92 Resources Corp. Announces Amendment to Existing FCI Option Agreement with Osisko Mining for an Additional 83 claims, and Includes a Drill Intercept of 10.5 g/t Au over 7 m at the Golden Gap Prospect
TSX VENTURE: NTY
VANCOUVER, BC / ACCESSWIRE / April 24, 2019 / 92 Resources Corp. (the "Company") (TSX-V: NTY) (OTCQB: RGDCF) (FSE: R9G2) announces an amendment the terms of the September 2018 Option Agreement (the "Agreement") with Osisko Mining Inc. ("Osisko") for the eastern FCI Property ("FCI East") to include an additional 83 claims (4,253 hectares) herein referred to as "FCI West". The Company now holds three contiguous claim blocks: FCI West, FCI East, and Corvette, collectively referred to as the "Corvette-FCI Property" and extending for more than 25 km along the Lac Guyer Greenstone Belt within the James Bay Region of Quebec. Situated approximately 10 km south of the all-season Trans-Taiga Road and powerline, the FCI West block is adjacent to the south of Midland Exploration's Mythril Property (TSX-V: MD) and immediately east of Azimut Exploration's Pikwa Property (TSX-V: AZM). See map at the link below:
The Amended Agreement retains the same Option terms as originally disclosed for FCI East (see news release dated September 4th, 2018); however, now includes an additional 83 claims which comprise the FCI West claim block. Therefore, the Company now holds the Option to acquire up to a 75% interest over Osisko's entire FCI Property (FCI West - 83 claims, and FCI East – 28 claims).
The Company believes the Corvette-FCI Property to have considerable potential for gold-polymetallic mineralization similar to that recently discovered on the adjacent Mythril Property held by Midland Exploration Inc.
Exploration highlights at FCI West include:
- Parallel east-west elongate trends of gold and copper mineralization over 10 km in length
- The Golden Gap Prospect (northern trend) with historical results including,
- from 3.1 to 108.9 g/t Au in outcrop
- 10.5 g/t Au over 7 m in drill hole FCI-07-03
- 14.5 g/t Au over 2 m in channel sample
- The Tyrone-T9 (Copper) Prospect (southern trend) includes 1.15% Cu over 2.1 m in channel sample
The FCI West block hosts a documented sixteen (16) base and precious metal showings (SIGEOM), which highlight parallel gold and copper dominated exploration trends of greater than 10 km in length. The Golden Gap Prospect is the most advanced target on the Property and includes a drill intercept of 10.5 g/t Au over 7 m (FCI-07-003) as well as 14.5 g/t over 2 m in channel sampling. FCI West is also host to numerous high-grade surface occurrences including a grab sample of 108.9 g/t Au in outcrop. Despite the significant number of showings at FCI West, the Company considers the exploration to date to be at an early stage.
The exploration potential of FCI West is further confirmed by its proximity to the Mythril Property, where significant Cu-Au-Mo-Ag mineralization was discovered in the fall of 2018 by Midland Exploration Ltd.; 16.7% Cu, 16.8 g/t Au, and 3.04% Mo (select, separate samples – outcrop and boulder). The newly acquired FCI West block covers approximately 11 km along the southern portions of the same geological units that host the Mythril discovery. Similarly, the FCI East and Corvette claim blocks also cover a portion of the unit's eastern contact. These areas have seen only limited exploration attention.
Management cautions that past results or discoveries on adjacent properties (i.e. Mythril) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. FCI or Corvette).
Company President & CEO Adrian Lamoureux comments: "We are thrilled to have expanded our land position in the region, increasing our footprint. With the recent high-grade Cu-Au-Mo discoveries in the area by Midland Exploration and the established Au-Cu potential at FCI West, we see significant opportunity to advance several exceptional gold and polymetallic prospects over a strike length of more than a 10 km within the Lac Guyer Greenstone Belt."
The Company intends to complete initial exploration this summer at FCI West and is in the process of receiving the historical dataset from Osisko. Exploration is anticipated to be completed as part of the programs planned at FCI East and Corvette during the summer months. Although there is demonstrated gold and copper potential at FCI West, the lithium potential has never been assessed. As FCI West hosts the same underlying geology as that of FCI East as well as Corvette, where high-grade spodumene mineralization has been identified, the lithium potential is also considered favorable. During 2019, the Lac Guyer Greenstone Belt and surrounding properties are anticipated see significant exploration activity from multiple companies as the magnitude of the Mythril style copper-gold mineralization unfolds.
Collectively, the Company's land position in the area now comprises one contiguous claim block consisting of 283 claims totalling 14,496 hectares, and includes the wholly owned Corvette Property, as well as the FCI East and FCI West property Options. The Company's land package (collectively the "Corvette-FCI Property") is one of the largest and most strategic positions in this developing base and precious metal district.
Terms of Agreement
Under the terms of the Amended Agreement, the Company may earn a 75% interest in an additional eighty-three (83) claims that comprise Osisko's FCI West Property by satisfying the original terms and conditions as previously announced for the FCI East Property (see news disclosure dated September 4th, 2018). Therefore, the FCI West Property has now been incorporated under the original terms and conditions of the Agreement disclosed September 4th, 2018 and no additional share, cash, or work commitment is required by the Company. The Amended Agreement remains subject to TSX Venture Exchange approval.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds four principal assets in Canada: the Corvette (plus FCI Option) and Pontax lithium-gold properties in Quebec, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under option to Far Resources Ltd. The Company also recently acquired the Silver Sands Vanadium Property in British Columbia.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P. Geo., of Dahrouge Geological Consulting Ltd. and member of the Board of Advisors to the Company, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
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.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.