Xplore Resources Acquires New Lithium Properties in Root Project Area, Ontario
Xplore Resources Acquires New Lithium
Properties in Root Project Area, Ontario
Vancouver, British Columbia--(Newsfile Corp. - December 27, 2023) -
Xplore Resources Corp
.
(TSXV: XPLR)
("
Xplore
" or the "
Company
") is pleased to announce the entering into of option
agreements with arms' length parties to acquire a 100% interest in five additional prospective lithium
properties in the Root project area in northwest Ontario (Figure 1). The new properties expand the
Company's land position in Ontario by 11,000 ha, for a total of 18,800 ha.
Acquisition Highlights
The
Root North
and
Root Falls Properties
are comprised of 14 unpatented mineral claims and
expand the land position at the Surge Project by 2,600 ha.
The
Cathy Creek Property
is comprised of six unpatented mineral claims totaling 2,600 ha. The
property is underlain by metasediments and is located 1.5 km from the boundary of the Rooth
South Pluton, a peraluminous S-type fertile granite.
The
Raggy Creek
and
Aerial Lake
Properties
are each comprised of six unpatented mineral
claims for a total of 5,800 ha. These properties are located in the English Rivier Subprovince and
underlain by metasediments and peraluminus S-type granites. The Raggy Creek property is
located 10 km from the terrain boundary between the Uchi Subprovince and the English River
Subprovince.
Figure 1.
Xplore Resource Root area property map showing the Company's new acquisitions and
nearby projects and deposits.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7519/192379_44bd9c7244705a18_001full.jpg
Agreement Terms
Under the terms of the option agreement to acquire the Cathy Creek, Raggy Creek and Aerial Lake
properties, the Company must pay a total of $204,000 over three years and issue upon acceptance of
agreement by the TSX Venture Exchange 900,000 common shares.
The optionors will retain a net
smelter returns royalty of 1.5%, 0.5% of which can be purchased by the Company for a cash payment of
$500,000.
Under the terms of the option agreement to acquire the Root North property, the Company must pay a
total of $75,000 over three years and issue upon acceptance of agreement by the TSX Venture
Exchange 300,000 common shares.
The optionors will retain a net smelter returns royalty of 1.5%, 0.5%
of which can be purchased by the Company for a cash payment of $500,000.
Under the terms of the option agreement to acquire the Root Falls property, the Company must pay a
total of $87,000 over three years and issue upon acceptance of agreement by the TSX Venture
Exchange 600,000 common shares.
The optionors will retain a net smelter returns royalty of 1.5%, 0.5%
of which can be purchased by the Company for a cash payment of $600,000.
Each of the above option agreements is subject to the acceptance of the TSX Venture Exchange.
Qualified Person
The technical content of this news release has been reviewed and approved by Karly Oliver, P.Geo., a
Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet visited the
properties and therefore has not yet verified the data disclosed, including sampling, analytical, and test
data underlying the information or opinions contained in the written disclosure.
About Xplore Resources
Xplore Resources is a mining exploration company listed on the TSX Venture Exchange under symbol
XPLR and is focused on the acquisition and exploration of grass roots lithium properties in Canada and
Brazil. The Company is led by a highly experienced management team comprised of industry experts
with executive and senior management experience in geology, banking, private equity, investor relations
and law.
Lithium Properties
The Company is earning a 100% interest in the Surge (~3400 ha) and Perrigo Lake (~3300 ha) lithium
properties, both situated in northwestern ON, approximately 100 kms north of Sioux Lookout ON. The
Surge property lies along the regional scale Pakwash-Lake St. Joseph Fault, approximately 2.0 kms
east of the Root Bay lithium discovery. The Perrigo property is located west of the Allison Lake batholith
considered to be "the largest fertile peraluminous granite mass in northwestern Ontario."
The Company, through its wholly owned Brazilian subsidiary, holds a 100% interest in the Energia
(~4500 ha) and Borborema (~9100 ha) lithium properties in Brazil. The Energia claims are situated in
the state of Minas Gerais, the center of Brazil's rapidly evolving lithium production. The Borborema
claims are situated in the state of Rio Grade de Norte in northeastern Brazil, in a Borborema pegmatite
field, a historically significant producer of tantalum prior to 1980.
For further information, please contact:
ON BEHALF OF THE BOARD
Dominic Verdejo, Chief Executive Officer
For further information, please contact:
Phone: 604-678-5308
Email:
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
Cautionary Note regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking information"
or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of
applicable Canadian securities legislation and the United States Private Securities Litigation Reform
Act of 1995. The words "anticipate," "significant," "expect," "may," "will" and similar expressions are
intended to be among the statements that identify Forward-Looking Information. Forward-Looking
Information is subject to known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those implied by the forward-looking information. In preparing the
Forward-Looking Information in this news release, the Company has applied several material
assumptions, including, but not limited to, assumptions that general business and economic conditions
will not change in a materially adverse manner; that all requisite approvals will be received and all
requisite information will be available in a timely manner.
Factors that may cause actual results to vary
materially include, but are not limited to, inaccurate assumptions concerning the exploration for and
development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties,
risks related to unforeseen delays; general economic, market or business conditions, regulatory
changes; timeliness of regulatory approvals, the risks of obtaining necessary licenses and permits,
changes in general economic conditions or conditions in the financial markets and the inability to raise
additional financing. Readers are cautioned not to place undue reliance on this Forward-Looking
Information. The Company does not assume the obligation to revise or update this Forward-Looking
Information after the date of this release or to revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable securities laws.
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