Mr. Steve Roebuck of Avidian reports
HIGH TIDE RESOURCES ACQUIRES LAC PEGMA COPPER-NICKEL-COBALT SULPHIDE DEPOSIT NEAR FERMONT, QUEBEC
Avidian Gold Corp.'s majority-controlled private subsidiary, High Tide Resources Corp., has entered into a purchase agreement with Globex Mining Enterprises Inc. to purchase 100 per cent of the Lac Pegma copper-nickel-cobalt sulphide deposit located approximately 50 kilometres south of Fermont, Que.
High Tide's president and vice-president of exploration, Steve Roebuck, stated: "Copper-nickel-cobalt sulphide deposits are key to low-carbon technology and are highly sought after. We are very pleased to add Lac Pegma to the company's portfolio of high-quality projects in the southern Labrador Trough area of Quebec and Labrador. Metals required for clean energy applications are becoming very important in the new economy, and we think that Lac Pegma has great exploration potential with the ability to become an important project in this space. The property is bisected by a major Hydro Quebec electrical transmission line, which provides overland access and very interesting green-focused, low-carbon development scenarios."
The last exploration program completed on Lac Pegma was by Diadem Resources in 1996, drilling 84 short BQ-diameter diamond drill holes totalling a reported 5,248 metres. In a report filed on Quebec's MERN website (GM54771) in May, 1997, Diadem Resources reported a non-National Instrument 43-101-compliant indicated reserve of two million tonnes of 0.62 per cent copper, 0.35 per cent nickel and 0.03 per cent cobalt. The Lac Pegma deposit was not assayed for platinum or palladium, which are elements commonly found in this type of sulphide deposit.
Disclaimer: Please note a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
The terms of the purchase agreement are as follows: The company will pay Globex $10,000 in cash and issue 650,000 shares of High Tide at the time of the company's initial public offering/liquidity event expected before Sept. 30, 2021, at the time of the company going public. In addition, Globex will retain a 2-per-cent gross metal royalty (GMR) with a 1-per-cent buyback option for $1.5-million exercisable at any time at the discretion of the company.
Qualified person statement
All scientific and technical information disclosed in this news release was prepared and approved by Steve Roebuck, PGeo, president and vice-president, exploration, of High Tide Resources, who is a qualified person as defined by NI 43-101 and has reviewed and approved this news release.
About High Tide Resources Corp.
High Tide is a private corporation that is focused on and committed to the development of advanced-stage mineral projects in Canada using industry best practices combined with a strong social licence from local communities. It has a disciplined and veteran management team of technical and business-oriented professionals that is advancing its Labrador West iron property located in Newfoundland and Labrador, Canada. High Tide is majority owned by Avidian Gold.
About Avidian Gold Corp.
Avidian brings a disciplined and veteran team of project managers together with a focus on advanced-stage gold exploration projects in Alaska. Avidian's Golden Zone project hosts an NI 43-101 indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 grams per tonne gold) plus an inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 gram per tonne gold). Additional projects include the Amanita and the Amanita NE gold properties, which are both adjacent to Kinross Gold's Fort Knox gold mine in Alaska, and the Jungo gold/copper property in Nevada.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.