Redzone Resources Enters into an Agreement to Acquire the Wells Vanadium Project in British Columbia
TSX VENTURE: GBML
VANCOUVER, British Columbia, Dec. 05, 2018 (GLOBE NEWSWIRE) -- RedZone Resources Ltd. (TSX-V: REZ, Frankfurt: REZ, OTC: REZZF) (the “Company” or “RedZone”) is pleased to announce that it has entered into a binding purchase agreement to acquire the Wells Vanadium Project. The Wells Vanadium Project consists of two mineral tenures which total 1,225 Ha and are located 20 kilometres east southeast of Barkerville, B.C. Access to the property is by 35 km of logging roads via Cunningham Creek.
Previous work by Cominco Ltd. analysed 44 rock samples, collected over a 2-kilometre by 1-kilometre area, for their vanadium content and reported in B.C. Assessment Report 15,366. Eleven samples were found to contain greater than 1,000 ppm vanadium and values ranged up to 1,852 ppm (0.33% V205). The mineralization is found in phosphatic black clastic sediments of the Black Stuart Formation. The results from previous programs were collected in the 1980’s prior to the implementation of National Instrument 43-101. There is no record of analytical standards or duplicates in the reviewed assessment report. The qualified person has not verified the scientific and technical information and data disclosed in the news release.
To acquire 100% of the Wells Vanadium Property:
- On signing, $10,000 CAD and 150,000 shares
- 1st anniversary, $20,000 CAD and 200,000 shares
- 2nd anniversary, $20,000 CAD and 200,000 shares
- 3rd anniversary, $25,000 CAD and 250,000 shares
- 4th anniversary, $25,000 CAD and 300,000 shares.
The property is subject to a 2% NSR, of which 1% can be bought back for $1 million CAD. RedZone has the option to exit the purchase agreement any time prior to the fourth anniversary.
Year one work on the project will involve resampling of the anomalous rock chip samples collected by the previous operator, follow up stream sediment sampling and ridge and spur soil geochemistry. Property access is expected by late May.
All scientific and technical information in this press release has been prepared under the supervision of Cameron Bell, P. Geo., a consultant and Director of RedZone, and a “qualified person” within the meaning of National Instrument 43-101.
RedZone Resources is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. RedZone’s common shares are listed on the TSX-V: REZ, on the Frankfurt exchange: REZ, and on the OTC: REZZF. RedZone currently has three projects: 1) Fortner-Boyd Lithium project in Arizona, 2) North-West Leinster Lithium property in Ireland, and 3) a 55% stake in the Peru based Lara copper property, which has over 10,000 metres of drilling. More information about the Company is available on its issuer profile on SEDAR at www.sedar.com or at www.RedZoneResources.ca. For further information please contact:
Michael Murphy, President and Chief Executive Officer
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 and/or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or lithium at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.