The property consists of eight non-contiguous claims situated in the southern region of
Between 1940 and 1972, geological surveys and drilling programs were conducted in the Îles-de-la-Madeleine archipelago, leading to the discovery of coarse crystalline rock salt (>98% NaCl) over 462.1 meters in the first hole (hole A-1) from 148.1 meters through 609.6 meters. This hole was collared on the Dune
The Havre Aubert East salt deposit is located in the three easternmost claims of the property. According to
In the upcoming months, the historical geophysical and drill hole data will be reprocessed, validated, and assimilated to enable the planning of a geological program that will unlock the full potential of the property.
Pursuant to the Option and following the acceptance of the CSE of the Option (the "Effective Date"), as consideration for the acquisition of the interest in the Property, the Company will pay an aggregate of
In addition to the Option Shares, the Company shall issue to the vendor 3,000,000 Shares on the declaration of proven reserve supported by a technical 43-101 reserve calculation report that the Company deems economically feasible to continue developing the Property.
All Shares issued under the Agreement will be subject to a four month and one day statutory hold period.
The Company is also pleased to announce the closing of the previously announced acquisition of a 100% interest in the Kingsville Salt Deposit (the "Property") pursuant to a purchase agreement dated October 30, 2023.
The consideration for the acquisition of the Property was paid by the issuance of 9,000,000 Shares to the vendors (see
The technical content of this news release has been reviewed and approved by
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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