GPM Metals Update on Walker Gossan Project
GPM Metals Update on Walker Gossan Project
Toronto, Ontario--(Newsfile Corp. - June 20, 2024) -
GPM Metals Inc. (TSXV: GPM) (the "Company"
or "GPM")
provides an update in relation to its Walker Gossan Project, Arnhem Land, Australia, in
which GPM has been earning a majority interest pursuant to a Farm-in Agreement with Rio Tinto
Exploration Pty Limited ("
RTX
").
GPM is pleased to announce that it has recently concluded a Sale and Purchase Agreement with RTX
that will replace the current Farm-in Agreement.
Pursuant to the Sale and Purchase Agreement, the existing granted exploration licences (ELs 385 and
24305) and exploration licence applications (ELAs 844, 5561, 30956, 30957) under the Farm-in
Agreement will be transferred from RTX to DPG Resources Australia Pty Ltd ("
DPG
") (GPM's Australian
subsidiary). In addition, two other exploration licence applications over adjacent ground in the
Proterozoic McArthur Basin held by RTX (ELAs 843 and 26861) and considered prospective for base
metal mineralization will also be transferred by RTX to DPG. (See attached tenement map).
Following the transfer, RTX will retain certain rights in regard to being re-issued a contributing minority
joint venture interest in the project if and when GPM achieves certain milestones. Similar to the
milestones under the existing Farm-in Agreement, RTX would have an initial option to be issued a 49%
interest (with DPG retaining 51%) after cumulative expenditure by DPG of A$20 million on the project
(since commencement of the initial farm-in) and if this is not exercised, a second option to be issued a
25% interest upon completion of a feasibility study on the project.
RTX would also retain a right to be paid A$4,000,000 upon the earlier of (i) the definition of a JORC
Code compliant measured plus indicated Mineral Resource of greater than 20 million tons at greater
than eight percent (8%) combined lead and zinc at the project, and (ii) a decision to mine being made in
relation to the project. This agreement is subject to approval from both the Northern Territory mining
authority as well as the Northern Land Council. Both authorities have been informed and they have
initiated internal processes to consider the approval of this agreement.
This agreement will provide a simpler structure for progressing access approvals, grant of the
exploration licence applications and exploration activities at the project.
GPM is grateful to RTX for their support and assistance throughout this process and we look forward to a
productive ongoing relationship.
GPM is continuing to progress exploration program plans for the existing granted tenements EL385 and
EL24305, focused on generating and testing sediment hosted zinc-lead-silver mineralization targets.
CONTACT INFORMATION
For further information contact:
GPM Metals Inc.
Suite 1101 - 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : + 416
628-5904
Email:
Tenement map
To view an enhanced version of this graphic, please visit:
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Forward-Looking Statements
This news release contains certain forward-looking information and statements within the meaning of
applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate",
"may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information and/or statements. Forward-looking statements and/or
information are based on a number of material factors, expectations and/or assumptions of GPM
which have been used to develop such statements and/or information but which may prove to be
incorrect. Although GPM believes that the expectations reflected in such forward-looking statements
and/or information are reasonable, undue reliance should not be placed on forward-looking
statements as GPM can give no assurance that such expectations will prove to be correct. In addition
to other factors and assumptions which may be identified herein, assumptions have been made
regarding, among other things: results from planned exploration and drilling activities; GPM's future
plans for operational expenditures; the accuracy of the interpretations of exploration and drilling
activity results; availability of financing to fund current and future plans and expenditures; the impact
of increasing competition; the general stability of the economic and political environment in which
GPM has property interests; the general continuance of current industry conditions; aboriginal
matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified
staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of
each project in which GPM has property interests to operate in a safe, efficient and/or effective manner
and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange
and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental
matters in the jurisdictions in which GPM has property interests. The forward-looking information and
statements included in this news release are not guarantees of future performance and should not be
unduly relied upon. Such information and/or statements, including the assumptions made in respect
thereof, involve known and unknown risks, uncertainties and other factors that may cause actual
results and/or events to differ materially from those anticipated in such forward-looking information
and/or statements including, without limitation: risks associated with the uncertainty of exploration
results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign
regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the
availability of labour and/or equipment, the fluctuating prices of commodities, the availability of
financing and GPM's dependence on its management personnel, other participants in the property
areas and/or certain other risks detailed from time-to-time in GPM's public disclosure documents,
(including, without limitation, those risks identified in this news release and GPM's current
management's discussion and analysis). Furthermore, the forward-looking statements contained in
this news release are made as at the date of this news release and the Company does not undertake
any obligations to publicly update and/or revise any of the included forward-looking statements,
whether as a result of additional information, future events and/or otherwise, except as may be
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 and / or accuracy of
this release.
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