Inflection Resources Awarded AUD$200,000 Exploration Grant for the Carron Gold Project in Queensland
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Inflection Resources Awarded AUD$200,000 Exploration
Grant for the Carron Gold Project in Queensland
Vancouver, British Columbia, April 19, 2023: Inflection Resources Ltd. (CSE: AUCU) (FSE:
5VJ) (OTCQB: AUCUF) (the "Company" or "Inflection") is pleased to announce it is the recipient
of an exploration grant from the Government of Queensland, Australia. The grant totalling
AUD$200,000 has been awarded as part of the Queensland Government’s Collaborative
Exploration Initiative to further explore the Carron Gold project located in Northern Queensland.
Alistair Waddell, Inflection’s President and CEO, states: “Inflection would like to thank the
Queensland Government for the tremendous financial support given to the Company which will
go a great way to further understand the potential of the Carron project. We anticipate using the
grant funding later this year when the exploration program at Carron resumes.”
The Carron project is located approximately 400 kilometres west of Cairns in Northern
Queensland. Inflection has identified a series of orogenic potentially gold-bearing quartz vein and
intrusion related gold targets on trend from the historic Croydon Goldfields, one of Queensland’s
more significant high-grade gold mining districts. Total production from the Croydon Goldfields
after 1885 is reportedly over one million ounces from numerous quartz -vein lode deposits
reportedly with an average grade of 35 g/t Au(1).
The Carron targets were generated by analysing data from a regional airborne magnetic survey
completed by the Queensland Government. Interpretation of the magnetic data identified a series
of extensive large north-west trending structures under post-mineral sedimentary cover, which
intermittently extend for over approximately 30 kilometres. Consequently, the Company flew a
3,855-line kilometre airborne high-resolution magnetic survey with 50-metre line spacing for better
target definition of the structure s to enable drill hole positioning. Subsequent to the survey,
interpretation of the magnetic data identified a number of large magnetic anomalies interpreted to
be intrusions and having conceptual potential for intrusion associated copper-gold mineralisation.
The high resolution airborne magnetic data was processed , and 3D magnetic vector inversion
and conventional susceptibility inversion modelling completed.
In late 2021, Inflection completed an initial four drill holes at Carron totalling 1,030 metres which
was successful in intercepting orogenic style quartz veins as modelled by the Company, although
only anomalous gold and base metal values were returned. The Company anticipates completing
further work on the property later in the year once the area become accessible after the wet
season and once the planned drilling in New South Wales is fully underway.
AngloGold Ashanti Heads of Agreement Update
Further to the Company’s announcement on February 23, 2023 of the execution of a non-binding
Heads of Agreement with AngloGold Ashanti Australia Limited, the parties have agreed to extend
the period in which to complete the Definitive Farm-in Agreement by 30 days to May 23, 2023.
For further details of the transaction, please refer to Inflection news release dated February 23,
2023.
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AGM and Adoption of Advance Notice Policy
The Company announces it will hold an annual general meeting of shareholders (the “Meeting”)
on Friday, May 19, 2023. The record date for the shareholders entitled to vote at the Meeting has
been set as shareholders of record as at the close of business on April 14, 2023.
The Company further announces that the board of directors (the “Board”) of the Company has
approved an advance notice policy (the “Advance Notice Policy”) on April 14, 2023 with effect as
of such date. The Advance Notice Policy includes, among other things, a pr ovision that requires
advance notice be given to the Company in certain circumstances where nominations of persons
for election to the Board are made by shareholders of the Company. For purposes of the Meeting,
in accordance with the terms of the Advance Notice Policy, the Board has determined that notice
of nominations of persons for election to the Board at the Meeting must be made by April 19,
2023. The full text of the Advance Notice Policy is available under the Company’s profile on
SEDAR at www.sedar.com.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by Mr. Carl Swensson (FAusIMM) , a “Qualified Person” (“QP”) as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
1. Van Eck M, Child R 1990 – Croydon Gold deposits: in Hughes F E (Ed.), 1990 Geology of the
Mineral Deposits of Australia & Papua New Guinea The AusIMM, Melbourne Mono 14, v1 pp
979-982
About Inflection Resources Ltd. Inflection is a technically driven copper-gold and gold focused
mineral exploration company listed on the Canadian Securities Exchange under the symbol
“AUCU” and on the OTCQB under the symbol “AUCUF” with projects in Australia.
The Company is exploring for large copper-gold and gold deposits in the northern interpreted
extension of the Macquarie Arc, part of the Lachlan Fold Belt in New South Wales. The Macquarie
Arc is Australia’s premier porphyry copper-gold province being host to Newcrest Mining’s Cadia
deposits, the CMOC Northparkes deposits and Evolution Mining’s Cowal deposits plus numerous
exploration prospects including Boda, the discovery made by Alkane Resources.
For more information, please visit the Company’s website at www.inflectionresources.com.
On Behalf of the Board of Directors
Alistair Waddell
President and CEO
For further information contact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
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Forward-Looking Statements: This news release includes certain forward -looking statements and
forward-looking information (collectively, "forward -looking statements") within the meaning of applicable
Canadian securities legislation. All statements, other than statements of historical fact, included herein
including, without limitation, statements regarding future capital expenditures, receipt of the maximum
amount of available grant funding, anticipated content, commencement, and cost of exploration progra ms
in respect of the Company's projects and mineral properties, and the anticipated business plans and timing
of future activities of the Company, are forward -looking statements. Although the Company believes that
such statements are reasonable, it can giv e no assurance that such expectations will prove to be correct.
Often, but not always, forward looking information can be identified by words such as "pro forma", "plans",
"expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intend s", "anticipates",
"believes", "potential" or variations of such words including negative variations thereof, and phrases that
refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to differ materially from any future
results, performance or achievements expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, statements as to the anticipated business plans and timing of
future activities of the Company, including the Company's exploration plans. the proposed expenditures for
exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business
activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian
Securities Exchange), permits or financing, change s in laws, regulations and policies affecting mining
operations, the Company's limited operating history, currency fluctuations, title disputes or claims,
environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in
the Company's prospectus dated June 12, 2020 and other filings of the Company with the Canadian
Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at
www.sedar.com.
Readers are cautioned not to place undue reliance on forward -looking statements. The Company
undertakes no obligation to update any of the forward-looking statements, except as otherwise required by
law.