UPDATE: MAJOR LAND ACQUISITION IN OSISKO’S WINDFALL PROJECT AREA
01 Avril 2020 - 9:56PM
Typhoon Exploration Inc. (TSX-V:
TYP) (“Typhoon”) is proud to announce the acquisition of
new properties in the Nord-du-Québec region, on the Eeyou Istchee
Baie-James territory. This acquisition is subject to the approval
of non-related shareholders, since Typhoon hasn’t provided a price
justification for this acquisition between Non-Arm’s Length
parties.
The approval of this acquisition will be submitted to the
shareholders at the annual general meeting in August 2020.
This announcement is pursuant to a mineral
property purchase agreement dated March 17, 2020, with a non-arm’s
length company, 9400-4579 Quebec Inc. (“the Seller”),
owned by 3 officers of Typhoon Exploration Inc.
The property consists of 6 blocks
totalizing 103 cells and covering 5556.57 hectares
(5.56 km2) located in the Urban-Barry Greenstone Belt. The new
land holding is accessible by a network of forestry roads
connecting with the town of Lebel-sur-Quévillon. Areas of interest
are located between 12 and 37 km from Osisko Mining’s (TSX:
OSK) Windfall project. The geological environment is composed of
mafic to felsic volcanic rocks, crosscut by East-West and
North-East shear and fault zones. Typhoon claims blocks are
generally intercalated inside Osisko ground.
Subject to the approval of the Stock Exchange
and other concerned authorities, Typhoon Exploration Inc.
has agreed to purchase the 103 cells for the sum of
$200,000.00 payable on a 4-year period as follows: $50,000 the
first year, $50,000 the second year, $50,000 the third year and
$50,000 the fourth year. The Seller has agreed to delay payment to
suit the availability of funds in Typhoon Exploration.
The Seller will retain a 2% net smelter return
royalty, of which 1% can be purchased for the sum of
$1,000,000 at any time.
Ghislain Morin, Typhoon’s CEO, quotes,
“During the last few years, the Nord-du-Québec region has seen two
major discoveries leading to resource building: the Windfall and
Nelligan projects, located respectively at about 20 km and
90 km from the staked ground.”
“With this new acquisition, Typhoon would like
to initiate exploration on an emerging gold trend. The recent
acquisition was justified by the know-how of an experienced
prospector party. Our preliminary assessment returned enough
evidence of gold signature from historical geochemical survey to
move forward.
The action plan for the next month will be set
up around ground truthing operations to check if evidence of golf
mineralization proximity indicators could be identified on the
field,” explains Serge Roy, Typhoon’s Chairman of the Board.
For more information:Serge Roy:
819-856-8435orGhislain Morin: 819-354-9439
The TSX Venture Exchange and its Regulatory
Services Provider (as defined by the TSX-V Venture Exchange rules)
cannot be held responsible for the accuracy or veracity of this
press release.
Typhoon Exploration (TSXV:TYP)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Typhoon Exploration (TSXV:TYP)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024