Margaux Resources Ltd. Terminates its Jackpot and Old Timer Option Agreements
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NEWS RELEASE
Margaux Resources Ltd. Terminates its Jackpot and Old Timer Option
Agreements
CALGARY, ALBERTA -- January 24, 2020
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) ("Margaux" or the "Company") has elected to
terminate the option agreements on the Jackpot and Old Timer properties in southern British Columbia.
Margaux entered into an option agreement with a third party in 2016 giving the Company the exclusive option to
acquire the Jackpot Property by making payments to the third party of an aggregate $340,000 cash and aggregate
issuance of 500,000 shares, paid in several installments over 6 years.
Margaux entered into an option agreement with a third party in 2019 giving the Company the exclusive option to
acquire 100% interest in the Old Timer Property by making payments to the third party of an aggregate $50,000 cash
and 500,000 shares, paid in several installments over a 4-year period.
The remaining payments on the Jackpot and Old Timer properties were determined by Margaux's board of directors
to be unjustifiable in light of current market conditions and metal prices, and no longer in the best interest of the
Company’s shareholders. As a result of the terminations, Margaux will forfeit the aggregate payments of $100,000
and 350,000 shares issued pursuant to the Jackpot option agreement, and the aggregate payments of $5,000 and
50,000 shares issued pursuant to the Old Timer option agreement.
Going forward, the Company will focus on gold exploration at targets identified on the Cassiar Gold Project and the
Sheep Creek Gold District.
About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on
gold exploration within British Columbia. The Company has two important assets, the Cassiar Gold Project and the
Sheep Creek Gold Project. Both are orogenic gold projects.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's future plans and
the expectations of management that a stated result or condition will occur. Any statement addressing future events
or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those
anticipated by management at the time of writing due to many factors, the majority of which are beyond the control
of Margaux and its management. In particular, this news release contains forward-looking statements pertaining,
directly or indirectly, to the following: Margaux's exploration plans and work commitments, and economic factors,
business and operations strategies. Although Margaux believes that the expectations reflected in these forward-
looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no
assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not
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be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in
the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly
update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the 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 release.
CONTACT INFORMATION
Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590