Vancouver, British Columbia, January 5, 2021 (GLOBE NEWSWIRE) — VALOREM RESOURCE SINC.(“”VALU“Or”Company“) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that further. News release dated December 17, 2020, Concluded and signed the final Mineral Asset Option Agreement dated January 4, 2021 (“Option contractWBN Prospecting Group, an arm’s length party (“”Optionor”) Acquire 100% interest in wind shear assets (“Property”) Located in the heart of Newfoundland, Canada.
The terms of the option agreement include a cash payment of $ 45,000 within five days of signing the agreement, a work commitment of $ 3,000,000 over three years, a refund of $ 13,130 for staking fees, and 4.5 million shares of the Company’s shares per year. Issuance is required. In addition, a 10% finder fee paid in cash and stock. The property is subject to a 2% royalty (NSR) and you have the option to buy back 1.5% for $ 1 million.
The property consists of 280 claims units covering 7,000 hectares. Located 32 km northeast of the towns of Gander, Newfoundland and Labrador, and about 27 km east, it covers a 1 km long untested gold trend. Newfound Gold Inc. Queen’s Way Project.The gold trend is the hosted shear band (shear band of the wing pond), and previous historical samplings have been reported with analysis results of up to 12.2 g / tAu from grab samples. There has been no drilling so far in this area.
- A regional land package that covers deeply seated structural zones in parallel with the structural trends underlying the New Found Gold Queensway project.
- Greenfield project with identified drill targets
- Pre-excavation has not been completed at the time of screening.
- Wings Shear Property has a maximum and maximum grab sample value. 12.2 g / t Au..
- The mineralization tendency of the wing pond indicates that the strike length is 1.0 km and the channel sampling values are readjusted to the maximum. 9.8g / t Au over 1.0m From the Pd show in the main wing
- Additional gold mineralization associated with cracked quartz veins in the Indian Bay-BigPond Formation was found. This formation is 14km long and 1.2km wide.
- Channel samples from this area 1.49 g / t Au,and 0.92g / t Au over 1.0 m
The photos that accompany this announcement are available at the following URL: https://www.globenewswire.com/NewsRoom/AttachmentNg/0fefb692-b8be-4be1-9c67-971708e15882
Note: The data reported here is historical in nature and has not yet been validated by qualified personnel. Valorem relies on the information provided in the evaluation report submitted by the NL government and the information found in the MODS (Mineral Occurrence Data System) issued by the Newfoundland Natural Resources Authority. The surface grab samples described in this news release are selective in nature and are unlikely to represent the average grade of the property.
The photos that accompany this announcement are available at the following URL: https://www.globenewswire.com/NewsRoom/AttachmentNg/7b0d5b1e-c771-4e91-b94c-b5ae6474bc85
Gander Structure-Located in the stratigraphic geological zone, this property is supported by the formation of the Indian Bay Big Pond and Jonathan’s Pond. It extends 40 km northeast and hosts the shear band of a regionally important wing pond associated with many historic gold exhibits. Gold is commonly associated with arsenopyrite, stibnite, and base metal sulfides hosted in quartz / breccia veins.
The photos that accompany this announcement are available at the following URL: https://www.globenewswire.com/NewsRoom/AttachmentNg/f7c14765-108c-4186-a81e-a3f90a3857a3
Wayne Reid, P. Qualified as defined in National Instrument 43-101. Geo. Was responsible for this release and oversaw the preparation of the information underlying this release.
All securities issued pursuant to the option agreement are subject to a four-month holding period after they are issued under applicable Canadian securities law.
Valorem Resources Inc.about
Valorem is investigating and developing the properties of precious metals in the Americas.
See below for details and maps.
On behalf of the Board – Valorem Resources Inc.
(Signature) Tony Louis, Director
Phone number: 604-283-6110
This news release contains certain statements that may be considered “forward-looking statements.” All statements in this release are forward-looking statements, except for historical facts such as commercial mining potential and future funding potential. We believe that such forward-looking statements are based on reasonable assumptions, but such statements do not guarantee future performance and actual results or progress may be significant with forward-looking statements. It may be different. Factors that may cause actual results to differ materially from forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funds for mineral exploration, and expectations of key management personnel. Includes unrelenting changes and general economic conditions. Mining is a dangerous business in nature. Therefore, actual events may differ materially from those predicted in the forward-looking statements. For more information on the risks and challenges of our company and its business, investors should review our annual report available below. www.sedar.com
Barolem Acquires Newfoundland Wind Shear Assets
https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/valorem-acquires-wing-shear-property-in-newfoundland Barolem Acquires Newfoundland Wind Shear Assets