(TheNewswire)
Vancouver, British Columbia, December22, 2022 : InflectionResources Ltd. (CSE:AUCU) (FSE:5VJ) (OTC:AUCUF) (the"Company" or "Inflection") is pleased to announce it is the recipient of two exploration grantsunder the New Frontiers Exploration program from the Government of NewSouth Wales, Australia. The grants awarded to the Company’sAustralian subsidiary total up to AUD$145,500 to further explore the100% owned Duck Creek copper-gold alkalic porphyry target. AUD$100,000 was awarded for drilling and an additional AUD$45,500was awarded for a MIMDAS geophysical survey. This is the thirdconsecutive year in which Inflection Resources has been awarded NewFrontiers Exploration Program grants for the Company’s NSWexploration projects.
Alistair Waddell, Inflection’s President and CEO,states: “Inflection wouldlike to thank the New South Wales Government and Geological Survey ofNSW for the financial support given to the Company via the NewFrontiers Exploration programs. We are proud to be awarded thesegrants which we believe validates the Company’s exploration strategyexploring previously undrilled targets in the northern coveredextension of the Macquarie Arc. An extended period of severe wetweather in NSW has delayed exploration programs throughout the state,including our Duck Creek deep drilling plans. We anticipate usingthe grant funding in early 2023 when our exploration program at DuckCreek resumes.”
Duck Creek Target Details andExploration Update
Duck Creek is a large alkalic porphyry-relatedcopper-gold style target. The principal target area coversfavourable magnetic and gravity features which the Company considersto be part of the prospective Macquarie Arc volcanic sequence. Specifically, the Company has drill tested high-amplitude, complex,curvilinear magnetic patterns very similar to those typical of theintrusion-related signatures of the Macquarie Arc mineralizeddistricts. Drilling to-date has intersected strong hydrothermallyaltered rocks with similar characteristics to those adjacent tomineralized alkalic copper–gold systems such as Newcrest’s Cadiamine and the Northparkes mine complex.
Based on detailed modeling of geochemistry andmineralogy, the Company plans to target mineralization at Duck Creekwith a campaign of deeper diamond core drilling. The first prioritytarget area is around a cluster of shallow drill holes that exhibitstrong hydrothermal alteration which the Company interprets to beindicative of the upper parts of an alkalic copper-gold porphyrysystem. The principal target area is associated with an approximate800 by 1,300 metre aeromagnetic low interpreted to represent a zone ofmagnetite destruction caused by hydrothermal alteration.
The extended period of extremely wet weather whichcreated flood conditions across most of eastern Australia andrestricted access to the New South Wales project area including theDuck Creek drill platforms, appears to be waning with the Duck Creekproperty now accessible by light vehicle. The Company anticipatesrecommencing exploration activities at Duck Creek in the newyear.
New Frontiers ExplorationProgram
The New Frontiers Exploration Program is managed by the Geological Survey of New South Wales andis part of the NSW Government’s CriticalMinerals and High-Tech Metals Strategy to promote mineral explorationinvestment in NSW . The program provides grantsto successful applicants for exploration drilling and geophysicalprograms that demonstrate strong prospectivity, sound financialplanning and a proven technical base. The program supports thelong-term sustainability of the NSW resources sector by encouraging mineral exploration and discovery thatwill :
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ensure a sustainable economic resource pipeline for thestate, particularly in greenfields areas of the state;
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test new geological ideas and models and/or explorationin regions of significant cover;
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identify new critical minerals and high-tech metalsdeposits in NSW; and,
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create stronger relationships between government andindustry.
Further details available of the New FrontiersExploration Program can be found on the NSW website: https://meg.resourcesregulator.nsw.gov.au/geoscience/new-frontiers-exploration-program
Stock Option Grant
The Company has granted 1,975,000 incentive stockoptions to officers, directors, employees and consultants of theCompany. The stock options are exercisable at $0.12 per common shareover a five-year term and will vest six months after the date ofgrant. The stock options are subject to the acceptance of theCanadian Securities Exchange.
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.
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 information, pleasecontact:
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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