XXIX Closes Acquisition of 100% Ownership of Roger Gold Project in Chibougamau, Quebec
XXIX Metal Corp has completed the acquisition of the remaining 50% ownership in the Roger Gold-Copper Project in Chibougamau, Quebec, achieving 100% ownership. The project spans 987 hectares and is located 5km from Chibougamau's historic mining center, with easy access and power infrastructure.
The Roger Project features a NI 43-101 compliant resource with Indicated Resources of 10.9M tonnes at 0.85 g/t gold (297,000 oz) and Inferred Resources of 6.57M tonnes at 0.75 g/t gold (159,000 oz). The acquisition terms include an initial payment of $75,000 and future share-based payments totaling $1.6M over four years. XXIX has also granted SOQUEM a 2% NSR, which can be repurchased in two 1% tranches for $1.5M and $3M respectively.
XXIX Metal Corp ha completato l'acquisizione del restante 50% della proprietà nel Progetto Oro-Coperto Roger a Chibougamau, Quebec, raggiungendo una proprietà totale del 100%. Il progetto si estende su 987 ettari ed è situato a 5 km dal centro minerario storico di Chibougamau, con facile accesso e infrastrutture energetiche.
Il Progetto Roger presenta una risorsa conforme al NI 43-101 con risorse indicate di 10,9 milioni di tonnellate a 0,85 g/t d'oro (297.000 oz) e risorse inferite di 6,57 milioni di tonnellate a 0,75 g/t d'oro (159.000 oz). I termini dell'acquisizione includono un pagamento iniziale di 75.000 $ e pagamenti futuri basati sulle azioni per un totale di 1,6 milioni di $ nell'arco di quattro anni. XXIX ha inoltre concesso a SOQUEM una royalty netta di miniera del 2%, che può essere riacquistata in due tranche da 1% per 1,5 milioni di $ e 3 milioni di $ rispettivamente.
XXIX Metal Corp ha completado la adquisición del 50% restante de la propiedad en el Proyecto de Oro-Cobre Roger en Chibougamau, Quebec, logrando así una propiedad total del 100%. El proyecto abarca 987 hectáreas y se encuentra a 5 km del centro minero histórico de Chibougamau, con fácil acceso e infraestructura de energía.
El Proyecto Roger cuenta con una recurso cumplidor con la NI 43-101 que incluye recursos indicados de 10.9 millones de toneladas a 0.85 g/t de oro (297,000 oz) y recursos inferidos de 6.57 millones de toneladas a 0.75 g/t de oro (159,000 oz). Los términos de la adquisición incluyen un pago inicial de 75,000 $ y futuros pagos en acciones que totalizan 1.6 millones de $ a lo largo de cuatro años. XXIX también ha otorgado a SOQUEM un 2% de NSR, que puede ser recomprado en dos tramos del 1% por 1.5 millones de $ y 3 millones de $ respectivamente.
XXIX Metal Corp는 퀘벡 주 치부감오에 위치한 로저 금-구리 프로젝트의 남은 50% 지분을 인수하여 100% 소유권을 확보했습니다. 이 프로젝트는 987헥타르에 걸쳐 있으며, 치부감오의 역사적인 광산 중심에서 5km 떨어져 있어 접근성과 전력 인프라가 용이합니다.
로저 프로젝트는 NI 43-101 기준을 준수하는 자원을 갖추고 있으며, 시멘트 자원은 10.9백만 톤으로 0.85g/t 금(297,000 oz)이고, 추정 자원은 6.57백만 톤으로 0.75g/t 금(159,000 oz)입니다. 인수 조건으로는 초기 지급액 75,000달러와 향후 4년 동안 160만 달러에 달하는 주식 기반의 지급이 포함됩니다. XXIX는 SOQUEM에 2%의 NSR을 부여했으며, 이는 각각 150만 달러와 300만 달러로 두 번에 나누어 재매입할 수 있습니다.
XXIX Metal Corp a achevé l'acquisition des 50 % restants de la propriété du Projet Aurifère-Cuivre Roger à Chibougamau, Québec, atteignant ainsi la pleine propriété à 100 %. Le projet s'étend sur 987 hectares et se situe à 5 km du centre historique d'exploitation minière de Chibougamau, avec un accès facile et des infrastructures électriques.
Le Projet Roger présente une ressource conforme au NI 43-101, avec des ressources indiquées de 10,9 millions de tonnes à 0,85 g/t d'or (297 000 oz) et des ressources inférées de 6,57 millions de tonnes à 0,75 g/t d'or (159 000 oz). Les conditions de l'acquisition comprennent un paiement initial de 75 000 $ et des paiements futurs basés sur les actions s'élevant à un total de 1,6 million $ sur quatre ans. XXIX a également accordé à SOQUEM une NSR de 2 %, qui peut être rachetée en deux tranches de 1 % pour 1,5 million $ et 3 millions $ respectivement.
XXIX Metal Corp hat den Erwerb der verbleibenden 50% des Eigentums am Roger Gold-Kupfer-Projekt in Chibougamau, Quebec, abgeschlossen und damit 100% Eigentumsverhältnisse erreicht. Das Projekt erstreckt sich über 987 Hektar und befindet sich 5 km vom historischen Bergbauzentrum Chibougamau entfernt, mit leichtem Zugang und Energieinfrastruktur.
