(TheNewswire)
Vancouver, BC - TheNewswire - February 28, 2023 - Geologica Resource Corp. (CSE:GRCM)(FSE:862)(Stuttagart:A2QQBC) (“Geologica” or the “Company”) is pleased to announce that it has agreed to acquire the Rooster claims (the “Claims”) from the vendor as per the Property Purchase and Sale Agreement (the “Agreement”) entered into on February 21, 2023 and approved by the Company’s board of directors. The vendor is controlled by the Company’s President and CEO.
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CLAIMS PURCHASE AND SALE AGREEMENT
On February 21, 2023, the Company entered into an agreement to purchase a 100% interest in a mineral property in British Columbia known as the Rooster Claims. The 3 claims are also known as HUD, GD West and GD North. The property is strategically located contiguous with the Topley Claims and adds 707.9 hectares to the Company’s land position. With the addition of the Claims the Company now has a land position of 3,414 hectares at Topley. These claims are being acquired to further Geologica’s stated mission of “Building Shareholder Value through the acquisition of properties of technical merit”.
In order to complete the purchase of the property, the Company must make the following:
Cash payment:
Share issuances:
Under the terms of the agreement the $20,000 cash payment must be used by the vendor to complete exploration work on the Claims.
CLAIMS HISTORICAL WORK
Previous drilling on the claims has indicated intense epithermal alteration with Ag, Pb, and Zn mineralization. Sporadic regional till samples in the area are in the 90th percentile for As, Sb, Pb and Zn. These claims have been mapped as mostly light grey FS phyric andesites, maroon FS phyric andesites with disseminated magnetite and monazite. Monazite stocks with in andesites is similar geology to Mount Milligan.
TOPLEY CLAIMS
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Geochemistry has identified high priority exploration target areas and a kilometer-scale VMS target area
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The region is known for its large porphyry, copper/gold, and copper/molybdenum deposits including past producing copper mines, Granisle and Bell
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The property is located in central BC, is Road Accessible, Cost effective to explore
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BC Hydro power lines transect the property and several water sources are available on the property
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Porphyries contain the largest reserves of Cu and close to 50% of Au reserves in BC
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Topley Property consists of 7 mineral claims totaling 2,669 Ha with known prospects and showings
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The acquisition expands the Company’s land position by 707.9 hectares to total 3,414 hectares
ABOUT GEOLOGICA RESOURCE CORP.
Geologica Resource Corp. is a mineral explorer, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement and purchase agreements for 100% of the mineral claims known as the Topley Project, located in central British Columbia.
The accuracy of the technical content of this overview has been reviewed by John Buckle P.Geo., who is a Qualified Person as defined under NI 43-101, and a member of the Company’s board of directors.
Further information on Geologica Resource Corp. can be found on the Company’s website
https://geologicaresource.com/ and on SEDAR at
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00039876
Neither the Canadian Securities Exchange ("CSE") nor its Market Regulator (as such term is defined in the CSE policies) has reviewed or accept responsibility for the adequacy or accuracy of this news release. This transaction is subject to the rules and regulation of the CSE and securities law and regulation.
Doug Unwin
President & CEO
(604) 762-5355
doug.unwin@geologicaresource.com
Forward-Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “ensuring”, “believe”, “anticipate”, “will”, “would” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the expected timing for the commencement of trading of the Shares on the CSE, the exercise of the Over‐Allotment Option and the Company’s plans and objectives with respect to the Topley Project. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to obtain all necessary regulatory approvals, risks related to the ongoing COVID-19 pandemic and its impact on the Company, risks and uncertainties inherent in the exploration and development of mineral properties, and other risk factors set forth in the long-form prospectus of the Company dated July 22, 2022 under the heading “Risk Factors”, a copy of which is available on the Company’s SEDAR profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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