Tinone to Acquire the Rattler Range TIN Project IN Tasmania, Australia (TORC: TSX-V)
TINONE TO ACQUIRE THE RATTLER RANGE
TIN PROJECT IN TASMANIA, AUSTRALIA
(TORC: TSX-V) (OTCQB: TORCF)
VANCOUVER, BC
,
Aug. 30, 2022
/CNW/ -
TinOne Resources Inc.
(TSX-V: TORC) (OTCQB:
TORCF) ("
TinOne
" or the "
Company
") is pleased to announce that it has entered into a definitive
purchase agreement (the "Definitive Agreement") whereby TinOne will acquire a 100% undivided
interest in the Rattler Range tin project ("
Rattler Range
") in northeastern
Tasmania, Australia
.
"
We are extremely excited to add the Rattler Range tin project to the TinOne portfolio and increase
our land holdings in the well-endowed
Northeast Tasmania
tin province," stated
Chris Donaldson
,
TinOne's Executive Chairman. "Rattler Range underpins our key strategy of acquiring known
historical tin districts and applying modern exploration techniques to unlock value."
Rattle Range Highlights:
The Rattler Range project, consisting of a 32km
2
exploration license (EL10/2019), is a highly
prospective tin project in northeastern
Tasmania, Australia
and located only 64km from the city of
Launceston. Historical records
1
indicate the presence of 47 individual named tin occurrences across
a 12km long, northwesterly oriented mineralized trend that has seen very little on-ground exploration
since the 1980s. The district contains hard rock greisen and vein mineralization in a cupola zone of
highly fractionated, evolved granite.
High priority initial targets include Bells Hill where multiple mineralized lodes, 1.5 to 6 metres wide,
occur over an area of at least
500m
of strike length. No systematic exploration has been conducted
and only 2 drill holes have been completed at the prospect. Other priority targets include the multi-
kilometer scale tin-bearing alteration zones at Ruby Flats,
Walsh's
, Mammoth and Mt Paris.
The Company's geological team will mobilize to the field in coming weeks to undertake initial
reconnaissance mapping and rock sampling to define priorities for detailed follow up. It is anticipated
that these programs will define quality targets for drilling in future campaigns.
Acquisition Terms
Pursuant to the Definitive Agreement, TinOne will acquire a 100% undivided interest in the Rattler
Range tin project in consideration for the issuance of
C$100,000
of common shares in the capital of
the Company (the "
Consideration Shares
"). The deemed value of the Consideration Shares shall
be the greater of (i) the
______________________________
1
Source: Mineral Resources Tasmania www.mrt.tas.gov.au
15-day volume weighted average price of the Company's common shares on TSX Venture Exchange
(the "
TSXV
") on the day prior to the closing date, and (ii)
$0.10
, being the closing price of the
Company's common shares on the TSXV on
Aug 29, 2022
.
Additionally, TinOne has agreed to grant the Rattler Range vendor a 2% net smelter returns royalty
over the project (the "
NSR
"). TinOne will have the right, at any time upon notice being given to the
NSR holder, to repurchase 1/2 of the NSR for
C$1,000,000
in cash.
The acquisition of Rattler Range is subject to satisfaction of certain closing conditions including,
among other things, the approval of the TSXV. All securities issued in connection with the Definitive
Agreement are subject to a hold period expiring four months and one day from the date of issuance.
It is anticipated that the acquisition will close in September, 2022.
Figure 1: Rattler Range tin project location (CNW Group/TinOne Resources Corp.)
Figure 2: Rattler Range tin project summary geology and key prospects (CNW Group/TinOne
Resources Corp.)
Stock Option Grant
The Company also announces that it has granted 2,190,000 incentive stock options to certain
Directors, Employees, Consultants and Advisors of the Company. The incentive stock options will
vest over a period of two years, have an exercise price of
$0.10
per share, and are valid for a 5-
year period from the date of grant. The options were granted pursuant to the Company's incentive
stock option plan and are subject to regulatory approval.
About TinOne
TinOne is a TSX Venture listed Canadian public company with a high-quality portfolio of tin and gold
projects in the Tier 1 mining jurisdictions of
Tasmania
and
New South Wales, Australia
. The
Company is focussed on advancing its highly prospective portfolio through aggressive exploration
programs.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward
Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and "forward
looking information" under
applicable Canadian securities laws. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and
similar words or expressions, identify forward
looking statements or information. These forward
looking statements or information relate to, among other things: the development of the Company's
projects, including drilling programs and mobilization of drill rigs; future mineral exploration,
development and production; and completion of a maiden drilling program.
Forward
looking statements and forward
looking information relating to any future mineral
production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential
for TinOne and its business, and future exploration plans are based on management's reasonable
assumptions, estimates, expectations, analyses and opinions, which are based on management's
experience and perception of trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the circumstances, but which
may prove to be incorrect. Assumptions have been made regarding, among other things, the price
of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of
exploration and development; the estimated costs of development of exploration projects; TinOne's
ability to operate in a safe and effective manner and its ability to obtain financing on reasonable
terms.
These statements reflect TinOne's respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward
looking
statements or forward-looking information and TinOne has made assumptions and estimates
based on or related to many of these factors. Such factors include, without limitation: the
Company's dependence on early stage mineral projects; metal price volatility; risks associated with
the conduct of the Company's mining activities in
Australia
; regulatory, consent or permitting
delays; risks relating to reliance on the Company's management team and outside contractors;
risks regarding mineral resources and reserves; the Company's inability to obtain insurance to
cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding
the failure to generate sufficient cash flow from operations; risks relating to project financing and
equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and operating costs of such projects;
contests over title to properties, particularly title to undeveloped properties; laws and regulations
governing the environment, health and safety; the ability of the communities in which the Company
operates to manage and cope with the implications of COVID-19; the economic and financial
implications of COVID-19 to the Company; operating or technical difficulties in connection with
mining or development activities; employee relations, labour unrest or unavailability; the
Company's interactions with surrounding communities and artisanal miners; the Company's ability
to successfully integrate acquired assets; the speculative nature of exploration and development,
including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts
of interest among certain directors and officers; lack of liquidity for shareholders of the Company;
litigation risk; and the factors identified under the caption "Risk Factors" in TinOne's management
discussion and analysis. Readers are cautioned against attributing undue certainty to forward
looking statements or forward-looking information. Although TinOne has attempted to identify
important factors that could cause actual results to differ materially, there may be other factors that
cause results not to be anticipated, estimated or intended. TinOne does not intend, and does not
assume any obligation, to update these forward
looking statements or forward-looking information
to reflect changes in assumptions or changes in circumstances or any other events affecting such
statements or information, other than as required by applicable law.
SOURCE
TinOne Resources Corp.
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For further information:
For more information and to sign-up to the mailing list, please contact:
Chris Donaldson, Executive Chairman, Tel: +1.604.813.3931, Email: [email protected]
CO: TinOne Resources Corp.
CNW 08:00e 30-AUG-22