ROUYN-NORANDA, Quebec, June 17, 2024 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture : ABI) is pleased to announce that it has entered into an option agreement (the “Agreement“) with Québec Pegmatite Holdings Corp. (“QPC“) whereby Abcourt has granted QPC the right to acquire a 100% interest (the “Option“) in 141 mining claims covering approximately 5,579 hectares located in the province of Québec, Canada, (collectively, the “Property“). The Property includes portions of the Courville and Abcourt Barvue projects, namely the Jolin (Courville) and Bartec (Abcourt-Barvue) sectors.
These mining claims are adjacent and contiguous to the Swanson property. This strategic agreement between the two companies will create synergy and impactful exploration work in the northern sector of our Courville property. Abcourt has not conducted any exploration work in this portion of the Courville property; the majority of the budgets being allocated to the development and implementation of various bulk samplings carried out on the Thibodeau (14,000 tonnes) and Pershing-Manitou (7,000 tonnes) gold deposits. The Abcourt-Barvue zinc-silver deposit is excluded from this agreement. The Bartec sector in this agreement is located at the eastern end of the Abcourt-Barvue property.
In accordance with the terms of the Agreement, QPC shall:
(a) pay an amount of $500,000 in cash to Abcourt within 10 days following the execution of the Agreement (the “Effective Date“) to acquire a 25% interest in the Property;
(b) pay an additional amount of $500,000 in cash no later than 6 months following the Effective Date to acquire a cumulative 50% interest in the Property;
(c) pay an additional amount of $500,000 in cash no later than 18 months following the Effective Date to acquire a cumulative 75% interest in the Property; and
(d) pay an additional amount of $500,000 in cash no later than 24 months following the Effective Date to acquire a cumulative 100% interest in the Property.
QPC may, under certain conditions, make the payments referred to in (b), (c), and (d) above by issuing common shares of QPC (“shares“) at a deemed price per share equal to the volume-weighted average trading price of the shares on the Canadian Securities Exchange for the 10 trading days prior to the applicable payment date.
Following the exercise of the Option, Abcourt will retain a 2% NSR royalty applicable to certain mining claims constituting the Property, and QPC will assume Abcourt’s obligations regarding certain royalties currently in force on the Property.
Pascal Hamelin, President and CEO of the Corporation, comments: “We are pleased to conclude a strategic option agreement on portions of our projects that have been less worked and developed. We believe that the union of our two companies through this option agreement will accelerate the development of this high-potential sector by unifying the Swanson and Jolin deposits into a single property.”
Qualified Person
Mr. Robert Gagnon, P.Geo. Vice President, Exploration of the Corporation, has reviewed and approved the technical information contained in this press release.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill, where it concentrates its development activities.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt’s profile on www.sedarplus.ca.
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as “plans”, “aims”, “expects”, “projects”, “intends”, “anticipates”, “estimates”, “could”, “should”, “likely”, or variations of such words and phrases or statements specifying that certain acts, events or results “may”, “should”, “will” or “be achieved” or other expressions Similar. Forward-looking statements are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the exercise of the Option by QPC and other risks related to the mining exploration and development industry, as well as the relevant assumptions and risk factors set forth in Abcourt’s public filings, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
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.
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