Mr. Gary Musil reports
HIGHBANK RECEIVES ACCEPTANCE OF OPTION AGREEMENT ON TERRA NOVA PROPERTY,
CENTRAL NEWFOUNDLAND
Further to its news release of Nov. 10, 2023, and Dec. 18, 2023, Highbank Resources Ltd. has received TSX Venture
Exchange acceptance of the property option agreement with an arm's-length party on the Terra Nova property in central Newfoundland. The property comprises six licences totalling 68 claims.
The property is located 30 kilometres northwest of Port Blandford in central Newfoundland. Access is from the
town of Terra Nova through 12 kilometres of transmission line road built for the Lower Churchill Falls power development.
Additional trail and road development was completed in 2022/2023 to provide better access to mineralized
showings.
The property lies within the Gander zone, which is an area of significant exploration interest as a result of
Newfound Gold's Queensway gold project. Terra Nova is an interesting property as it has a large alteration
area of 12 square kilometres, which, to date, has been subjected to limited exploration. The property is considered
to have potential to host mesothermal gold-polymetallic deposits. Further information can be reviewed on Highbank's website.
Terms of the option agreement to acquire a 100-per-cent interest include a cash payment of $15,000 on or before
Oct. 1, 2024, and the issuance of a total of 500,000 common shares in two payments; and it is subject to a 2-per-cent net smelter return royalty in favour of the vendors, with the company having an option to purchase one-half of the net smelter return royalty (1 per cent) in
consideration for $1-million paid to the vendors.
The first payment of 250,000 common shares will be issued immediately and will have a hold period of four months plus one day expiring April 30, 2024.
About Highbank Resources Ltd.
Highbank Resources is engaged in the business of acquiring and developing mineral projects located in North
America:
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The company owns 100-per-cent interest in a fully commissioned sand and gravel quarry, more commonly known
as the Swamp Point North project, approximately 115 kilometres (72 miles) north of the port of Prince Rupert and
50 kilometres south of the port of Stewart, situated along Portland Canal in northwestern British Columbia. The
project has a National Instrument 43-101 compliant measured and indicated 71,712,043-tonne construction aggregate
resource. A May, 2015, preliminary economic assessment valued the asset at $24.3-million with 8-per-cent discount to
projected cash flows.
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The company has an option to acquire 100-per-cent interest in the Terra Nova property, located 30 kilometres northwest of
Port Blandford in central Newfoundland. The project has the potential to host mesothermal gold-polymetallic
(gold, silver, copper and tungsten) deposits. The property lies within the Gander zone, which is an area of significant
exploration interest.
We seek Safe Harbor.
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