(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 19, 2023 : Inflection Resources Ltd. (CSE:AUCU) (FSE:5VJ)(OTC:AUCUF) (the "Company" or"Inflection") is pleased to announceit is the recipient of an exploration grant from the Government ofQueensland, Australia. The grant totalling AUD$200,000 has beenawarded as part of the Queensland Government’s CollaborativeExploration Initiative to further explore the Carron Gold projectlocated in Northern Queensland.
Alistair Waddell, Inflection’s President and CEO,states: “Inflection wouldlike to thank the Queensland Government for the tremendous financialsupport given to the Company which will go a great way to furtherunderstand the potential of the Carron project. We anticipate usingthe grant funding later this year when the exploration program atCarron resumes.”
The Carron project is located approximately 400kilometres west of Cairns in Northern Queensland. Inflection hasidentified a series of orogenic potentially gold-bearing quartz veinand intrusion related gold targets on trend from the historic CroydonGoldfields, one of Queensland’s more significant high-grade goldmining districts. Total production from the Croydon Goldfields after1885 is reportedly over one million ounces from numerous quartz-veinlode deposits reportedly with an average grade of 35 g/tAu (1) .
The Carron targets were generated by analysing datafrom a regional airborne magnetic survey completed by the QueenslandGovernment. Interpretation of the magnetic data identified a seriesof extensive large north-west trending structures under post-mineralsedimentary cover, which intermittently extend for over approximately30 kilometres. Consequently, the Company flew a 3,855-line kilometreairborne high-resolution magnetic survey with 50-metre line spacingfor better target definition of the structures to enable drill holepositioning. Subsequent to the survey, interpretation of themagnetic data identified a number of large magnetic anomaliesinterpreted to be intrusions and having conceptual potential forintrusion associated copper-gold mineralisation. The high resolutionairborne magnetic data was processed, and 3D magnetic vector inversionand conventional susceptibility inversion modelling completed.
In late 2021, Inflection completed an initial fourdrill holes at Carron totalling 1,030 metres which was successful inintercepting orogenic style quartz veins as modelled by the Company,although only anomalous gold and base metal values were returned. The Company anticipates completing further work on the propertylater in the year once the area become accessible after the wet seasonand once the planned drilling in New South Wales is fullyunderway.
AngloGold Ashanti Heads of AgreementUpdate
Further to the Company’s announcement on February 23,2023 of the execution of a non-binding Heads of Agreement withAngloGold Ashanti Australia Limited, the parties have agreed to extendthe period in which to complete the Definitive Farm-in Agreement by 30days to May 23, 2023. For further details of the transaction, pleaserefer to Inflection news release dated February 23, 2023.
AGM and Adoption of Advance NoticePolicy
T he Company announces it willhold an annual general meeting of shareholders (the “Meeting”) onFriday, May 19, 2023. The record date for the shareholders entitledto vote at the Meeting has been set as shareholders of record as atthe close of business on April 14, 2023.
The Company further announces that the board ofdirectors (the “Board”) of the Company has approved an advancenotice policy (the “Advance Notice Policy”) on April 14, 2023 witheffect as of such date. The Advance Notice Policy includes, amongother things, a provision that requires advancenotice be given to the Company in certain circumstances wherenominations of persons for election to the Board are made byshareholders of the Company. For purposes of the Meeting, inaccordance with the terms of the Advance Notice Policy, the Board hasdetermined that notice of nominations of persons for election to theBoard at the Meeting must be made by April 19, 2023. The full textof the Advance Notice Policy is available under the Company’sprofile on SEDAR at www.sedar.com.
Qualified Person
The scientific and technical information contained inthis news release has been reviewed and approved by Mr. Carl Swensson(FAusIMM), a “Qualified Person” (“QP”) as defined in NationalInstrument 43-101 – Standards of Disclosure for MineralProjects.
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Van Eck M, Child R1990 – Croydon Gold deposits: in Hughes F E (Ed.), 1990 Geology ofthe Mineral Deposits of Australia & Papua New Guinea The AusIMM,Melbourne Mono 14, v1 pp 979-982
About Inflection ResourcesLtd. Inflection is a technically drivencopper-gold and gold focused mineral exploration company listed on theCanadian Securities Exchange under the symbol “AUCU” and on theOTCQB under the symbol “AUCUF” with projects in Australia.
The Company is exploring for large copper-gold and gold deposits in the northern interpreted extension of theMacquarie Arc, part of the Lachlan Fold Belt in New SouthWales . The Macquarie Arcis Australia’s premier porphyry copper-gold province being host toNewcrest Mining’s Cadia deposits, the CMOC Northparkes deposits andEvolution Mining’s Cowal deposits plus numerous explorationprospects including Boda, the discovery made by AlkaneResources.
For more information, please visit the Company’swebsite at www.inflectionresources.com .
On Behalf of the Board ofDirectors
Alistair Waddell
President and CEO
alistair@inflectionresources.com
For further informationcontact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
Forward-Looking Statements: This news release includes certainforward-looking statements and forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian securities legislation. All statements,other than statements of historical fact, included herein including,without limitation, statements regarding future capital expenditures,receipt of the maximum amount of available grant funding, anticipatedcontent, commencement, and cost of exploration programs in respect ofthe Company's projects and mineral properties, and the anticipatedbusiness plans and timing of future activities of the Company, areforward-looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Often, but not always, forwardlooking information can be identified by words such as "proforma", "plans", "expects", "may","should", "budget", "scheduled","estimates", "forecasts", "intends","anticipates", "believes", "potential"or variations of such words including negative variations thereof, andphrases that refer to certain actions, events or results that may,could, would, might or will occur or be taken or achieved.Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to differ materially fromany future results, performance or achievements expressed or impliedby the forward-looking statements. Such risks and other factorsinclude, among others, statements as to the anticipated business plansand timing of future activities of the Company, including theCompany's exploration plans. the proposed expenditures for explorationwork thereon, the ability of the Company to obtain sufficientfinancing to fund its business activities and plans, delays inobtaining governmental and regulatory approvals (including of theCanadian Securities Exchange), permits or financing, changes in laws,regulations and policies affecting mining operations, the Company'slimited operating history, currency fluctuations, title disputes orclaims, environmental issues and liabilities, as well as those factorsdiscussed under the heading "Risk Factors" in the Company'sprospectus dated June 12, 2020 and other filings of the Company withthe Canadian Securities Authorities, copies of which can be foundunder the Company's profile on the SEDAR website at www.sedar.com .
Readers are cautioned not to place undue reliance onforward-looking statements. The Company undertakes no obligation toupdate any of the forward-looking statements, except as otherwiserequired by law.
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