Halcones Precious Metals Closes Transaction to Acquire the Polaris Project
HALCONES PRECIOUS METALS CLOSES TRANSACTION TO ACQUIRE
THE POLARIS PROJECT
Toronto, Ontario, January 30, 2025 – Halcones Precious Metals Corp. (TSXV: HPM) (the “Company”
or “Halcones”) is pleased to announce that it has completed the transaction (the “ Transaction”) to
acquire an option to acquire a 100% interest in the Polaris project in Antofagasta region, Chile
(“Polaris” or the “Project”), from Austral Exploraciones SpA (“Austral”).
About Polaris:
• Polaris is a large, highly prospective gold project. 17 former artisanal, high -grade
operations have been identified on the Project or in the immediate vicinity. Extensive
gold mineralization has been identified by surface rock sampling over 2.7 km of strike
length to date and potential extensions of this m ineralization remain unsampled.
Additional surface mapping and sampling is being planned.
• Several sampling campaigns including due diligence work completed by Halcones
have returned high-grade results. Of the 371 samples collected from the Polaris gold
project to date, 60 returned values greater than 5 g/t. There is no record of modern
exploration other than surface sampling most recently by Austral and Halcones
geologists.
• The Project is located in a well-developed mining district between Antofagasta and
Taltal, with road access and moderate elevation making the Project advanceable
year-round. Initial exploration targets are at or near surface.
Ian Parkinson, Halcones’ CEO, commented: “With the regulatory approval of the Polaris transaction
now granted, we are ready to get to work on this exciting project. Our geological team expects to
be back in the field shortly to complete the first phase of exploration. Initial activity will be focused
on extensive mapping and sampling of the project area with the aim to generate priority drill targets
that can be tested once all permits and access agreements are in place.”
Pursuant to the closing of Transaction, the Company has issued 15 million Halcones common shares
(the “ Halcones Shares ”) to Austral and paid USD$100,000 in cash to Austral in exchange for an
option to acquire a 100% interest in the Project (the “Polaris Option”). Halcones is required to issue
the following Halcones Shares to Austral to maintain the Polaris Option in good standing:
• 20 million Halcones Shares on such date that is 8 months from the closing of the Transaction;
and
• 15 million Halcones S hares on such date that is 12 months from the closing of the
Transaction.
The Halcones Shares issued to Austral are subject to a statutory four month hold period. If the
issuance of any Halcones Shares would result in Austral owning more than 19.99% of the issued and
outstanding common shares of Halcones, the issuance of such Halcones Shares shall be subject to
disinterested shareholder approval at a meeting of the shareholders of the Company (the
“Shareholder Approval”). If the Shareholder Approval is not obtained, Halcones may elect to satisfy
a portion of the share consideration in cash at a deemed price of $0.05 per Halcones Share.
For further details regarding the Transaction and the Project, please refer to the Company’s press
releases dated October 28, 2024 and December 31, 2024.
The Transaction has been approved by the TSX Venture Exchange and the Company has filed a NI
43-101 technical report on the Project on www.sedarplus.ca under the Company’s profile and on
the Company’s website.
The Company is also pleased to announce a reduction in outstanding accounts payable. A total of
approximately $823,000 CDN (subject to finalization of foreign exchange rates) of outstanding fees
payable to select management, directors and advisors have be en waived. The reduction in
outstanding payables will be reflected in quarter ending December 31 2024.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Mr. David Gower, P.Geo., as defined by National Instrument 43 -101 of the Canadian Securities
Administrators.
About Halcones
Halcones Precious Metals Corp. is focused on exploring for and developing gold -silver projects in,
Chile. The Company has a team with a strong background of exploration success in the region.
For further information, please contact:
Vincent Chen
Investor Relations
www.halconespreciousmetals.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward -looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information includes, without limitation, regarding
the option to acquire the Project, the Transaction, the Company’s exploration plans, the
mineralization and prospectivity of the Project and the Company’s future plans. Generally, forward-
looking information can be identified by the use of forward- looking terminology such as “plans”,
“expects” or “does not expect”, “i s expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and
phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved”. Forward - looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance
or achievements of Halcones, as the case may be, t o be materially different from those expressed
or implied by such forward -looking information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the actual results of current
exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully
integrate the purchased properties; foreign operations risks; and other risks inherent in the mining
industry. Although Halcones has attempted to identify important factor s that could cause actual
results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward -looking information. Halcones does not undertake to update any forward -
looking information, except in accordance with applicable securities laws.
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 RELEASE.