Calgary, Alberta--(Newsfile Corp. - June 21, 2024) - Argyle Resources Corp. (CSE: ARGL) ("Argyle" or the "Company") is thrilled to announce the acquisition of the Matapedia, Lac Comporte and Pilgrim Island Quartzite Silica projects located in Québec (the "Property"). The Company acquired a 100% interest in the Property from Charlevoix Silica Inc. ("Charlevoix") pursuant to the terms of an acquisition agreement dated April 15, 2024, for consideration of $150,000CAD and the issuance of 750,000 common shares of Argyle.
Silica, or Silicon Dioxide, is a chemical compound with the chemical formula SiO2. It is predominantly found naturally in quartz and various living organisms. Silica is a critical component of sand in numerous parts of the world and belongs to one of most extensive and intricate material families. Silica has multiple uses across various industries, such as glass production, microelectronics, semiconductors, pharmaceuticals and photovoltaic solar cells. There are also technologies exploring the use of silicon to replace the current anode component of Lithium Ion batteries. In July 2023, the US Department of Energy added silicon and silicon carbide to the list of Critical Materials for Energy.
The Matapedia silica property includes 16 cells located in the lower St. Lawrence area, some 36 km from the coastal village of Grand-Métis (Figure 1). The Matapedia silica property covers an area of 912.8 hectares. Access to the property is easy via gravel municipal roads in the parish of Sainte-Moïse. What makes this property particularly interesting is the presence of: silica, limestone, and aluminous claystones close together. This combination could be strategic for specific industrial applications. The presence of regional port infrastructure and the railway are positive factors in allowing the export of industrial minerals to the Great Lakes or to the eastern USA.
Figure 1 : Property location map
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The Lac Comporte Project encompasses 1,945 hectares across 33 claims in the regional county municipality ("RCM") of Charlevoix-Est, located on the north shore of the St. Lawrence River near La Malbaie (Figure 1). The industrial potential of this showing will be explored in detail.
The Pilgrim Islands Project encompasses 810 hectares across 15 claims in the RCM of Kamouraska on the south shore of the St. Lawrence and more precisely in the St-André-de-Kamouraska sector is represented by Ile les Pèlerins quartzite showing (Figure 1).
Argyle will execute an exploration campaign in collaboration with the National Institute of Scientific Research ("INRS"), to evaluate the mineral potential of the above-mentioned properties. The exploration and the analytical works are expected to include: Geophysical surveys, geological mapping, channel sampling, bulk sampling, granulochemical and geometallurgical study including X-ray fluorescence.
The INRS is a leading research and training institute. Dr. Richer-Laflèche's, P.Geo, who will manage the exploration works and his team possess exceptional geological and geophysical expertise, particularly in industrial grade silica projects. The INRS team has several portable gas analyzers, sampling equipment, and logistics required for collecting samples and conducting geophysical measurements on land or in aquatic environments.
CEO, Jeff Stevens commented, "Argyle Resources was purpose built to explore and identify prospective assets in the critical metals space. Acquiring the Matapedia, Lac Comporte and Pilgrim Island Quartzite Silica projects in Quebec to complement our graphite exploration property, Frenchvale Graphite in Nova Scotia provides our shareholders with exposure to two strategic critical metals. We are excited to initiate a work program this season and will share details for both in short order."
ON BEHALF OF THE BOARD OF DIRECTORS
'Jeffrey Stevens'
President & CEO
George M. Yordanov, OGQ., P.GEO., an Independent Qualified Person as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information reported in this news release.
About Argyle Resources Corp.
Argyle is a junior exploration company primarily focused on the Frenchvale graphite property on Cape Breton Island in Nova Scotia. The company has an option agreement to acquire up to 100% of the property by funding or incurring expenditures for a series of work programs. There has been significant historic drilling, mapping and sampling work conducted at the Frenchvale site. The company is focused in the industrial materials such as graphite and silica.
For all other inquiries: info@argylresourcescorp.com
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-Looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. Such statements in this news release include, but are not limited to, the statements with respect to the potential use of minerals on the Property for industrial applications; the possibility of exportation of industrial minerals to the Great Lakes or to the eastern USA; the potential for silica production; the execution of an exploration campaign in collaboration with INRS; and the initiation of a work program. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company's business include, among other things that mineral exploration is inherently uncertain and may be unsuccessful in achieving the desired results; that mineral exploration plans may change and be re-defined based on a number of factors, many of which are outside of the Company's control; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company's industry. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-Looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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