Walcott Closes Acquisition of Australian Silver Projects
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Walcott Resources Ltd.
1315 Moody Avenue
North Vancouver, British Columbia, Canada
V7L 3T5
Walcott Closes Acquisition of Australian Silver Projects
Vancouver, British Columbia--(Newsfile Corp. – October 15, 2020) - Walcott Resources Ltd. (CSE:
WAL) (the "Company" or "Walcott") is pleased to announce that further to its press release of August 13,
2020, it has closed the acquisition (the “ Transaction”) of 60% of the issued and outstanding shares of
1256714 B.C. Ltd. (“TargetCo”) pursuant to a share exchange agreement dated effective August 13, 2020
among the Company, TargetCo and the shareholders of TargetCo (the “Definitive Agreement”). Targetco
owns a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in Australia, being the
Tyr Silver Project and the Century South Silver-Zinc Project.
The Silver Projects
➢ Tyr Silver Project in northern New South Wales has two historic silver mines – Burra and Torny –
with potential for high-grade silver zinc-lead-tin mineralization.
o The Tyr Silver Project covers an area of approximately 300 km2 in Northern New South Wales
comprised of minimal use, hilly pastoral land, mostly cleared and lightly forested.
o The tenement was granted in March 2018 and is due for renewal in March 2024.
o The Tyr Silver Project delivers upside potential with mineral occurrences apparent along a north-
west trend with numerous old workings both along this trend and possibly others.
o Notably, the north-west trend is part of a large-scale mineralized system that includes the historic
silver mines, which materially boosts exploration upside.
➢ Century South Silver-Zinc Project in the Mt Isa Basin, north-west Queensland, which is under-
explored but in a highly prospective region and is along strike from one of the world’s largest
silver-zinc mines.
➢ Century South lies approximately 8 km south east of the New Century Zinc Mine and is around 250
km2 in size, comprised of hilly, open savannah country.
➢ The tenement was granted in October 2018 and is due for renewal in October 2023.
➢ Both projects are located near established mining infrastructure & accessible port, whilst Australia
is a stable, well-regulated, mining jurisdiction.
The Transaction
Pursuant to the terms of the Definitive Agreement, Walcott acquired 60% of the issued and outstanding
securities of TargetCo in consideration for the issuance of 15 ,000,000 common shares of the Company
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(the “Payment Shares”) pro rata to shareholders of TargetCo at a deemed price of $0.305 per Payment
Share. In addition, the Com pany issued 675,000 common shares to arm’s length third party finders in
connection with the Transaction (the “Finders’ Shares”) at a deemed price of $0.305 per Finders’ Share.
The Payment Shares are not subject to any hold periods under applicable securities laws. The Finders’
Shares are subject to a four month and one day hold period under applicable securities laws which expires
on February 16, 2021.
The Transaction is an arms-length transaction and no change in management or the Board of Directors of
Walcott occurred in connection with the Transaction.
Mr. Matthew Stephens, a Certified Professional Geologist, Fellow of the Australian Institute of
Geoscientists and a Qualified Person under NI 43-101, who is independent of the Company, has reviewed
and approves of the technical content of this news release.
About Walcott Resources Ltd.,
Walcott is a British Columbia based Company involved in the acquisition and exploration of mineral properties
in Canada. The Company holds an option to acquire a 100% undivided interest, subject to a 1.5% NSR on all
base, rare earth elements and precious metals, in the Cobalt Hill copper-gold-cobalt property (the "Property"),
consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail
Creek Mining Division in the Province of British Columbia, Canada. The Company's objective is to explore and
develop the Property.
ON BEHALF OF THE BOARD
“Marshall Farris”
CEO and Director
For further information, please contact the Company at:
Email:
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has not in any way passed upon the merits of the Proposed
Transaction and has neither approved nor disapproved the contents of this press release.
The securities issued in connection with the Transaction have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may
not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account
or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an
applicable exemption from the registration requirements. This news release does not constitute an offer
to sell or a solicitation to buy such securities in the United States.
This press release includes "forward-looking information" that is subject to a number of assumptions,
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risks and uncertainties, many of which are beyond the control of the Company. Forward -looking
statements may include but are not limited to, statements relating to the trading of the Company's
common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks
and uncertainties normally incident to such events. Investors are cautioned that any such statements are
not guarantees of future events and that actual events or developments may differ materially from those
projected in the forward-looking statements. Such forward-looking statements represent management's
best judgment based on information currently available.