Xplore Announces Earn-In Option Agreement on the Surge Lithium Project

Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company"), is pleased to announce that it has entered into an Option Agreement (the "Agreement") with 1544230 Ontario Inc. and Gravel Ridge Resources Inc. (together the "Optionors") to earn a 100% ownership interest in eight (8) unpatented contiguous mining claims (3416 ha) that make up the Surge Property (the "Property" or "Surge") located in the Patricia Mining District, Ontario, Canada approximately 150 kms east of Red Lake, Ontario.

The Property is in the Superior Province of the Canadian Shield, along the 450 km, E-W trending Sydney Lake - Lake St. Joseph ("SL-LSJ") fault, separating dominantly intrusive rocks and greenstones of the North Caribou superterrane to the north from the metasedimentary rocks of the English River terrane to the south. (Ref. Figure 1.0).

Wes Hanson, P.Geo., President and CEO of Xplore, comments: "The fundamentals of the lithium sector are extremely robust with strong demand and limited supply. Most analysts agree that the increased demand for lithium batteries to supply manufacturers of electric vehicles will exceed lithium supply for the foreseeable future. The Allison Lake batholith represents a premium address for lithium exploration in Ontario. Our Perrigo Lake property is adjacent to the batholith and the Surge agreement increases our land position to over 6700 hectares in this highly prospective, road accessible lithium district, which also happens to be highly prospective for gold as well. Both properties are close to the major, regional scale break subdividing two superterranes of the Superior province. Historical mapping by the Ontario Geological Survey has identified key indicators of fractionation of the Allison Lake batholith. Peraluminous granite intrusions are scattered through the region, one of which transects the Surge claims. Lithium bearing pegmatites, have been identified at Root Lake, 12 kms to the west, where a historical Li₂O resource was established at the McCombe lithium deposit in the mid 1950s. Ardiden Ltd. (2016) reported channel sampling returned 14.0 meters averaging 1.67% Li₂O, two kms east of the Property. Our plan is to aggressively evaluate the lithium potential at both Perrigo and Surge, deploying our existing exploration capital immediately."

The Property is located 12 kms east of the Root Lake pegmatite group which includes the McCombe lithium deposit, (historic mineral resource of 2.3 million tons @ 1.3% Li₂0 as per Mulligan R., Geological Survey of Canada, 1965) (Ref. Figure 2.0).

The Root Lake pegmatite group lies within the Pakwash - Lake St. Joseph ("PLSJ") rare element pegmatite trend, a 20 kilometer wide, +100 km long trend containing multiple peraluminous (Al-rich) granitic intrusions, rare earth pegmatites and lithium bearing pegmatites, including the Allison Lake batholith, a large, tadpole shaped, peraluminous granitic intrusive described by the Ontario Geological Survey ("OGS") in OFR 6099 (2003) as "the largest known fertile peraluminous granite mass in northwestern Ontario" (Ref. Figure 1.0). The southeast trending tail of the Allison Lake batholith trends into the PLSJ and a series of peraluminous granitic intrusions, including the one dominating the center of the Spark claims, outcrop along this E-W trend.

Terms of Transaction

Under the terms of the Agreement, Xplore will acquire a 100% ownership interest in the Property by completing the following:

The Company obtaining all necessary approvals from the TSX Venture Exchange (the "TSX.V"); and
Incur Expenditures in an aggregate amount of $60,000 on or before the first anniversary; and
Make four (4) cash payments to the Optionors totalling $110,000.00 and issue 400,000 shares of the Optionee in accordance with the following schedule:

Making a cash payment of $20,000.00 cash payment upon the signing of this Agreement (the "Initial Payment"); and 400,000 shares of the Optionee (the "Payment Shares"); and
Making a cash payment of $25,000.00 cash payment on or before the first (1^st) anniversary; and
Making a cash payment of $30,000.00 on or before the second (2^nd) anniversary; and
Making a cash payment of $35,000.00 on the third (3^rd) anniversary.

On completion of the above noted cash payments and share issuances, Xplore will have earned a 100% interest in Surge and upon commencing any commercial production of any minerals from the Property, the Company will pay the Optionors a royalty on production equal to a 1.5% net smelter return royalty (the "NSR").

The transaction and the issuance of the shares contemplated by the Agreement are subject to the acceptance of the TSX.V. Any securities issued will be subject to applicable statutory hold periods for a period of four months plus a day from the date of issuance.

