(TheNewswire)
Vancouver, BC - TheNewswire - February 24, 2023 - Acme Gold Company Limited ( CSE:AGE ) (“ Acme ” or the“ Company ”).
Staking of Old Fort Property
Acme has acquired by staking a 100% interest in twocontiguous mineral claims covering 3,314 hectares (the “Old FortProperty” or “Property”) located in the Babine District ofnorthern British Columbia, approximately 22 km north of the village ofGranisle, BC.
The Old Fort Property lies about 13 km northwest of thepast producing Bell copper mine. Acme acquiredthe Old Fort Property for its potential to host porphyry copper goldmineralization similar to that seen elsewhere in the Babine District,such as the past producing Bell and Granisle mines and at the Morrisondeposit. Recent drilling success at nearby exploration projects hasdemonstrated the depth potential and higher-grade nature of someBabine District systems. The presence of known copper mineralizedoccurrences, Babine Plutonic Suite Intrusive rocks, a regionalairborne magnetics high anomaly and Regional Geochemical Survey (RGS)copper-in-silt anomalies on the Old Fort Property led it to be ahighly ranked target for early stage copper porphyryexploration.
Pursuant to an agreement with Alianza Minerals Ltd.(TSXV: ANZ) (“Alianza”), in recognition of the assistance providedby Alianza to Acme in identifying and staking the Old Fort Property,Acme has granted a 1% Net Smelter Return Royalty (“NSR”) on theProperty to Alianza.
Termination of Lemon LakeOption
On February 18, 2021 the Company entered into a mineralproperty option agreement (the “Option Agreement”) with OrogenRoyalties Inc. (“Orogen”) pursuant to which the Company wasgranted the option (the “Option”) to acquire the Lemon LakeProperty by making certain cash payments and performing explorationwork on the property over several years. During the years 2021 and2022 the Company performed various exploration activities on the LemonLake Property and made a cash payment to Orogen in accordance with theOption Agreement.
After having reviewed the results of the explorationactivities, including assay and geological reports, Acme decided thatfurther exploration activity and expenditures on the Lemon LakeProperty was not warranted, and the Option should be terminated. TheCompany has notified Orogen in writing of the Option terminationpursuant to the terms of the Option Agreement, effective as ofFebruary 15, 2023.
Annual General Meeting
The Company held its Annual General Meeting (“AGM”)as planned on February 22, 2023. At the meeting all matters to bevoted on, as listed in the Company’s Notice of Annual GeneralMeeting of Shareholders and the Management Information Circular, werepassed by a majority of the votes represented in person and by proxyat the AGM. This includes the re-election of the directors, theappointment of the auditor, and the ratification and approval of theCompany’s existing incentive stock option plan. No new businessmatters were discussed or voted on at the AGM.
Qualified Person
Dr. Ron Britten, P.Eng, aQualified Person as that term is defined in NI 43-101, has reviewedthe technical disclosure in this news release and has approved thedisclosure herein. Dr. Britten is a director of the Company, and assuch he is not independent of the Company as defined in NI 43-101.
About Acme
Acme Gold is engaged in the business of mineralexploration and the acquisition of mineral property assets in Canada.Its objective is to locate and develop economic precious and basemetal properties of merit and to conduct exploration on the Old FortProperty.
Further information on Acme is available on SEDAR(www.sedar.com).
On behalf of Acme Gold CompanyLimited,
Don Crossley, CEO
For further information, pleasecontact:
Don Crossley, CEO
Telephone: 778-835-4411
Email: DonCrosseyCPA@outlook.com
Neither theCanadian Securities Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the Canadian SecuritiesExchange) accepts responsibility for the adequacy or accuracy of thisrelease. No regulatory authority has approved or disapproved theinformation contained in this news release.
This news releaseincludes certain statements that may be deemed “forward-lookingstatements”. All statements in this release, other than statementsof historical facts, that address future production, reservepotential, exploration drilling, exploitation activities and events ordevelopments that the Company expects are forward-looking statements.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, thestatements do not guarantee future performance and actual results ordevelopments may differ materially from the forward-lookingstatements. Factors that could cause actual results to differmaterially from those in forward-looking statements include marketprices, exploitation and exploration successes, continued availabilityof capital and financing, general economic, market or businessconditions. Investors are cautioned that any such forward-looking statementsare not guarantees of future performance and that actual results ordevelopments may differ materially from those projected in theforward-looking statements.
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