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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 6, 2017) – Torq Resources Inc. (TSX VENTURE:TORQ) (“Torq” or the “Company”) is pleased to announce it has entered into an option agreement with a private individual to acquire a 100% interest in mineral claims located in northeastern Newfoundland, Canada (the “Option”). The claims complete the southern portion of the Company’s Gander block and are adjacent to three high grade geochemical anomalies identified in the 2016 till survey (See Figure 1 and the Company’s June 13, 2017 news release).
Under the terms of the Option, the Company can acquire either a 75% or 100% interest in the claims by making the following payments and completing the following work expenditures, respectively:
|Cash or Share
|On signing||$ 25,000||–||–|
|On or before June 26, 2018(additional)||$ 50,000||–||$ 100,000|
|On or before June 26, 2019(additional)||–||–||$ 250,000|
|On or before June 26, 2020(additional)||–||$ 175,000||$ 650,000|
|Cumulative totals to earn a 75% interest in the claims||$ 75,000||$ 175,000||$ 1,000,000|
|On or before June 26, 2021(additional)||–||$ 250,000||$ 1,000,000|
|Cumulative totals to earn a 100% interest in the claims||$ 75,000||$ 425,000||$ 2,000,000|
As described in the table above, certain payments may be made at the election of the Company, in either cash or common shares. These shares would be subject to a four month resale restriction in Canada and the per share value would be the 5-day volume weighted average trading price calculated for the five trading days prior to the date such payment is made.
Michael Kosowan, President and CEO stated, “Securing these mineral claims is a strategic move in establishing a dominant land position in this emerging Canadian gold district. This acquisition fills in a potentially important land area surrounded by Torq’s higher grade samples. Our crews are efficient and will soon be completing much of the exploration for the second phase and are set to extend sampling to these new claims.”
The Option and the issuance of common shares is subject to the approval of the TSX Venture Exchange.
Michael Henrichsen, P.Geo, and advisor to Torq, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.
On Behalf of the Board,
President and CEO
About Torq Resources:
Torq Resources is a junior exploration company with the goal of establishing a tier-one mineral portfolio. The company’s management team has raised over $500M and monetized successes in three previous exploration companies. Its initial asset is a 120,000 hectare land package in Newfoundland, Canada, an emerging gold jurisdiction. Torq is continually reviewing and acquiring new precious metals targets on the path to discovery.
This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
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 release.
Figure 1: Illustrates the location of the acquire claims and the results from the 2016 till survey: http://media3.marketwire.com/docs/Torq76.jpg
Manager of Investor Relations
Thu, 06 Jul 2017 11:00:00 GMT