SASKATOON, Saskatchewan, Feb. 10, 2022 (GLOBE NEWSWIRE) -- 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 25 additional claims on its Native Copper Project from two separate private vendors (each a “Vendor”).
As consideration, each Vendor will receive 200,000 common shares (400,000 common shares in total) and a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $500,000.
Additionally, 1844 has stake 70 new cells to the southwest of the green stone belt, bringing its position to a total of 208 claims, including 7 known copper showings (see figure):
- Ruisseau Bleu
- T.Nelson 1 and 2
- Fer Cheval-1
- Ruisseau Cantin
- Riviere St-Jean South
- Route 102 S-W
- Jean-Baptiste Beaudin
About Native Copper: 1844 Resources has 100% undivided interest in 208 claims in the Southern part of the Gasp Peninsula, to the North-West of the municipality of Chandler and Northeast of Port-Daniel. The project now extends on 98sq/km and 7 known showings are part of the property.
About 1844 Resources Inc.: 1844 is an exploration company with a focus in strategic and energetic metals and underexplored regions “Gasp, Chibougamau Qubec”. 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.
https://www.globenewswire.com/news-release/2022/02/10/2382944/0/en/1844-Expands-its-Native-Copper-Project-to-208-Claims.html