Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), announces that it has completed the acquisition of the Valk Project (the "Valk") in British Columbia previously announced on November 5, 2020.
As per the terms of the Agreement, dated November 2, 2020, Xplore has acquired a 100% interest in the Valk Project by making a cash payment of C$ 100,000.00 and issuing 1.0 million shares of Xplore to Longford Capital Corp. ("Longford"). Longford maintains a 2% NSR Royalty on any future metal production.
The Valk claim ownership was transferred to Xplore on November 26, 2020.
Wes Hanson, President and CEO of Xplore, stated, "We are pleased to secure title to the Valk property and note that the claims are in good standing to October 2025. Our current Technical Report on the property, summarizing the exploration results to date, is available on SEDAR and our website for review. This acquisition allows the Company to proceed with future exploration at a pace that we control, providing us with flexibility to deploy our capital prudently. The copper sector is seeing renewed interest as a result of rising copper prices. Historic exploration at Valk has identified anomalous, widespread copper results in a region with demonstrated potential for significant copper discovery. We are currently evaluating alternatives for follow up exploration at Valk in H2, 2021."
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and development of copper and gold projects in the Americas. The Company is led by a highly experienced management team and is comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.
The Valk Project consists of 1,614 Ha and is located within the Nanaimo Mining Division, British Columbia, approximately 20 Km NW of Port Hardy. The Project is road accessible via an extensive network of provincial highways, local roads, and logging roads. Soil geochemistry and surface rock sampling have identified anomalous copper, vanadium and gold mineralization within rocks of the Karmutsen Formation. Valk is located 25 km north of the historic Island Copper Mine (345 Mt @ 0.41% Cu) and the North Island Copper and Gold Project (Indicated resource of 305 Mt @ 0.21% Cu).
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
For further information, please contact:
Phone: +1 647-362-9675
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ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Xplore cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including those to be described in the Filing Statement to be filed by Xplore on SEDAR.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Xplore undertakes no obligation to publicly update or revise forward-looking information.
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