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SASKATOON, Saskatchewan, May 24, 2022 (GLOBE NEWSWIRE) -- 1844 RESOURCES Inc. (TSX-V:EFF) (the “Company” or “1844”) is pleased to announce that it has completed its high-resolution aerial magnetic survey (the “Survey”) over the northeast part of is Native Copper property, located in the Southern part of the Gaspé Peninsula.
The Survey, completed by Prospectair Geosurveys, consisted of a total of 3,402 line km, carried out on flight lines spaced 50 meters apart. This type of survey makes it possible to interpret geological and structural mapping by illustrating contrasts of magnetic susceptibilities and identifies geological units, mainly volcanic units on the project, faults, and folds. (Fig: 220503_1844_CuivreNatif_Mag_PR.pdf)
The detail of the survey, combined with the MPPF lidar survey and the 2D compilation of historical data, will allow a 2D geological and structural mapping of the volcano-sedimentary units of the “Membre de l’Observation” members and the Mckay member: two members identified as metallotect having demonstrated the presence of mineralization of the copper.
The reported geophysical survey data remains in preliminary form, awaiting final processing and leveling. The Company anticipates that the results of the first vertical derivative (FVD) and the tilt derivative (TILT) will highlight the local drops in the high frequency magnetic field close to the surface, and thus indicate potential zones of alteration and fluid circulation. Additionally, the Survey will help to interpret and highlight the high porosity units and the regional and/or local structures responsible for the circulation of copper mineralizing fluids.
MR. Sylvain Laberge, President and CEO of 1844 states “We are very pleased with the initial results of the Survey and look forward to receiving the final interpretation in due course. All of the geological work that we have completed to date indicate a high level of confidence in the prospective nature of the Native Copper project.”
1844 further announces that it has extended its land position by claiming 17 new cells and by acquiring a 100% undivided interest in 7 additional claims on its Native Copper Project from a private arms-length vendor ( “Vendor”). As consideration, the Vendor will receive cash consideration of $5,000, 500,000 common shares and a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $750,000. (Fig : 220503_1844_CuivreNatif_Titres_PR.pdf)
About Native Copper: 1844 Resources has 100% undivided interest in 295 claims in the Southern part of the Gaspé 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 “Gaspé, Chibougamau Québec”. 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.
1844 RESOURCES INC.
(signed) “Sylvain Laberge”
Sylvain Laberge
President and CEO
514.702.9841
Slaberge@1844resources.com
FORWARD LOOKING INFORMATION
This press release contains statements which, other than statements of historical fact constitute “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to: results of exploration activities, mineral resources. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. This press release contains forward-looking information in a number of places, such as in statements relating to use or proceeds from the Offering, the closing of the Offering and the ability to obtain the necessary regulatory approvals. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company's annual information form for the year ended April 30, 2021, available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