Figure 1.0 - Allison Lake Batholith - Regional Geology

To view an enhanced version of Figure 1.0, please visit:
https://orders.newsfilecorp.com/files/7519/114484_45876023d4f83b5d_002full.jpg

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 mineral 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.

Qualified Persons

Mr. Wes Hanson, P. Geo., 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.

Figure 2.0 - Surge Project - Root Bay District, Ontario

To view an enhanced version of Figure 2.0, please visit:
https://orders.newsfilecorp.com/files/7519/114484_45876023d4f83b5d_003full.jpg

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.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114484

News Provided by Newsfile via QuoteMedia

tsxv:xplr copper investing Copper Investing

XPLR:CA

Xplore Announces Airborne Survey of Surge Lithium Property

Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company"), is pleased to announce that it has contracted Prospectair Geosurveys Inc. ("Prospectair") of Gatineau, Quebec to complete a high-resolution heliborne magnetic survey of the recently optioned 3416 ha lithium Surge Property (the "Property" or "Surge") located in the Patricia Mining District, Ontario, Canada approximately 150 kms east of Red Lake, Ontario.

Wes Hanson, P.Geo., President and CEO of Xplore Resources, commented, "We were fortunate to be able to join a consortium of lithium focused exploration companies who have aggressively acquired claims in the region, largely due to the discovery potential for lithium bearing pegmatites associated with the Allison Lake batholith and Root Lake pegmatite group. Participating in this consortium not only reduces the overall costs of the survey for all participants, but more importantly, it will generate preliminary results by mid-May, allowing us the opportunity to prioritize areas of interest for field follow up and sampling during the coming field season. That allows us to double down on field evaluation as our Perrigo Lake claim block, acquired initially for its gold potential, lies immediately west and adjacent to the Allison Lake Batholith, giving us two properties in this dynamic region. We are very encouraged by the commitments outlined in Ontario's recently announced Critical Minerals Strategy, focused on positioning the province to benefit from the anticipated exponential growth of electric vehicle manufacturing. This includes financial support for the exploration for and development of critical battery metals, including lithium, throughout northern Ontario."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Xplore Reports 7.83 g/t Au in Till at Upper Red Lake

Xplore Resources Corp. (TSXV: XPLR) ("Xplore or the "Company"), is pleased to announce anomalous gold in till sample results obtained from the Upper Red Lake Property (the "Property" or "URL") located in the Red Lake Mining District, Ontario.

Reconnaissance gold in till sampling confirms highly anomalous gold grain counts
75% of the sample population returned gold grain counts in the upper decile of regional till sampling completed by the Geological Survey of Canada ("GSC")
Pristine and modified gold grains comprise +60% of population
Best gold in till results coincident with areas of magnetic destruction
Results include 7834 ppb Au, the highest gold tenor returned to date within the claims
Adjacent to Prosper Gold's Golden Sidewalk gold in till anomaly

Waldo Sciences Inc., Vernon, B.C. ("Waldo"), completed a two-week reconnaissance mapping and sampling program on the Property in October 2021. Onset of winter conditions limited Waldo's coverage to the C1, 2 and 3 target areas (Ref. December 14, 2021, XPLR Press Release). Target C1, a 2200 meter linear, east-west trending magnetic high, coincident with an intrusive-greenstone contact was highlighted by the gold in till results. Targets C2 and C3 further south may represent the continuation of Prosper Gold Corporations' "Golden Corridor" target, a 7 km x 0.5 km gold in till anomaly currently being drilled to the east of Upper Red Lake.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Xplore Resources Modifies Terms of Upper Red Lake Agreement

Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), announces that Abitibi Royalties Inc. has agreed to extend the time in which to make the first anniversary payment under a property option agreement announced March 3, 2021, wherein Xplore is earning the right to earn a 100% interest in the Upper Red Lake Project, located in the Red Lake Mining division, Ontario. In consideration for the issuance of an additional 227,272 common shares, the pending first anniversary payment of $125,000 (payable in common shares of the Company based on the then 14-day VWAP price of the Company's shares as reported by the TSX Venture Exchange) will be extended for an additional six months. The issuance of these shares is subject to the approval of the TSX Venture Exchange.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Xplore Isolates Priority Geophysical Targets at the Upper Red Lake Property

Xplore Resources Corp. (TSXV: XPLR) ("Xplore" or the "Company"), has identified and prioritized targets at its Upper Red Lake Project ("Upper Red Lake"), located in the Red Lake Mining Division, Ontario.

