Base Metals

Xplore Resources Corp. announces today that it has received conditional approval from the TSX Venture Exchange for the previously announced letter of intent on January 13th, 2021 with Abitibi Royalties Inc. to earn a 100% interest in the 1,750 Ha Upper Red Lake Gold Project located in the Red Lake Mining Division, ON., Canada.The option agreement was signed on February 4, 2021 and the TSX.V provided Conditional ...

Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), announces today that it has received conditional approval from the TSX Venture Exchange (the "TSX.V") for the previously announced letter of intent ("LOI") on January 13th, 2021 with Abitibi Royalties Inc. ("Abitibi") to earn a 100% interest in the 1,750 Ha Upper Red Lake Gold Project (the "Upper Red Lake"), located in the Red Lake Mining Division, ON., Canada.

The option agreement (the "Agreement") was signed on February 4, 2021 and the TSX.V provided Conditional Approval of the transaction on March 2, 2021. Final Approval from the TSX-V is conditional on the issuance of a closing press release outlining the Agreement.

Terms of the Agreement:

Under the terms of the Agreement, Xplore will earn a 100% interest in the Upper Red Lake Project by completing the following:

  • The Company obtaining all necessary approvals from the TSX.V; and
  • Within 7 days of the TSX.V approval date, the Company shall issue to Abitibi CDN$62,500 in common shares of the Company based on the daily volume weight averaged (the "VWAP") price of the Company's shares as reported by the TSX-V, for the 14-day period preceding execution of the Letter of Intent. Based on a VWAP of $0.057, the Company will issue Abitibi 1,096,491 shares, and;
  • On or before the first anniversary date of signing the Agreement, the Company shall issue to Abitibi CDN$125,000 in common shares of the Company based on the VWAP price of the Company's shares as reported by the TSX-V, for the 14-day period preceding either 1) execution of the anniversary date or 2) an accelerated date to be determined at the sole discretion of the Company; and
  • On or before the second anniversary of signing the Agreement, the Company shall issue to Abitibi CDN$150,000 in common shares of the Company based on the VWAP price of the Company's shares as reported by the TSX-V, for the 14-day period preceding either 1) execution of the anniversary date or 2) an accelerated date to be determined at the sole discretion of the Company; and
  • The Company agrees to complete sufficient exploration work on the property to maintain the claims in good standing by incurring minimum exploration expenditures CDN$35,200 on or before October 7, 2022.
  • On completing the share issuance obligations, the Company shall have earned a 100% interest in the Upper Red Lake minus a 1.5% net smelter return ("NSR") on any future metal production from the Upper Red Lake.

Wes Hanson, President and CEO of Xplore, stated, "The Birch-Uchi greenstone belt is seeing a surge in exploration activity as companies resume active exploration of a district with favourable geology and recent gold discoveries. Geological Survey of Canada (GSC) field programs in 1991 and 1992 returned gold in till anomalies along a 5 kilometer E-W trend along the southern portion of the Upper Red Lake Property. To the east, follow up gold in till results have confirmed the initial GSC results. We are currently considering options to advance the Upper Red Lake Project in 2021 to evaluate the geological potential of the property."

About Upper Red Lake Gold Project

The Upper Red Lake Gold Project consists of 12 contiguous mineral claims (1,750 Ha) located in the Birch-Uchi Greenstone Belt, within the Red Lake Mining Division of Ontario. The project, located approximately 60 kilometers ENE of Red Lake ON, is road accessible and largely lies along the NW boundary of Prosper Gold Corporations ("Prosper"), Golden Sidewalk Project. Prosper has identified several W to WNW trending anomalous gold trends within their land package, many of which to trend on to the Upper Red Lake claim package.

About Xplore Resources (TSXV: XPLR)

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.

Valk Project

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).

Qualified Persons

Mr. Wes Hanson, P. Eng. President & CEO of Xplore and registered in the Province of Ontario is the "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

ON BEHALF OF THE BOARD

"Wesley C. Hanson"
President & CEO

For further information, please contact:

Phone: +1 647-362-9675
Email: info@xploreresources.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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.

THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75953

News Provided by Newsfile via QuoteMedia

Platreef Mine Secures US$200 Million Gold Stream Financing and Additional US$100 Million Palladium and Platinum Stream

Offtake arrangements announced for 100% of Platreef's first phase production

Platreef scheduled to commence production in 2024

Keep reading... Show less
Victory Receives Smokey Lithium Drill Permit

Victory Receives Smokey Lithium Drill Permit

  • Following Extensive Exploration and Analysis Smokey Lithium Exploration Team Set to Begin Drill Program
  • Drill Program will Focus on Relationship to High Li Zone to adjacent Jindalee Property

Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is excited to announce that the Company's has received a drill permit to commence drilling on its Smokey Lithium property in Esmeralda County, Nevada

As a result of the extensive exploration work and analysis conducted to date, the Company's exploration team has identified drill targets that will determine whether a relationship exists to the high Li zone on the adjacent Jindalee property. The drill permit was expanded from the original 4 holes to 15 holes based upon further analysis by the Company's Exploration Team which included locations of key targets for drill holes.

Keep reading... Show less
Getchell Gold Corp. Secures Two Drill Rigs for 2022 at the Company's Nevada Projects

Getchell Gold Corp. Secures Two Drill Rigs for 2022 at the Company's Nevada Projects

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce the Company has executed a contract to secure two drill rigs for the entirety of 2022 to conduct exploration at the Company's Nevada based projects.

"The discovery of our Colorado SW and North Fork gold zones and the successful follow-up drill results indicate an extensive mineralizing system at the Fondaway Canyon gold project that remains open to depth and along strike. The procurement of a second drill rig will facilitate an accelerated advancement and broader delineation of these discoveries," states Mike Sieb, President, Getchell Gold Corp. "In addition, the second drill rig will enhance our news flow next year and allow for the much-anticipated maiden drill program at the Star high-grade copper-gold-silver project."

Keep reading... Show less
Latin Metals Stakes Three New Copper Exploration Projects, Coastal Copper Belt, Peru

Latin Metals Stakes Three New Copper Exploration Projects, Coastal Copper Belt, Peru

TSXV: LMS) OTCQB: LMSQF) announces that it has acquired a 100% interest in three copper exploration projects totaling 5,000 hectares, located in the Coastal Copper Belt, Peru. The three projects (Loli, Tillo, and Para) (the " Projects ") are located approximately 130km southwest of the Company's Lacsha copper project, where recent exploration has identified extensive copper mineralization at surface and where the Company expects to complete an IP survey in January 2022 ( Figure 1 ).

The Projects were acquired by staking following completion of an extensive regional stream sediment survey, screening approximately 480 km 2 . The areas were selected based on consistent copper anomalies and geological similarities to the Lacsha - Yanba projects area.

Keep reading... Show less
Opawica Announces $2,000,000 Flow Through Placement

Opawica Announces $2,000,000 Flow Through Placement

(TheNewswire)

Opawica Explorations Inc.

TheNewswire - December 7 th 2021 Opawica Explorations Inc. (the "Company") (TSXV:OPW) (OTC:OPWEF) is pleased to announce that it proposes to undertake a private placement to raise gross proceeds of up to $2,000,000 (the "Offering"). The Company proposes to raise up to $2,000,000 through the sale of up to 3,636,363 flow-through units priced at $0.55 (the "FT Units"). Each FT Unit consists of one flow-through common share and one-half of a share purchase warrant, with each whole Warrant exercisable into one further common share at a price of $0.75 for a term of two years.

Keep reading... Show less
Altiplano Begins Advance to the 352 m Level at Farellon and Completes Ventilation Upgrades

Altiplano Begins Advance to the 352 m Level at Farellon and Completes Ventilation Upgrades

Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to provide an update on the underground mining activity at the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.

Underground work has begun on the Hugo Decline to expand to the next targeted working heading at the 352 m level. The extension will require 60 m to reach the operational level and a further 15 m to reach the iron oxide copper gold vein system. To date, 14 metres have been completed. The decline extension is designed to provide two additional mining access points along the NE and SW drifts and, in the future, provide access to remove the mineralization from the roofs and floors of the 360 m level above (Figure 1). This work is part of the ongoing underground development and sustainability initiatives at Farellon.

Keep reading... Show less

Top News

Related News