(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 27, 2021 - Xander Resources Inc.(TSXV:XND) (FSE:1XI) (OTC:XNDRF) (the “Company” ) announces that it has completed theaccelerated buyout of the three options comprising the SennevilleClaim Group:
The Company’s Senneville Claim Group that covers over 100 sq km and is contiguous in the South toProbe Metals’ new discovery, and contiguous in the north to MonarchMining and in close proximity to Eldorado Gold’s (formerly QMX Gold)projects in the Val-d’Or Gold Camp. TheSenneville Claim Group is located in the eastern part of the AbitibiGreenstone Belt, about 25 km northeast of the gold mining center ofVal-d’Or, Quebec. The claims extend from the Lacorne Batholith inthe west to the contact area of the Pascalis Batholith in the east.The Senneville West Property geology is east of the North AmericanLithium Deposit with proven and probable reserves of 17.06 Mt grading0.94% Li2O, and measured and indicated resources of 33.24 Mt grading1.19% Li2O; Great Thunder Gold‘s Chubb Lithium property and East ofthe Sayona Mining Authier Lithium Deposit.
Val-d’Or Senneville SouthProperty
Further to the news release dated September 11, 2020,announcing the property option agreement dated May 27, 2020 withOptionor1, the Company has completed the accelerated buyout of theexclusive option to purchase a 100% interest in and to the Company’sSenneville South Property is comprised of three complete cells, fivepartial cells and one old-style lot, totalling an area of 370hectares. The Company paid the cash balance of $35,000 and issued140,000 common shares (the “ Shares ”) of theCompany to Optionor1 at a deemed price of $0.16 per Share. The Shares are subject to the applicable holdperiods in accordance with securities laws in Canada and the Exchangepolicies.
The Company fulfilled the option explorationrequirements with a preliminary three-hole drill program, including anintersection 18.15 gpt Au over 0.85 meters, as reported in theCompany’s news release dated July 14, 2021, and with the acceleratedpayment of cash and Shares has now met all the option requirements onthe claims, which remain subject to a 2% net smelter return royalty(“ NSR ”).
Val-d’Or Senneville WestProperty
Further to the news release dated June 2, 2020announcing the expansion of the Company’s Val-d’Or Gold Campproperties and the property option agreement dated May 18, 2020 withOptionor2, the Company has entered into an amendment agreement withOptionor2 whereby the Company may exercise the option to a date before2½ years of the closing of the agreement by satisfying the shareissuances and cash payments thereunder. The Company has nowcompleted the accelerated buyout of the exclusive option to purchase a 100% interest in 80 mineral claims in the Company’s Senneville West Property and extendsfrom the eastern arbitrary boundary of Hwy 397, to the northwest for10 km. The Company paid the cash balance of $72,000 and will issue1,000,000 S hares of the Company at a deemedprice of $0.155 per Share to Optionor2. TheShares will be subject to the applicable hold periods in accordancewith securities laws in Canada and the Exchange policies.
Optionor2 has agreed to relieve the Company of theobligation to spend $625,000 in exploration in exchange for the abovecash and shares. The Company has further agreed that in the event ofabandonment of any of the claims, the Company will provide Optionor2six months notice of the intended abandonment, and in the event of athird party sale of the claims that Optionor2 will be entitled toreceive 20% of the sale proceeds, such percentage reducing to 15% ifthe Company spends $250,000 in qualified exploration expenditures onthe property, and to 10% by the Company spending $500,000 in qualifiedexploration expenditures on the property. The claims remain subject toa 2% NSR.
Val-d’Or Senneville EastProperty
Further to the news release dated June 12, 2020announcing the expansion of the Company’s Val-d’Or properties andthe property option agreement dated May 18, 2020 with Optionor3, theCompany has entered into an amendment agreement with Optionor3 wherebythe Company may exercise the option to a date before 2½ years of theclosing of the agreement by satisfying the share issuances and cashpayments thereunder. The Company has now completed the acceleratedbuyout of the exclusive option to purchase a100% interest in 62 mineral claims in the Company’s Senneville East Property. The Senneville EastProperty is located in the eastern part of the Abitibi GreenstoneBelt, about 30 km north of Val-d’Or and is comprised of 62 claimswhich extend from just east of Highway 397, where it adjoins theSenneville West and South Group properties, to the contact area of thePascalis Batholith. The Company paid the cash balance of $36,000 andwill issue the 640,000 S hares of the Company ata deemed price of $0.155 per Share to Optionor3. The Shares are subject to the applicable hold periods inaccordance with securities laws in Canada and the Exchangepolicies.
Optionor3 has agreed to relieve the Company of theobligation to spend $625,000 in exploration in exchange for the abovecash and shares. The Company has further agreed that in the event ofabandonment of any of the claims, the Company will provide Optionor2six months notice of the intended abandonment, and in the event of athird party sale of the claims that Optionor2 will be entitled toreceive 20% of the sale proceeds, such percentage reducing to 15% ifthe Company spends $250,000 in qualified exploration expenditures onthe property, and to 10% by the Company spending $500,000 in qualifiedexploration expenditures on the property. The claims remain subject toa 2% NSR.
Deepak Varshney, PGeo, CEO of theCompany states “The aggregation of all theSenneville Claim Group through the buyout of the options will enablethe Company to better allocate it’s exploration expenditures andensure a more efficient utilization of financialand other resources to thoroughly and systematically explore for goldand lithium on our extremely well positioned properties in thehistoric Val-d’Or Mining Camp.”
About Xander Resources:
Xander Resources is a junior exploration firm focusedon developing accretive gold and lithium properties within Canada. Thecompany currently has a focus on projects located within the Provincesof Ontario and Quebec.
ON BEHALF OF THE BOARD OFDIRECTORS
Deepak Varshney, P.Geo., Presidentand CEO
For more information please visit our website: www.xanderresources.ca
Email: Investor Relations: ir@xanderresources.ca Dan Samartino or info@xanderresources.ca
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accept responsibility for the adequacy oraccuracy of this release.
Cautionary Statement: Investors arecautioned that the above information and the information on theadjacent properties is taken from the publicly available sources. TheCompany has not been able to independently verify the informationcontained. The information is not necessarily indicative of themineralization on the Property, which is the subject of this newsrelease. The Company will need to conduct exploration to confirmhistorical mineralization reported on the property and there is noguarantee that significant discovery will be made as a result of itsexploration efforts. The Company is in the process of compilingexploration and geological data available on the property andsurrounding area to develop an exploration work plan.
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