(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 11, 2022 – Rackla Metals Inc. (TSXV:RAK) is pleased to confirm that the TSXVenture Exchange has approved Rackla’s property option agreementwith Orogen Royalties Inc. (TSXV-OGN)( “ Orogen”)to purchase a 100% interest in the Astro gold project in Northwest Territories, Canada. The project forms part of Rackla’s claim position in the TombstoneGold Belt within the Selwyn Basin.
Pursuant to the terms of the option agreement, Racklacan earn a 100% interest in the Astro project by issuing 120,000common shares to Orogen on closing of the agreement, and within twelvemonths, incurring $250,000 in exploration expenditures and making cashpayments or issuing common shares to Orogen totaling $382,000. Uponexercise of the option by Rackla, Orogen will retain a 2.5% netsmelter return royalty on the project.
The initial 120,000 shares of Rackla have been issuedto Orogen and are subject to a regulatory resale restriction untilFebruary 4, 2023.
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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accept responsibility for theadequacy or accuracy of this press release.
Forward-LookingInformation
Certain statements contained in thisnews release constitute forward-looking statements within the meaningof Canadian securities legislation. All statements included herein,other than statements of historical fact, are forward- lookingstatements and include, without limitation, statements about the Company’s option toacquire the Astro Project .Often, but not always, these forward looking statements can beidentified 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 involveknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of the Companyto be materially different from any results, performance orachievements expressed or implied by forward-looking statements. Suchuncertainties and factors include, among others, whether the Companywill exercise the option to acquire the Astro Project; changes ingeneral economic conditions and financial markets; the Company or anyjoint venture partner not having the financial ability to meet itsexploration and development goals; risks associated with the resultsof exploration and development activities, estimation of mineralresources and the geology, grade and continuity of mineral deposits;unanticipated costs and expenses; and such other risks detailed fromtime to time in the Company’s quarterly and annual filings withsecurities regulators and available under the Company’s profile onSEDAR at www.sedar.com. Although the Company has attempted to identify important factors thatcould cause actual actions, events or results to differ materiallyfrom those described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements containedherein are based on the assumptions, beliefs, expectations andopinions of management, including but not limited to: that theCompany’s stated goals and planned exploration activities at its properties will beachieved; that there will be no material adverse change affecting theCompany or its properties; and such other assumptions as set outherein. Forward-looking statements are made as of the date hereof andthe Company 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.
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