High Tide Resources Acquires Lac Pegma Copper-Nickel-Cobalt Sulphide Deposit
High Tide Resources Acquires Lac Pegma Copper-Nickel-Cobalt Sulphide Deposit
Near Fermont, Quebec
TORONTO, ON / ACCESSWIRE / February 8, 2021 / Avidian Gold Corp.
(TSXV:AVG)(OTCQB:AVGDF) is pleased to announce that its majority controlled private
subsidiary High Tide Resources Corp. ("High Tide or the "Company") has entered into a
purchase agreement with Globex Mining Enterprises Inc. ("Globex" GMX-TSX, GLBXF-
OTCQX International, G1MN-Frankfurt) to purchase 100% of the Lac Pegma Copper-Nickel-
Cobalt sulphide deposit located approximately 50 kilometres south of Fermont, Quebec (see
Figure 1).
High Tide's President and VP of Exploration, Steve Roebuck, states: "Copper-nickel-cobalt
sulphide deposits are key to low carbon technology and are highly sought after. We are very
pleased to add Lac Pegma to the Company's portfolio of high-quality projects in the southern
Labrador Trough area of Quebec and Labrador. Metals required for clean energy applications are
becoming very important in the new economy and we think that Lac Pegma has great exploration
potential with the ability to become an important project in this space. The property is bisected
by a major Hydro Quebec electrical transmission line which provides overland access and very
interesting green-focused, low carbon development scenarios."
The last exploration program completed on Lac Pegma was by Diadem Resources in 1996
drilling 84 short BQ-diameter diamond drill holes totalling a reported 5248 metres. In a report
filed on Quebec's MERN website (GM54771) in May 1997, Diadem Resources reported a non
NI 43-101 compliant "indicated reserve of 2 million tons of 0.62% Cu, 0.35% Ni and 0.03%
Co." * The Lac Pegma deposit was not assayed for platinum or palladium which are elements
commonly found in this type of sulphide deposit.
DISCLAIMER: *Please note a Qualified Person has not done sufficient work to classify the
historical estimate as current mineral resources or mineral reserves.
The terms of the purchase agreement are as follows; the Company will pay Globex $10,000 in
cash and issue 650,000 shares of High Tide at the time of the Company's IPO/Liquidity event
expected before September 30, 2021 at the time of the Company going public. In addition,
Globex will retain a 2.0% GMR with a 1% buy-back option for $1.5M CAD exercisable at any
time at the discretion of the Company.
Qualified Person Statement
All scientific and technical information disclosed in this news release was prepared and approved
by Steve Roebuck, P.Geo., President & VP Exploration of High Tide Resources Corp. who is a
Qualified Person as defined by NI 43-101 and has reviewed and approved this news release.
Figure 1
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About High Tide Resources Corp.
High Tide is a private corporation that is focused on, and committed to, the development of
advanced-stage mineral projects in Canada using industry best practices combined with a strong
social license from local communities. It has a disciplined and veteran management team of
technical and business-oriented professionals that is advancing its Labrador West iron property
located in Newfoundland & Labrador, Canada. High Tide is majority owned by Avidian Gold
Corp.
About Avidian Gold Corp.
Avidian brings a disciplined and veteran team of project managers together with a focus on
advanced stage gold exploration projects in Alaska. Avidian's Golden Zone project hosts a NI
43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an
Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au)*. Additional projects
include the Amanita and the Amanita NE gold properties which are both adjacent to Kinross
Gold's Fort Knox gold mine in Alaska, and the Jungo gold/copper property in Nevada.
*Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I.
Trinder P.Geo, A.C.A Howe International Ltd.
For further information, please contact:
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Steve Roebuck
High Tide President & VP Exploration
Mobile: (905) 741-5458
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-looking information
This News Release includes certain "forward-looking statements". These statements are based
on information currently available to the Company and the Company provides no assurance that
actual results will meet management's expectations. Forward-looking statements include
estimates and statements that describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results relating to, among other
things, results of exploration, project development, reclamation and capital costs of the
Company's mineral properties, and the Company's financial condition and prospects, could
differ materially from
those currently anticipated in such statements for many reasons such as: changes in general
economic conditions and conditions in the financial markets; changes in demand and prices for
minerals; litigation, legislative, environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties encountered in connection
with the activities of the Company; and other matters discussed in this news release. This list is
not exhaustive of the factors that may affect any of the Company's forward-looking statements.
These and other factors should be considered carefully and readers should not place undue
reliance on the Company's forward-looking statements. The Company does not undertake to
update any forward-looking statement that may be made from time to time by the Company or on
its behalf, except in accordance with applicable securities laws.
SOURCE: Avidian Gold Corp.