purchase agreement (the "Agreement"), the Vendor, an arms-length party, will receive $5,000 and 500,000 common shares and a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $750,000.
Vortex Update
After detailed analysis 1844 has decided to postpone its previously announced drill program on the Vortex Project due to the proximity of a habitat of a vulnerable or threatened wildlife species (Forest Caribou, Gaspésie population). 1844's technical team has now shifted its exploration plans firmly to the Native Copper Project.
About 1844 Resources Inc.: 1844 is an exploration company with a focus in strategic and energetic metals and underexplored regions "Gaspé, Chibougamau Québec". With a dedicated management team, the Company's goal is to create shareholder value through the discovery of new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
(signed) "Sylvain Laberge"
Sylvain Laberge
President and CEO
514.702.9841
slaberge@1844resourcesr.com
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128335