Jeremy S. Brett, M.Sc., P.Geo., Senior Consulting Geophysicist, Jeremy S. Brett International Consulting Ltd., has reviewed the airborne magnetic data for the Upper Red Lake property, identifying six priority anomalies for field follow-up (Ref. Figure 1.0). A brief overview of each target follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.

JJB PROPERTY:

The JJB Property is located within a highly prospective 135-kilometer-long belt in the Stikine Terrane, which hosts several significant copper (Cu) and silver (Ag) showings and prospects. Noteworthy nearby projects include Zimtu Capital Corp.'s Copperline Project and Doubleview Gold Corp.'s Red Spring Project. Additionally, porphyry projects along the Bear Lake trend include Imperial Metals' Cu-Mo Porphyry Bear Lake Project, American Eagle Gold's Cu-Au-Mo ± Ag NAK Project, Amarc Resources Ltd.'s DUKE Project, and HDI Quartz Mountain's Cu Porphyry Jake Project.

The JJB area has geology similar to that of the deposits found in the Bear Lake Corridor. Three main copper showings have been identified on the property: Squingula, Quin, and Pat. The Squingula and Quin showings are located near an Eocene intrusion on the west side, characterized by a coincident magnetic high. This magnetic high is surrounded by a low that corresponds with an iron oxide anomaly, potentially indicative of a porphyry target. Both the intrusion and the magnetic and iron oxide signatures are associated with a multi-element geochemical anomaly identified through limited sampling. Mineralization appears to be influenced by major northwest-trending structures and east-west cross structures, with known mineralization occurring at the intersections of these structures.

In 2025, exploration work at the JJB will focus on expanding the geochemical anomalies within the gossanous magnetic low surrounding the magnetic high. Priority will be given to an airborne magnetic survey, along with prospecting and soil sampling.

Details on the JJB Property can be found in the JJB Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

SAY PROPERTY:

Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.

The SPUR is a high-grade Cu-Ag structural vein and breccia target that extends for 4.3 km along the north-northwest Tsaytut Spur ridge * .

The SHEL target area is a Cu-Mo porphyry identified through historic mapping and drilling. SHEL mineralization is reported to be associated with veining and breccias within quartz-feldspar porphyry dikes and lies on the western margin of an unexplored 3 km x 2 km magnetic high * . Historical assays and airborne magnetic data indicate the potential for the expansion of known mineralization in these two target areas.

In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.

Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*	Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.
ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.
Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface. West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/23/c5360.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Copper pipes laid on top of each other in bundles.

5 Best-performing Copper Stocks on the TSX in 2025

Over the past year, copper prices have reached record highs on two occasions, with the most recent instance being on March 26, when the metal soared to US$5.26 per pound.

These high prices stem from an increasingly tight copper market, driven by rising demand from population growth and migration in the global south, as well as growing pressures from the energy transition.

This situation is compounded by a limited number of greenfield projects that would introduce new deposits, as opposed to brownfield projects that merely extend the life of existing mines.

The first quarter of the year also witnessed some panic buying, as traders moved inventories into the US in anticipation of tariff-related price increases. Interest in companies developing US copper mines has increased as well as new US President Donald Trump looks to expedite critical metals projects.

Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2025 by year-to-date gains below. Data for this article was retrieved on April 7, 2025, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.

Keep reading...Show less

Latest Press Releases

Related News

Oil and Gas Investing

Top 5 Canadian Mining Stocks This Week: Tag Oil Posts 76 Percent Gain

Lithium Investing

Xplore Announces Earn-In Option Agreement on the Surge Lithium Project

In this article

Next US copper mine: Copper mines under construction

Next US copper mine: Mines being restarted

Next US copper mine: Copper mines in the permitting stage

1. Northern Dynasty Minerals (TSX:NDM)

2. Arizona Sonoran Copper Company (TSX:ASCU)

3. Imperial Metals (TSX:III)

4. Gunnison Copper (TSX:GCU)

5. St. Augustine Gold and Copper (TSX:SAU)

FAQs for investing in copper

Is copper a good investment in 2024?

What is copper used for?

How to invest in copper?

How to invest in a copper ETF?

How is copper priced?

How is copper processed?

Where is copper mined?

Latest News

Latest Press Releases

Related News

TOP STOCKS