Das Roger-Projekt verfügt über eine NI 43-101 konforme Ressource mit angedeuteten Ressourcen von 10,9 Millionen Tonnen bei 0,85 g/t Gold (297.000 oz) und vermuteten Ressourcen von 6,57 Millionen Tonnen bei 0,75 g/t Gold (159.000 oz). Die Bedingungen der Übernahme umfassen eine anfängliche Zahlung von 75.000 $ und zukünftige aktienbasierte Zahlungen in Höhe von insgesamt 1,6 Millionen $ über einen Zeitraum von vier Jahren. XXIX hat SOQUEM auch eine NSR von 2% gewährt, die in zwei Tranchen von jeweils 1% für 1,5 Millionen $ bzw. 3 Millionen $ zurückgekauft werden kann.
- Project has existing NI 43-101 compliant resource with 333,000 oz AuEq Indicated and 202,000 oz AuEq Inferred
- Strategic location with existing infrastructure (power and road access)
- Extensive historical exploration with 58,000 meters of drilling
- Flexible development options either as standalone or integrated with Opemiska project
- Significant future payment obligations totaling $1.6M in shares over four years
- 2% NSR royalty burden with $4.5M total cost to eliminate
Toronto, Ontario--(Newsfile Corp. - December 30, 2024) - XXIX Metal Corp. (TSXV: XXIX) (QCCUF:OTCQB) ("XXIX" or the "Company") is pleased to announce that it has closed its arm's length acquisition of the remaining
Roger Project Highlights
Roger spans 987-hectares and is located 5km from the historic mining center of Chibougamau, Quebec. It is easily accessible via all-season road, and has access to power. Roger is an advanced-stage project and has gone through multiple drill campaigns totaling 58,000 metres. Additionally, underground exploration in 1988 included 1,177 metres of development, 1,433 metres of underground drilling and over 1,000 metres of chip sampling. The Project features an existing NI 43-101 compliant mineral resource estimate, completed in August 2018. In August 2023, the Company released favourable and encouraging metallurgical results from the Project based on metallurgical compatibility with Opemiska. Roger neighbours major deposits, including Northern Superior's (NSUP.V) Croteau Est deposit immediately to the north, which hosts a 43-101 compliant inferred resource of 640,000 ounces of gold. Additionally, Roger is also contiguous with Dore Copper Mining Corp. (CMDC.V) (Cygnus Metals' (CY5.AX)) Gwillim project, which is contiguous to the west.
Link to QC Copper and Gold Webinar - Strategic Acquisition of Roger Project
Roger Project Resources:
| Classification | Contained AuEq (oz) | AuEq (g/t) | AuEq Cut-off (g/t) | Tonnes (kt) | Au (g/t) | Contained Au (oz) |
| Indicated | 333,000 | 0.95 | 0.45 | 10,900 | 0.85 | 297,000 |
| Inferred | 202,000 | 0.96 | 0.45 | 6,569 | 0.75 | 159,000 |
| Table 1) 2018 Roger mineral resource estimate. | ||||||
This resource estimate is constrained in a conceptual open pit shell. The 2018 updated mineral resource estimate was prepared by GéoPointCom of Val-d'Or, Quebec. At a cut-off grade of 0.45 g/t gold equivalent, the Indicated Resource is estimated at 10,900,000 metric tonnes at a grade of 0.85 g/t of gold, 0.80 g/t of silver and
Development Optionality
Owning
Terms of the Agreement
Pursuant to the Agreement, XXIX has paid initial compensation to SOQUEM of
$450,000 in common shares in the capital of XXIX ("Common Shares") on or before the first anniversary of the closing date;$425,000 in Common Shares on or before the second anniversary of the closing date;$375,000 in Common Shares on or before the third anniversary of the closing date; and$350,000 in Common Shares on or before the fourth anniversary of the closing date.
The number of Common Shares to be issued to SOQUEM will be calculated on the basis of the higher of: (i) an issue price per Common Share equal to the volume-weighted average price for the 10 days preceding the issue date, subject to the maximum discount permitted under the policies of the TSX Venture Exchange or; (ii)
In connection with the Agreement, the Company has also granted SOQUEM a
Cooke-Robitaille Amending Agreement
Additionally, XXIX is pleased to announce that it entered into and has closed an amending agreement (the "Amending Agreement") to the option agreement dated February 26, 2020 (the "Option Agreement") between the Company and 2736-1179 Quebec Inc., Ovalbay Geological Services Inc. and Melissa Darveau (together, the "Optioners"), under which XXIX holds the option to acquire a
As consideration for entering into the Amending Agreement, the Company has issued a total of 500,000 common shares in the capital of the Company ("Common Shares") to the Optioner. As a result of the Amending Agreement, the new date by which XXIX must complete the final
There are no finders fees payable in connection with the Amending Agreement. The Common Shares issued to the Optioners are subject a four-month and one-day hold period, in accordance with applicable securities laws.
QP Statement
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for XXIX Metal Corp., a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, Canada's highest-grade copper resource, spans 13,000 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. A January 2024 resource update reported a
For further information, please contact:
Stephen Stewart, Chief Executive Officer
Phone: 416.644.1567
Email: info@oregroup.ca
Forward-Looking Statements
This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the anticipated benefits of the acquisition of the Project to XXIX and its shareholders; and the ability of XXIX to satisfy the future conditions of the Agreement to maintain the option in the Property. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the current share price of the XXIX Shares; the Company's current and initial understanding and analysis of its projects; the Company's general and administrative costs remaining constant; market acceptance of the Company's business model, goals and approach; and the feasibility and reasonableness of conducting exploration on and developing any of the Company's projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: there is no certainty that work programs will result in significant or successful exploration and development of the Company's properties; uncertainty as to the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of future financing on acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; the Company may not be able to comply with its ongoing obligations regarding its properties; the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation or income tax legislation, affecting the Company; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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 news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235458
FAQ
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