2023-02-01 | CSE:CMET | Press Release
VANCOUVER, British Columbia, February 1, 2023 (GLOBE NEWSWIRE) — Clarity Metals Corp. (“clarity” or the “company”) (CSE: CMET, OTC: CLGCF, FSE: 27G0) is pleased to announce that, following the Company’s news release dated November 22, 2022, it has entered into an early exercise agreement dated January 31, 2023 (the “Exercise Contract”), after which the Company has agreed to exercise its option to acquire a 100% interest (the “possibility”) at the property in the province of Quebec known as the Fecteau Property (the “Property“).
James Rogers, Clarity’s CEO, commented, “The Company is pleased to have acquired 100% of the Fecteau Gold Project, located in an exciting area adjacent to Osisko’s Windfall Lake project. Clarity is awaiting the results of its winter 2022 exploration program on the Fecteau property.”
The option was granted to the Company pursuant to an assignment agreement (the “assignment agreement”) dated November 22, 2022 under the company Opus One Gold Corp. (“Opus One”) and the two original optioners (the “option giver“). Opus One has all of its rights in and to the Option (the “assignment”), which was acquired by Opus One pursuant to a land option agreement dated June 20, 2016, as amended September 29, 2020 (the “Original optionagreement”) between Opus One and the Optionors.
The Company and the Optionors have agreed to amend the terms of the Assignment Agreement and the original Option Agreement to revise the payments and expenses required for the Property to exercise the option. Pursuant to the Exercise Agreement, the Company and the Optioners have agreed that the option may be exercised and that the Company will exercise the option in full by: (i) paying the Optioners a cash payment of $35,000 (the “cash payment”); and (ii) issue of 185,185 common shares in the capital of the Company (the “shares”) at an assumed price of $0.27 per share.
In addition, the Company has agreed to enter into a royalty agreement with the Optionors on the Closing Date, pursuant to which the Company will grant: (i) a 2.0% Net Smelter Yield Royalty (the “Full license fee”) to the Optionors with respect to the production of all precious metals from the mineral claims comprising the Property, excluding certain excluded claims (the “Excluded Claims”); and (ii) a 1.0% Net Smelter Return Royalty to the Optionors in respect of the production of all precious metals from the Foreclosed Claims. The Company may, at any time and in the Company’s sole discretion, reduce the Aggregate Royalty from 2.0% to 1.0% by paying the Optionors or their permitted assignees a cash payment of $1,500,000.
Additional information regarding the property, assignment and option, including their original terms, is contained in the Company’s news release dated November 22, 2022, which was filed on SEDAR.
About the Fecteau Gold Project
- 30 km east of Osisko Mining’s Windfall Lake project and Bonterra Resources’ Gladiator project (Figure 1).
- Five new exploration targets generated by Till sampling, some of which have been followed up with an IP survey.
- Nine mineral deposits including:
- Lac Fecteau Est: 2.42 g/t Au over 2.65 m, 1.82 g/t Au over 4.9 m in drill core
- Buteux-Marceau: up to 4.11 g/t Au in grab samples
- Lac Pistolet: up to 1.08 g/t Au and 1.91% Cu in grab samples
- Desgagné: up to 1.00 g/t Au in trench over massive sulphide
- Lac Fecteau North: 1.71 g/t Au over 1.5 m in drill core
- Lac Fecteau Porphyry: up to 7.09 g/t Au in grab samples
The Fecteau gold property is known to host two styles of mineralization: VMS (Cu-Zn-Au) and mesothermic gold. Both styles of mineralization are being targeted during this program. VMS targets are represented in the field by numerous gossans of semi-massive to massive sulphides located along and near an east-west trending rhyolite-dacite contact observed over a 10 km strike length. Previous shallow drilling intersected anomalous copper-zinc intersections associated with anomalous gold.
Mesothermal gold-bearing quartz veins are observed at both ends of the property (western and eastern portions) where the volcanic suite is folded. Meter-scale east-west trending shear veins developed parallel to the axial plan of the folds.
Figure 1 Fecteau Gold Project location with nearby projects.
Mr. Rory Kutluoglu P.Geo., a member of the Advisory Board and advisor to the Company, is a Qualified Person as defined by National Instrument 43-101 – Disclosure Standards for Mineral Projects and has reviewed the technical information in this press release.
The Company also announces that it has entered into an advertising agreement dated January 31, 2023 (the “Agreement”) with Aktiencheck.de AG (the “Advertiser”), under which the Advertiser has agreed to provide services including digital marketing and provide awareness in Europe for €25,000 under consideration. There is no contract period.
Clarity Metals Corp. is a Canadian mineral exploration project generator company focused on the acquisition, exploration and development of precious and base metal projects. Clarity’s exploration mandate is global and focused on countries with established legal and regulatory systems that support mining investments. The company is based in Vancouver, British Columbia and is listed on the CSE under the symbol “CMET”.
Clarity recently entered into an option agreement to acquire 50% of the Lithium381 project adjacent to Allkem Limited’s James Bay lithium feasibility project. See Clarity press release dated December 7, 2022.
In addition, Clarity has titles on several early-stage projects in British Columbia and Newfoundland:
- 10,518 Ha Empirical Gold-Copper-Molybdenite Property – Lillooet, BC
- Tyber Gold-Copper-Silver Property (928 Ha) – Southeast Vancouver Island, BC
- Gretna Green Gold-Copper-Silver Property (1,331 Ha) – Port Alberni, Vancouver Island, BC
- Harp Lake Nickel Property (3,452 ha) – Labrador, NL
- Eddies Cove MVT Property (450 Ha) – NW Newfoundland
- Hare Bay Nickel Property (750 ha) – NW Newfoundland
To learn more about Clarity Metals Corp. and its projects, please visit www.claritygoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
chief Executive Officer
Tel: 1 (833) 387-7436
Email: [email protected]
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or assumes will or may occur in the future are forward-looking statements. Forward-looking statements in this press release include statements relating to: the company completing the cash payment and stock offering by the closing date; and the company completing the royalty agreement with the optioners on the closing date. The forward-looking statements reflect management’s current expectations based on the information currently available and are subject to a number of risks and uncertainties that could cause results to differ materially from those described in the forward-looking statements, including: The Company will Cash payment, stock issue and closing of the license agreement by the proposed closing date; adverse market conditions and other factors beyond the parties’ control. Although the Company believes that the assumptions contained in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly, due to their inherent uncertainty, such statements should not be relied upon. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the Company’s control. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved the contents of this press release.
A companion graphic to this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a67fdcaf-537d-46d8-9e5e-03e3c7c5d2c6