1844 Resources Inc. announces that it has entered into a purchase agreement to acquire a 100% undivided interest in 4 claims on its Native Copper Project and from 9248-7792 Quebec Inc. and Prospect Or Corp . Two known showings are part of the claims acquired: Fer à Cheval – 1 and Ruisseau Cantin, 1844 has also acquired an additional 12 claims. . As consideration for the acquisition each Vendor will receive …
1844 Resources Inc. (TSX-V:EFF) (the “ Company ” or “ 1844 ”) announces that it has entered into a purchase agreement (the “Agreement”) to acquire a 100% undivided interest in 4 claims on its Native Copper Project and from 9248-7792 Quebec Inc. and Prospect Or Corp (each a “Vendor”).
Two known showings are part of the claims acquired: Fer à Cheval – 1 and Ruisseau Cantin, 1844 has also acquired an additional 12 claims. (see Figure 1).
|Ruisseau Cantin||1995||GM53761||Trenching||TR 95-01: 0.32% Cu and 0.8 g/t Ag/40.5 m . Including 1.3% Cu and 1.4 g/t Ag/4.0 m (channel sample length)||Fine disseminated chalcocite and some bornite in the cement of a conglomerate and volcanic fragments within the conglomerate.|
|Fer à Cheval-1||1995||GM56982||Trenching||Tr.95-02: 0.63% Cu / 11.0m (channel sample length)||Exposed hematized porphyritic basalt containing chalcocite, cuprite, bornite and malachite|
As consideration for the acquisition each Vendor will receive 200,000 common shares for a total of 400,000 common shares and a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $500,000.
About Native Copper: 1844 Resources has 100% undivided interest in 172 claims in the Southern part of the Gaspé Peninsula, to the North-West of the municipality of Chandler and Northeast of Port-Daniel. The project now extends on 98sq/km and 7 known showings are part of the property.
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 ”
President and CEO
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.
News Provided by GlobeNewswire via QuoteMedia