Mining
Friday, November 8th, 2024 4:09 pm EDT
Key Points
- Acquisition of Saint Gabriel silica project: Argyle Resources Corp. has entered into an agreement with Steadright Critical Minerals Inc. to acquire the Saint Gabriel silica project in Quebec, consisting of 23 mineral claims, for $65,000 in cash and 300,000 common shares, subject to a 2% net smelter return royalty.
- Exploration plans for Saint Gabriel: Argyle plans to begin exploration on the Saint Gabriel project, with a technical team set to visit the site and commence the initial exploration phase in the near future.
- Company background: Argyle Resources is a junior mineral exploration company focused on acquiring and exploring natural resource properties in North America, with ongoing silica and graphite projects in Quebec and Nova Scotia, and a research partnership with the National Institute of Scientific Research.
Argyle Resources Corp. has entered into a definitive agreement with Steadright Critical Minerals Inc. to acquire the Saint Gabriel silica project, which consists of 23 contiguous mineral claims located in the Bas Saint-Laurent region, Quebec, in exchange for $65,000 in cash and 300,000 common shares of the company. The consideration shares will be subject to escrow restrictions under which 100,000 of the consideration shares will be released four months and one day following the closing of the acquisition, 100,000 consideration shares will be released six months following closing and the remaining 100,000 consideration shares will be released 12 months following closing. The company notes that the claims are subject to a 2-per-cent net smelter return royalty, one-half of which may be repurchased by payment of $1.5-million.
Jeff Stevens, chief executive officer of Argyle, commented: “We are pleased to have secured an additional land position in close proximity to our Matapedia silica project in Quebec. We will shortly be formalizing the plan to send a technical team to Saint Gabriel and commence an initial exploration phase.”
John Theobald, chairman and director of Steadright, stated, “The board of directors of Steadright Critical Minerals has approved the Saint Gabriel claims sale and are excited to have Argyle Resources team of professionals continue the exploration work on the silica claims.”
About Argyle Resources Corp.
Argyle Resources is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. The company currently holds an option to acquire up to 100 per cent of the Frenchvale graphite property, located in Nova Scotia, Canada, and owns a 100-per-cent interest in the Pilgrim Islands, Matapedia and Lac Comporte quartzite silica projects in Quebec, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Quebec government to conduct exploration programs on the company’s silica projects. The company was incorporated in 2023, and its head office is located in Calgary, Alta., Canada.
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