Torq Resources Increases Land Position in Newfoundland, Canada
Torq Resources Increases Land Position in Newfoundland, Canada
Vancouver, British Columbia – July 6, 2017 – Torq Resources Inc. (TSX-V: TORQ, “Torq” or the
“Company”) is pleased to announce it has entered into an option agreement with a private individual to acquire a
100% interest in mineral claims located in northeastern Newfoundland, Canada (the “Option”). The claims
complete the southern portion of the Company’s Ga nder block and are adjacent to three high grade geochemical
anomalies identified in the 2016 till survey (See Figure 1 and the Company’s June 13, 2017 news release).
Under the terms of the Option, the Company can acquire either a 75% or 100% interest in the claims by making
the following payments and completing the following work expenditures, respectively:
Due dates Cash
Payments
Cash or Share
Payments
Work Expenditures
On signing
$ 25,000 - -
On or before June 26, 2018
(additional)
$ 50,000 - $ 100,000
On or before June 26, 2019
(additional)
- - $ 250,000
On or before June 26, 2020
(additional)
- $ 175,000 $ 650,000
Cumulative totals to earn a 75%
interest in the claims
$ 75,000 $ 175,000 $ 1,000,000
On or before June 26, 2021
(additional)
- $ 250,000 $ 1,000,000
Cumulative totals to earn a 100%
interest in the claims
$ 75,000 $ 425,000 $ 2,000,000
As described in the table above, certain payments may be made at the election of the Company, in either cash or
common shares. These shares would be subject to a four month resale restriction in Canada and the per share
value would be the 5 -day volume weighted average trading price calculated for the five trading days prior to the
date such payment is made.
Michael Kosowan, President and CEO stated, “Securing these mineral claims is a strategic move in establishing a
dominant land position in this emerging Canadian gold district. This acquisition fills in a potentially important land
area surrounded by Torq’s higher grade samples. Our crews are efficient and will soon be completing much of the
exploration for the second phase and are set to extend sampling to these new claims.”
The Option and the issuance of common shares is subject to the approval of the TSX Venture Exchange.
Michael Henrichsen, P.Geo, and advisor to Torq, is the Qualified Person who assumes responsibility for the
technical disclosures in this press release.
On Behalf of the Board,
Michael Kosowan
President and CEO
For further information on Torq Resources, please contact Jay Adelaar, Manager of Investor Relations at (778)
729-0500 or [email protected].
About Torq Resources:
Torq Resources is a junior exploration company with the goal of establishing a tier -one mineral portfolio. Th e
company’s management team has raised over $500M and monetized successes in three previous exploration
companies. Its initial asset is a 120,000 hectare land package in Newfoundland, Canada, an emerging gold
jurisdiction. Torq is continually reviewing and acquiring new precious metals targets on the path to discovery.
Forward Looking Information
This release includes certain statements that may be deemed “forward -looking statements”. Forward -looking information is information that
includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or
development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties a nd other
factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively)
from any future results, performance or achievements expressed or implied by such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exc hange)
accepts responsibility for the adequacy or accuracy of this release.
Figure 1: Illustrates the location of the acquire claims and the results from the 2016 till survey.