(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 17, 2023 - Rackla Metals Inc. (TSX-V:RAK) (“ Rackla ” or the“ Company ”) is pleased to announce that it has exercised threepreviously announced exploration option transactions on the HIT andSER properties in Yukon, and the Astro property in NorthwestTerritories. The three properties (see Figure 1) are within theCompany’s Astro Intrusive Complex and are being explored for ReducedIntrusion-Related Gold System (RIRGS) mineralization.
HIT Property Option Agreement
The Company has exercised its option to acquire a 100%interest, subject to a 2.5% NSR royalty, in the HIT property from AbenResources Ltd. (TSXV-ABN). Pursuant to the HIT Option Agreement datedSeptember 28, 2022, Rackla has completed the following:
I. paid CAD$25,000 cash to Aben upon signingof the agreement,
II. within 12 months of signing:
-
paid an additional CAD$25,000 cash to Aben,
-
issued 250,000 common shares of Rackla to Aben,and
-
incurred in excess of the minimum requirement of$100,000 in exploration expenditures on the HIT property.
The shares issued to Aben are subject to a resalerestriction which expires on February 17, 2024 .
SER Property Option Agreement
The Company has exercised its option to acquire a 100%interest, subject to a 2.5% NSR royalty, in the SER property fromSabre Gold Mines Corp. (TSX-SGLD). Pursuant to the SER OptionAgreement dated September 29, 2022, Rackla has completed thefollowing:
I. paid CAD$50,000 cash to Sabre uponsigning of the agreement,
II. within 12 months of signing, paid anadditional CAD$300,000 final payment in a combination of 655,021common shares of Rackla and $150,000 cash to Sabre.
The shares issued to Sabre are subject to a resalerestriction which expires on February 17, 2024 .
Astro Property OptionAgreement
The Company has exercised its option to acquire a 100%interest, subject to a 2.5% NSR royalty, in the Astro property fromOrogen Royalties Inc. (TSXV-OGN). Pursuant to the Astro OptionAgreement dated September 1, 2022, Rackla has completed thefollowing:
I. issued to Orogen 120,000 common shares ofRackla upon signing of the agreement,
II. within 12 months of signing:
-
paid an additional CAD$382,000 final payment by theissuance of 1,705,357 common shares of Rackla to Orogen,
-
incurred in excess of the minimum requirement of$250,000 in exploration expenditures on the Astro property,and
-
made arrangements to extinguish the CAD$40,000 securitybond put in place by Orogen with the NWT mining authority.
The shares issued to Orogen are subject to a resalerestriction which expires on January 29, 2024.
The Company is excited to have exercised these threeagreements and looks forward to furthering exploration within theAstro Intrusive Complex and follow-up on the significant resultsobtained so far from the 2023 exploration program.
Figure 1. Region of Rackla Metals’Astro, HIT and SER properties along the Yukon and NorthwestTerritories.
Click Image To View Full Size
Qu alified Person
Scott Casselman, B.Sc., P.Geo., Vice-PresidentExploration of the Company, is a member of the Association ofProfessional Engineers and Geoscientists of British Columbia and isthe Company’s Qualified Person as defined by National Instrument43-101. Mr. Casselman has reviewed and approved the technicalinformation contained in this news release.
About Rackla
Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canadabased junior gold exploration company. The Company is targetingRIRGS (Reduced Intrusion-Related Gold System) mineralization on thesoutheastern part of the Tombstone Gold Belt in eastern Yukon andwestern Northwest Territories. Management believes that this area,which is underexplored for RIRGS deposit types, has the potential tobe the next frontier for their discovery.
ON BEHALF OF THE BOARD
Simon Ridgway,
CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accept responsibility for the adequacy or accuracyof this press release.
Forward-Looking Information
Certain statements contained in this news releaseconstitute forward-looking statements within the meaning of Canadiansecurities legislation. All statements included herein, other thanstatements of historical fact, are forward- looking statements andinclude, without limitation, statements about the Company’s proposedexploration activities. Often, but not always, these forward lookingstatements can be identified by the use of words such as“estimate”, “estimates”, “estimated”, “potential”,“open”, “future”, “assumed”, “projected”, “used”,“detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”,“containing”, “remaining”, “to be”, “periodically”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negativevariations.
Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements of the Company to be materiallydifferent from any results, performance or achievements expressed orimplied by forward-looking statements. Such uncertainties and factorsinclude, among others, changes in general economic conditions andfinancial markets; the Company or any joint venture partner not havingthe financial ability to meet its exploration and development goals;risks associated with the results of exploration and developmentactivities, estimation of mineral resources and the geology, grade andcontinuity of mineral deposits; unanticipated costs and expenses; andsuch other risks detailed from time to time in the Company’squarterly and annual filings with securities regulators and availableunder the Company’s profile on SEDAR at www.sedar.com. Although theCompany has attempted to identify important factors that could causeactual actions, events or results to differ materially from thosedescribed in forward-looking statements, there may be other factorsthat cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements contained herein are basedon the assumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andplanned exploration activities at its properties will be achieved;that there will be no material adverse change affecting the Company orits properties; and such other assumptions as set out herein.Forward-looking statements are made as of the date hereof and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance that forward-looking statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, investors should notplace undue reliance on forward-looking statements.
Copyright (c) 2023 TheNewswire - All rights reserved.