LaFleur Minerals Announces Option Agreement

Rhea-AI Summary

LaFleur Minerals Inc. (CSE: LFLR) (OTC PINK: WPNNF) has entered into an Option Agreement to acquire a 100% interest in 76 mining claims in Quebec, expanding its Swanson Gold Project. The project, located in the Abitibi Gold Belt, now covers approximately 400 mining claims and one Mining Lease spanning over 15,000 ha. LaFleur is finalizing a mineral claims consolidation and expects a NI 43-101 report with an updated Mineral Resource Estimate in September.

To acquire the property, LaFleur must issue 8 million shares, pay $175,000 cash, and incur $1.5 million in exploration expenditures over three years. The company has $1M in flow-thru funds and plans to commence an airborne survey, soil geochemistry survey, mapping, and prospecting, with drilling targets planned for winter 2024-2025.

Positive

• Expansion of Swanson Gold Project through acquisition of 76 new mining claims
• Project located in the prolific Abitibi Gold Belt with excellent infrastructure
• $1M in flow-thru funds available for exploration activities
• Upcoming NI 43-101 report and updated Mineral Resource Estimate
• Planned airborne survey and exploration activities to identify drilling targets

Negative

• Obligation to issue 8 million shares, potentially diluting existing shareholders
• Required cash payment of $175,000 within six months
• Commitment to incur $1.5 million in exploration expenditures over three years

Vancouver, British Columbia--(Newsfile Corp. - September 5, 2024) - LAFLEUR MINERALS INC. (CSE: LFLR) (OTC PINK: WPNNF) ("LaFleur Minerals" or the "Company") is pleased to announce that it has entered into an Option Agreement (the "Agreement") with Prospectus Capital Inc. ("Prospectus"), Sukhdeep Sekhon ("Sekhon"), Fiona Hanson ("Hanson"), and Elaine Cooper ("Cooper", together with Sekhon, Hanson and Prospectus, the "Optionors") regarding the acquisition by the Company from the Optionors of the exclusive option (the "Option") to acquire a 100% interest in and to (i) 24 mining claims located in Carpentier Township and Barraute Township in the Province of Quebec (the "Prospectus Property"), and (ii) 52 mining claims located in the Carpentier Township, Barraute Township, and La Morandiere Township in the Province of Québec (the "Sekhon Property", together with the Prospectus Property, the "Property"). Collectively, these properties form part of the Company's Swanson Gold Project ("Swanson" or the "Project") located in the Val-d'Or region of Québec.

The Swanson Gold Project is an advanced exploration stage project that LaFleur Minerals is in the process of finalizing a mineral claims consolidation. This claims consolidation includes ground previously held by Monarch Mining (Swanson deposit) (purchased from Monarch in bankruptcy) and the Company has recently acquired claims previously owned by Abcourt Mines Inc. (Jolin and Bartec deposits) and several other promising gold showings and targets, now totalling approximately 400 mining claims and one Mining Lease spanning over 15,000 ha. Swanson is situated in the world-renowned Abitibi Gold Belt and located approximately 42 km north-northeast of Val-d'Or, Québec. The Project is located in area of numerous other gold and critical minerals discoveries and deposits and benefits from excellent infrastructure including year-round road access, hydroelectric power, rail access, and readily available labour, mining suppliers, and permitted gold mills.

The Project covers 27 km of favourable geology along strike with an average width of 7 km. There are 25 documented mineral showings on the Project which includes 22 showings with gold as the primary commodity. Two of the showings (Swanson which is undergoing an update resource calculation and Jolin which includes a significant gold resource that is considered historical in nature. Other mineral showings such as Ag, Cu, Zn, Pb and Mo are present on the Project and represent excellent pathfinder elements for gold. The existing mining infrastructure at Swanson are vestiges from the bulk sampling and underground development operations of Lac Minerals Ltd (predecessor to Barrick) in 1987. There are no environmental liabilities pertaining to the Project.

Lafleur Minerals has currently mandated InnovExplo of Val-d'Or to provide a NI 43-101 report and updated Mineral Resource Estimate for the Project that will include an additional 11,194 metres from 31 drill holes drilled at the Swanson deposit between 2021 and 2022. This report is in the final stages and expected to be completed in September.

Lafleur Minerals currently has approximately $1M in flow-thru funds available and is in the process of commencing an airborne high-resolution airborne magnetics and VLF-EM survey to be completed at 50m line spacing. Fieldwork this fall will also include an orientation soil geochemistry survey along with mapping and prospecting with a goal to drill several targets during the winter of 2024-2025.

Agreement Terms:

Pursuant to the terms and conditions of the Agreement and in order to acquire a 100% interest in and to the Property, the Company must:

1. issue the Optionors an aggregate of 8,000,000 common shares in the capital of the Company ("Shares"), as follows:

   1. an initial 4,000,000 Shares by September 15, 2024, 25% of which will be issued to each of the Optionors; and

   2. a further 4,000,000 Shares on or prior to the one (1) year anniversary of the date of the Agreement (the "Effective Date"), 25% of which will be issued to each of the Optionors;

2. pay Prospectus $175,000 cash on or before the date that is six months from the Effective Date; and

3. incur an aggregate of at least $1,500,000 in exploration expenditures, as follows:

   1. $400,000 of exploration expenditures by the date that is one year from the Effective Date;

   2. $600,000 of exploration expenditures by the date that is two years from the Effective Date; and

   3. $500,000 of exploration expenditures by the date that is three years from the Effective Date.

Following the Company's exercise of the Option the Company will grant Sekhon a two percent (2%) gross metals returns royalty on the Sekhon Property.

Qualified Person Statement

All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company, and a "Qualified Person" for the purposes of NI 43-101.

About LaFleur Minerals Inc.

LaFleur Minerals Inc. (CSE: LFLR) (OTC: WPNNF) is focused on the acquisition and development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. Our mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project, which has significant potential to deliver long-term value. The Swanson Gold Project is over 15,000 hectares in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several others. The Swanson Gold Project is easily accessible by road with a rail line running through the property allowing direct access to several nearby gold mills, further enhancing its development potential.

LaFleur is currently acquiring high-resolution airborne geophysics (mag VLF-EM) to help identify mineralized structures at Swanson and completing detailed soil surveys and prospecting/geological mapping for the purpose of drill hole targeting with the goal to commence diamond drilling on several targets within the next several months.

ON BEHALF OF LAFLEUR MINERALS INC.

Paul Ténière, P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com

LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the completion of the Offering and the anticipated use of proceeds therefrom. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222189

FAQ

What is the Option Agreement LaFleur Minerals (WPNNF) has entered into?

LaFleur Minerals has entered into an Option Agreement to acquire a 100% interest in 76 mining claims in Quebec, expanding its Swanson Gold Project in the Abitibi Gold Belt.

How many shares will LaFleur Minerals (WPNNF) issue as part of the Option Agreement?

LaFleur Minerals will issue a total of 8 million common shares to the Optionors, with 4 million shares issued by September 15, 2024, and the remaining 4 million shares issued within one year of the Agreement's effective date.

What exploration activities does LaFleur Minerals (WPNNF) plan for the Swanson Gold Project?

LaFleur Minerals plans to conduct an airborne high-resolution magnetics and VLF-EM survey, soil geochemistry survey, mapping, and prospecting. The company aims to identify drilling targets for the winter of 2024-2025.

When is LaFleur Minerals (WPNNF) expecting to receive the updated NI 43-101 report for the Swanson Gold Project?

LaFleur Minerals expects to receive the NI 43-101 report with an updated Mineral Resource Estimate for the Swanson Gold Project in September 2024.