Quadro Resources options the interests of Metals Creek Resources and Benton Resources in the recently staked New Lead/Silver Property on the Great Northern
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (778) 373-6734 Fax (604) 685 -8677
Quadro Resources options the interests of Metals Creek Resources and Benton
Resources in the recently staked New Lead/Silver Property on the Great Northern
Peninsula, Newfoundland
Vancouver, July 9, 2018. - Quadro Resources Ltd. (TSX- V: QRO) (“Quadro” or the “Company”),
Metals Creek Resources Corp. (TSX-V: MEK) (Metals Creek) and Benton Resources Inc. (TSX-
V: BEX) (Benton) are pleased to announce that they have entered into an option agreement
pursuant to which Quadro has acquired the option to earn the one-third interests held by each of
MEK and BEX in the new jointly staked (33.33% each) Conche Property (see news release
dated June 25, 2018) on Newfoundland’s Great Northern Peninsula (the “Option”).
To exercise the Option the Company is required to issue 1 million shares to each of MEK and
BEX over an eighteen month period on the basis of 200,000 shares to each on receipt of
regulatory approval for the Option, a further 300,000 shares to each within six months of receipt
of regulatory approval and 500,000 shares to each within eighteen months of receiving
regulatory approval. Upon exercise of the Option MEK and BEX will each retain a 1% NSR with
the Company having the right to purchase 50% of the NSR’s for the payment of $500,000 to
each of MEK and BEX. The Option is subject to approval of the TSX Venture Exchange.
Recent grab sample samples taken from the newly discovered zone returned values u p to
15.5% Lead (pb) and 192 grams per tonne (g/t) silver. Below is a table of assay results:
Sample
Number
Lead
(%)
Silver
(g/t)
Copper
(ppm)
Zinc
(ppm)
309910 1.99 30.7 3954 40
309911 5.30 13.4 140 90
309912 15.50 44 400 94
309913 1.74 26.6 214 27
309914 10.20 70.7 4581 2600
309915 1.38 14.6 485 38
309916 6.30 86.2 1188 520
309917 0.08 0.5 11 18
309918 5.07 192 2372 344
The property is located approximately 7km from the southeast boundary of Altius Minerals
Corporation’s (“Altius”) new Sail Pond discovery, where Altius obtained grab samples up to
2,030 g/t Ag, 7.08% Cu, 9.40% Pb, 2.54% Sb, 0.46 g/t Au and 944 g/t Ag, 5.24% Cu, 7.6% Pb,
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (778) 373-6734 Fax (604) 685 -8677
2.32% Zn, 0.30g/t Au (South Zone) and 803 g/t Ag, 3.58% Cu, 0.11% Pb, 1.04% Zn, 0.92% Sb,
0.17 g/t Au (North Zone)(see Altius web site).
The surface grab samples mentioned in this release are selective by nature and are unlikely to
represent average grades of the property.
Wayne Reid, P. Geo., a Qualified Person as defined in National Instrument 43-101, was
involved in the collection of the samples, supervised the analytical program and approved the
scientific and technical disclosure in the news release.
Analysis reported in this release were completed by Eastern Analytical in Springdale, NL. with
ISO 17025 accreditation. Samples were transported, by the Qualified Person, in sealed bags to
Eastern and all samples were analyzed using a Au plus 34 element ICP procedure. Over-limits
for base metals and silver were assayed using industry-standard assay techniques.
The Option will be effected with MEK and BEX which are both insiders of Quadro and as such
the transaction is a ”related party transaction” as such term is defined under Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61 -
101”). The Company is relying on exemptions from the formal valuation and minority approval
requirements set out in MI 61-101. The Company is exempt from the formal valuation
requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61 -101 in respect of the
transaction as the fair market value of the transaction, insofar as it involves the interested
parties, is not more than 25% of the Company’s market capitalization. Additionally, the
Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI
61-101 as, in addition to the foregoing, (i) neither the fair market value of the transaction nor the
consideration to be provided to the interested parties exceeds $2,500,000, (ii) the Company has
one or more independent directors who are not employees of the Company, and (iii) all of the
independent directors have approved the transaction.
About Quadro Resources Ltd.– Quadro is a publicly traded mineral exploration company. It is
led by an experienced and successful management team and is focused on exploring for gold in
North America. Quadro has 27,427,094 shares outstanding. The Company’s shares trade on
the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the
Staghorn property in Newfoundland and one-third of the Conche Property.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlin”
President and 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 release." The information contained herein contains "forward-looking
statements" within the meaning of applicable securities legislation. Forward-looking statements
relate to information that is based on assumptions of management, forecasts of future results,
and estimates of amounts not yet determinable. Any statements that express predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance are not statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of risks and uncertainties that
1500 – 1040 West Georgia Street Vancouver, B.C. V6E 4H1 Tel (778) 373-6734 Fax (604) 685 -8677
could cause actual events or results to differ from those reflected in the forward-looking
statements. Investors are cautioned against attributing undue certainty to forward-looking
statements. These forward-looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially from the Company's expectations
or projections.”
For more information on the Company, interested parties should review the Company's filings
that are available at www.sedar.com.