FORM 7 – MONTHLY PROGRESS REPORT January 2015 Page 1 FORM 7 MONTHLY PROGRESS REPORT Name of Listed Issuer
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: Carlyle Commodities Corp. (the “Issuer”).
Trading Symbol: CCC
Number of Outstanding Listed Securities: 49,100,509
Date: March 2021
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by Exchange Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the Policies. The discussion in this report must be factual, balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
The Issuer and its partner Riverside Resources Inc. continued the previously announced phase one drill campaign at The Cecilia Gold-Silver Project in Sonora, Mexico (see press release dated February 8, 2021). The work program will test the un-drilled San Jose structure on the Cerro Magallanes target where recent sampling returned values up to 48.3 g/t gold over 0.75 m at surface (out of 21 samples; see press release of November 18, 2020). As project operator, Riverside Resources has planned a total of 6 drill holes designed to test down to roughly 250 m in depth between 2,200 m and 1,900 m elevation over the Cerro Magallanes rhyolitic dome. This target is one out of five major targets on the 7,000 hectares (70 sq. km) claim block in the prolific gold and copper mining region of northern Sonora, Mexico.
On March 8, 2021, the Issuer issued 200,000 compensation shares as more particularly described in Item 14 herein.
2. Provide a general overview and discussion of the activities of management.
The Issuer is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic battery metals sector.
The Issuer has an option agreement to purchase a 100% interest in the highly prospective Sunset Property (the “Sunset Property”), which consists of 4 mineral claims comprising a total of approximately 785.31 hectares located in the Vancouver Mining Division approximately 15km north of Whistler, British Columbia, and 108km north of Vancouver, British Columbia. In order to earn the interest in the Sunset Property, the Issuer must complete $1,000,000 in exploration by June 30, 2020 ($100,000 by September 30, 2018 (completed); $200,000 by December 31, 2020; and $700,000 by December 31, 2021), make cash payments of $15,000 by April 1, 2018 (completed), and issue 666,667 shares by April 1, 2018 (completed). The parties to the Sunset Option Agreement are currently working to prepare an amendment to the agreement extending the terms of the remaining obligations of the Issuer.
The Issuer has an option agreement to purchase a 100% interest in and to the 7,739 hectare Cecilia Gold-Silver Project (the “Cecilia Project”) located in the State of Sonora, Mexico. In order to earn the interest in the Cecilia Project, the Issuer must make aggregate cash payments of $200,000 ($10,000 on signing a Letter of Intent (completed); $40,000 upon closing (completed); $50,000 by July 13th, 2021; $50,000 by July 13th, 2022; and $50,000 by July 13th, 2023), issue 1,500,000 common shares upon closing (completed), issue 3,000,000 non- transferable special warrants (completed), and incur an aggregate of $2,500,000 in exploration expenditures by July 13th 2023 ($750,000 by July 13th, 2021 (completed); $500,000 by July 13th, 2022; and $1,250,000 by July 13th, 2023).
The Issuer has an option agreement (the “Mack Option Agreement”) with United Mineral Services Ltd. (“UMS”) and Amarc Resources Ltd. as operator (“Amarc”), pursuant to which the Issuer has the right to earn a 50% working interest (the “Mack Option”) in the Mack Project.
The Issuer has an option agreement (the “Jake Option Agreement”) with UMS and Amarc, pursuant to which the Issuer has the right to earn a 50% working interest (the “Jake Option”) in the Jake gold property (the “Jake Project”), located in British Columbia.
Under the terms of the Mack Option Agreement and the Jake Option Agreement, the Issuer has the right to earn a 50% working interest in the Mack Project and the Jake Project by completing $400,000 of drilling and other surveys on each property. Upon completion of the required expenditures, separate 50:50 joint ventures (each a “Joint Venture”) will be formed between the Issuer and UMS (or its assigns) in order to continue to advance each property.
The Issuer and its partner Riverside Resources Inc. (“Riverside”) completed a Phase I prospecting program on its Cecilia Project in Sonora, Mexico. A total of 57 rock samples were collected from Cerro Magallanes with assays returning as high as 48.3 grams per tonne (g/t) gold over 0.75 m. Phase I prospecting has defined and confirmed extensive high-grade mineralization on surface at San Jose and North Breccia targets. Channel results including 43.2 g/t Au (40 cm channel) and 5.6 g/t Au (60 cm channel), are part of a more extensive structural corridor for which historical work has defined the extension up to 300 m in strike length and 20 m width. Surface work has helped Riverside define and detail a 6-hole drill program for 1,500 m over the primary structural zones at the San Jose, North Breccia and Central targets at the Project.
