92 Resources Corp. Announces the Conversion from Option to Joint Venture with Far Resources Ltd. for the Hidden Lake Property
TSX VENTURE: NTY
VANCOUVER, BC / ACCESSWIRE / May 16, 2019 / 92 Resources Corp. (the "Company") (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) announces that Far Resources Ltd. ("Far Resources") has formally notified the Company of its intention to terminate its remaining earn-in for the Hidden Lake Property, originally announced January 23rd, 2018, and will therefore maintain its 60% interest earned through satisfying the Year 1 conditions of the Option Agreement (the "Agreement"). Therefore, the Company will maintain a 40% interest in Hidden Lake and a Joint Venture between the companies will be formed for future exploration of the Property. In addition, under the terms of the Agreement, Far Resources will remain as operator and is responsible for funding the Joint Venture's initial $1,000,000 in expenditures.
Although $500,000 in exploration expenditures were required for Year 1 of the Agreement to vest, in addition to the cash and share based payments made to the Company, a larger total expenditure of approximately $737,000 was incurred by Far Resources on the Property. This expenditure culminated in a successful maiden drill program at Hidden Lake in 2018 with numerous high-grade intercepts returned, including 1.6% Li2O over 9.2 m in drill hole HL18-003 at the D-12 Pegmatite (see Far Resources news release dated September 10th, 2018).
Company President & CEO Adrian Lamoureux comments: "Although we would have preferred for Far Resources to continue through Year's 2, 3, and 4 of the Option, the Company has received considerable benefit from the work completed under the Year 1 terms. The Company will now retain a 40% interest in this excellent project and is further positioned long-term for the lithium space as the market rebalances and rebounds. The Company is also insulated from the first $1,000,000 is exploration expenditures under the Joint Venture, in which Far Resources remains obligated to incur."
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.
About 92 Resources Corp.
92 Resources Corp is a junior mineral exploration company focused on acquiring and advancing strategic and prospective properties that position it strongly for the worlds continuing shift to high tech and green technologies including base and precious metals, and lithium.
The Company's primary assets are the wholly owned Corvette Property and the FCI Property (under Option from Osisko Mining for 75% interest) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-copper-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Tyrone-T9 Prospect with 1.15% Cu over 2.1 m in channel sampling, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
In addition, the Company holds the Pontax Lithium-Gold Property, QC, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
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.