17:15:46 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Vatic Ventures Corp (5)
Symbol VCV
Shares Issued 29,711,510
Close 2023-04-25 C$ 0.19
Market Cap C$ 5,645,187
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Vatic Ventures amends Hansen option deal

2023-04-25 17:30 ET - News Release

Mr. Loren Currie reports

VATIC AMENDS AGREEMENT FOR THE HANSEN GOLD PROPERTY IN NORTHERN QUEBEC

Vatic Ventures Corp., further to its Sept. 23, 2021, news release and subject to TSX Venture Exchange approval, has amended the option agreement to acquire a gold exploration property known as the Hansen prospect located in the Chibougamau area of Northern Quebec. Highlights of the amendments include:

  • an additional $70,000 payable by October 1, 2024;
  • an additional 500,000 shares to be issued on or before October 1, 2023; and
  • an additional $200,000 of expenditures to be incurred on or before October 31, 2024

Hansen Property

The Property is located in the northeast corner of the Matagami-Chibougamau Greenstone Belt of the Abitibi Sub province of the Archean Superior Structural Province. The geology is dominated by massive and pillowed mafic to intermediate lava flows of the Obatogamau Formation.

The Property is underlain by andesitic volcanic and altered rocks containing iron carbonate, pyrite, graphite and micro gabbro. The most prominent structural features in the area of the Property are northwest trending faults and shear zones along which the historic Hansen drilling programs intersected gold values. These structural elements provide the dominant structural control hosting most of the mineralized zones on the property. Gold mineralization and quartz veining on the property is associated with these northwest structural elements.

Previous stripping and drilling exploration programs delineated a mineralized zone (Hansen Zone) 15 meters wide over a strike length of 250 meters. The Hansen Zone was evaluated with the deepest hole intersecting the zone at a depth of 175 meters. Past and recent mineral exploration programs on the property have outlined favorable geological environments for high grade gold mineralization represented by surface showings and diamond drilling results.

Qualified Person - The technical content of this news release has been reviewed and approved by Mitchell E Lavery, PGeo, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

ABOUT VATIC VENTURES CORP.

The Company has an option to earn a 100% interest in the Hansen gold property in the Chapais area of Northern Quebec, strategically situated in a very active and emerging gold exploration area with over 6.7 million ounces of gold produced in the greater Chibougamau district. The Company has an option to acquire a 100% interest in a Rare Earth Elements (REE) and polymetallic claims package known as the Sisters Mountain critical metals project located in Southwestern New Brunswick.

We seek Safe Harbor.

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