92 Resources Corp. Announces Option Agreement with Osisko Mining to Acquire up to 75% Interest in Claims Adjoining the Company’s Corvette Lithium Property, Quebec
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Suite 1400 – 1111 W. Georgia St.
Vancouver, BC, V6E 4M3
Tel: (778) 945 2950
www.92resources.com
Trading Symbol: TSX.V: NTY
OTCQB: RGDCF
Frankfurt: R9G2 (WKN: A11575)
92 Resources Corp. Announces Option Agreement with Osisko Mining to Acquire up to
75% Interest in Claims Adjoining the Company’s Corvette Lithium Property, Quebec
Vancouver, September 4, 2018 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB:
RGDCF) (FSE: R9G2) is pleased to announce that it has entered into an Option Agreement (the
“Agreement”) with Osisko Mining Inc. (“Osisko”) to acquire up to a 75% interest in twenty-eight
(28) claims directly adjoining the Company’s 100% owned Corvette Property . The claims
comprise the eastern portion of Osisko’s FCI Property (the “FCI Property”). Both properties
(collectively, the “Corvette-FCI Property”) are located in the James Bay Region of Quebec,
approximately 10 kilometres south of the all -season Trans-Taiga Road and powerline
infrastructure corridor.
The combined Corvette-FCI Property encompasses the entire prospective spodumene-bearing
pegmatite trend, currently defined by the CV1, CV2, CV3, and CV4 pegmatites, which occur over
a strike length exceeding 3 kilometres. Collectively, the Company now controls more than
fifteen (15) kilometres of prospective strike length. A map depicting the area is presented at the
link below:
https://92resources.com/wp-content/uploads/2018/08/corvette.jpg
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The prospective trend is highlighted by the CV1 Pegmatite where reconnaissance sampling in
2017 returned 3.48% Li2O in grab sample, with exploration in 2018 resulting in two new
spodumene-bearing pegmatite discoveries termed CV3 and CV4 (see news releases dated
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October 5th, 2017 and August 13th, 2018). Assays from the 2018 channel sampling and
prospecting program will be reported shortly.
Company President & CEO Adrian Lamoureux comments: “We are very excited to arrive at this
agreement with Osisko for the FCI Property. We recognized early-on with the discovery of the
CV1 and CV2 pegmatites, that it would be beneficial to consolidate the entire prospective trend.
Today, I am very pleased to announce that we now have the ability to explore several kilometers
of the prospective CV Pegmatite Horizon as one project. The Company is well-positioned to build
upon the significant discoveries made to date and to advance the Corvette-FCI Project with the
most upside possible for our shareholders.”
In addition to the strong lithium potential, the FCI Property also includes the Lac Bruno Gold
Showing, defined as a gold and sulphide-bearing amphibolite boulder with an assay of 38.1 g/t
Au. The showing was discovered by Virginia Mines Inc. and highlights a boulder field in the area
with a source yet to be located. Additional work was recommended up-ice of the discovery,
within the Corvette-FCI Property, and has yet to be completed. The FCI Property also includes
the Séricite Showing where a grab sample from a sulphide-bearing sericite schist returned 0.3
g/t Au, 150 g/t Ag, 1.89% Cu, 11.15% Pb, and 1.45% Zn. Although not a focus for the Company,
the base and precious metal potential of the properties is evident and additional ground work is
warranted.
Terms of Agreement
Under the terms of the Agreement, the Company may earn a 75% interest in twenty-eight (28)
claims comprising Osisko’s FCI Property by satisfying the following conditions, subject to TSX
Venture Exchange approval:
• Issuance of 1,000,000 shares upon closing date of the Agreement
• Incurring $250,0000 in work exploration expenditures and issuing of 1,000,000 shares
on or before the first anniversary date of closing
• Incurring $800,0000 in work exploration expenditures on or before the second
anniversary date of closing, upon which the Company would vest a 25% interest
• Incurring $1,200,000 in work exploration expenditures on or before the third
anniversary date of closing, upon which the Company would vest an additional 25%
interest, for a total of 50% undivided interest in the FCI Property
Osisko will act as Operator of the FCI Property for the term of the 50% earn-in, with a Steering
Committee of equal representation formed to provide advice and direction to the Operator.
Upon completion of the 50% earn-in (third anniversary of TSX-V approval (or closing), a Joint
Venture Corporation will be formed with the Company retaining an Option to acquire a further
25% interest, for a total of 75% undivided interest, through funding of the next $2,000,000 in
exploration expenditures. The Company may become Operator upon notice to Osisko that it
intends to incur the $2,000,000 in work expenditures for a final undivided interest of 75%.
Osisko’s remaining 25% interest may be further reduced through dilution if they elect to not
fund their portion of subsequent exploration/development. If ownership falls below 10%, Osisko
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will have the right to convert this remaining interest into a 1% Net Smelter Royalty (NSR), of
which, the Company retains the right to buy for $5,000,000 (cash or shares), and thereby, would
obtain a 100% undivided interest in the FCI Property.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing
strategic and prospective modern energy related projects. The Company currently holds four
principal assets in Canada: the Corvette and Pontax lithium properties in Quebec, the Golden
Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under option to
Far Resources Ltd.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P. Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as
defined by National Instrument 43-101, supervised the preparation of the technical information
in this news release.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-
2950, E-mail: [email protected] or visit www.92resources.com.
On Behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
Adrian Lamoureux, President & CEO
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 news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and
expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-
looking statements”. Forward-looking statements may be identified by words including “anticipates”,
“believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that
forward-looking statements, including without limitation those relating to the Company’s future
operations and business prospects, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the forward-looking statements.