1844 Resources Inc. announces that it has entered into a purchase agreement to acquire a 100% undivided interest in 12 claims in the Northern portion of the Gaspé Peninsula from Mr. Daniel Lepage and Mr. Eric Bariault both residents of the Gaspe Peninsula. The project is situated 15km south-south east of the Municipality of Marsoui on the Gaspe Peninsula. The Lac Crystal Project was initially comprised of 12 …
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 12 claims in the Northern portion of the Gaspé Peninsula from Mr. Daniel Lepage and Mr. Eric Bariault (each a “Vendor”), both residents of the Gaspe Peninsula.
The project is situated 15km south-south east of the Municipality of Marsoui on the Gaspe Peninsula. The Lac Crystal Project was initially comprised of 12 claims, but 1844 has also acquired an additional 32 claims surrounding the Project.
The Crystal Lake showing, discovered in 1989 was the subject of several prospecting campaigns between 1990 and 1995. These included the completion of trenches, mapping, helicopter and ground geophysical work, soil geochemistry work and the addition of five targeted boreholes. Historical data shows NNO lineaments (N340 °), associated with shear zones accompanied by burrings and fracture filling by the late injection of quartz-carbonate-chalcopyrite, bornite-chalcosine as well as supergene development of malachite and azurite. The host rock to the mineralization consists of argillite and slate, an inter-ity of locally calcareous and dolomitic clay sandstone all cut by intrusives made up of rhyodacitic and monzonitic dykes having random directions between N210°- N270°.
The type of mineralization indicated that the Crystal Lake showing was formed at low temperature, upon cooling of hydrothermal fluids containing copper in solution that migrated, used the N340 shear as a conduit and precipitate.
The compilation of high-resolution aeromagnetic surveys carried out by the Ministry of Energy and Natural Resources of Quebec, indicates the presence of magnetic anomaly and the potential presence of a pluton and/or dyke swarms at depth that may be at the origin of copper hydrothermal fluids.
A review and compilation of all this data indicates the potential of a porphyry or skarn/mantos style copper system in the vicinity of Petit Lac Crystal and adjacent to the pluton at depth. The mineralization is located at the heart of the N340 trending shear, refracted within sediments and intrusives, and occurs as masses of copper sulphides filling the fractures. Several grab samples, selected over the years, exhibited copper values, ranging from a simple copper anomaly to values over 43.8% Cu. (Table 1 and Figure 1)
|Table 1: Several grab samples with cooper values|
|Sample nber||Trench nber||Cu %||As ppm||Ni ppm||Ag ppm||Rock Type||Source|
|90-T2-100-101 A||90-T-2||18.6||na||64||4||Dyke rhyodacitique||GM53210|
|no sample*||90-T-1||na||na||na||na||Argilite silteuse||GM53255|
|*:||With chalcopyrite observed in micro-fractures with the presence of malachite and azurite. (Source: GM53255)|
As consideration for the Acquisition, 1844 agreed to issue 975,000 common shares in the name of the Vendor Daniel Lepage as well as a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $500,000. The common shares will be distributed to Mr. Daniel Lepage will be distributed over 3 years as follows:
- 350,000 upon transfer of the properties,
- 325,000 on the first anniversary, and
- 300,000 on the second anniversary.
Additionally, 50,000 shares of 1844 Resources will be issued to Vendor Eric Bariault on the transfer 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 ”
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.
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