The Issuer and its partner UMS completed a Phase I wide-spaced three hole core drilling program (totalling 583 metres) at their Mack copper-molybdenum-tungsten-gold, sheeted and stockwork vein/fracture target, (the “Mack Project”) located near Dease Lake, British Columbia. All three holes (MK2001 thru MK2003) intersected the targeted geological setting; a sheeted and stockwork vein/fracture system hosted by granodiorite. No other significant rock types were encountered. Fractures, veins, alteration and occurrences of pyrite, chalcopyrite (copper) and molybdenite (molybdenum) were similar in all three holes but their degree of development varied. The Issuer and UMS (or its assigns) have now formed a 50:50 Joint Venture to further advance the project.
The Issuer’s wholly-owned subsidiary, Isaac Newton Mining Corp, owns 100% of the Newton Gold Project (the “Newton Gold Project”) located in the Clinton Mining Division of the Province of British Columbia. The Newton Gold Project covers approximately 23,000 contiguous hectares of generally flat-lying topography, located approximately 100 km west- southwest of Williams Lake in south-central British Columbia, Canada. The area is accessible year-round by a 2.5-hour drive from Williams Lake, using Highway 20 and maintained logging roads. The Newton Gold Project includes more than 30,000 m of drilling, and a 2012 historic mineral resource estimated at the inferred confidence level for 1.6 million ounces gold (Au), and 7.7 million ounces silver (Ag), as reported in a NI 43-101 technical report effective dated December 19, 2012 entitled “Technical Report on the Initial Mineral Resource Estimate for the New Project, Central British Columbia, Canada”, prepared by Reno Pressacco, M.Sc.(A), P.Geo., for Amarc and filed under Amarc’s profile on www.sedar.com (the “Newton Technical Report”). This inferred mineral resource estimates a grade of 0.44 g/t Au and 2.1 g/t Ag. at a cut-off grade of 0.25 g/t Au. The mineralization is typical of bulk-tonnage, low to intermediate sulphidation, disseminated epithermal gold-silver deposits.
3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
N/A
4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.
N/A
5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.
N/A
6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced.
N/A
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
N/A
8. Describe the acquisition of new customers or loss of customers.
N/A
9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.
N/A
10. Report on any employee hirings, terminations or lay-offs with details of anticipated length of layoffs.
N/A
11. Report on any labour disputes and resolutions of those disputes if applicable.
N/A
12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
None
13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
N/A
14. Provide details of any securities issued and options or warrants granted.
On March 8, 2021, the Issuer issued 200,000 compensation Shares at a deemed price of $0.075 per Share pursuant to an advisory board consulting agreement.
15. Provide details of any loans to or by Related Persons.
None
16. Provide details of any changes in directors, officers or committee members.
None
17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s) or political/regulatory trends.
There has been a global pandemic outbreak of COVID-19. The actual and threatened spread of the virus globally has had a material adverse effect on the global economy and, specifically, the regional economies in which the Issuer operates. The pandemic could continue to have a negative impact on the stock market, including trading prices of the Issuer’s shares and its ability to raise new capital. These factors, amongst others, could have a significant impact on the Issuer’s operations. As a result, there exists material uncertainty that casts significant doubt about the Issuer’s ability to continue as a going concern.
Certificate Of Compliance
The undersigned hereby certifies that:
1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
2. As of the date hereof there were is no material information concerning the Issuer which has not been publicly disclosed.
3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14- 101) and all Exchange Requirements (as defined in CNSX Policy 1).
4. All of the information in this Form 7 Monthly Progress Report is true.
Dated April 1, 2021 .
Morgan Good
Name of Director or Senior Officer
“Morgan Good”
Signature
CEO
Official Capacity
| Issuer Details Name of Issuer Carlyle Commodities Corp. | For Month End March 2021 | Date of Report YY/MM/DD 21/04/01 |
| Issuer Address #620 – 111 Melville Street | ||
| City/Province/Postal Code Vancouver, BC, V6E 3V6 | Issuer Fax No. N/A | Issuer Telephone No. (604) 715-4751 |
| Contact Name Morgan Good | Contact Position CEO | Contact Telephone No. (604) 715-4751 |
| Contact Email Address [email protected] | Web Site Address https://carlylecommodities.com/ |