15:29:00 EST Fri 27 Jan 2023
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Tectonic Metals Inc
Symbol TECT
Shares Issued 240,030,490
Close 2023-01-23 C$ 0.145
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Tectonic Metals terminates Seventymile lease

2023-01-24 10:58 ET - News Release

Mr. Tony Reda reports


Tectonic Metals Inc. has made the decision to terminate the mineral lease agreement on the company's Seventymile gold project in accordance with the terms of the lease agreement with Doyon Ltd.

Tony Reda, Tectonic president and chief executive officer, commented: "The decision to terminate the Seventymile lease agreement was not an easy one especially given our exploration results to date have been positive. So why terminate a good project with good results? Discipline. As part of our business model, every project we acquire must have a three-year exploration plan with a linear, definable exploration path forward and tangible, real annual deliverables. Yes, based on our exploration results, our plan can and does change from time to time, but it is imperative that we have a plan, stick to it and take full accountability for that plan. During the three exploration seasons at Seventymile, we executed our plan, testing three exploration theses and validating all three while discovering gold at surface and in drilling each and every season. We set the bar high, and our projects must have district-scale potential, which for us means a minimum endowment of five million ounces of gold. We then ask hard questions such as how much time, energy and capital will it take to demonstrate that type of gold endowment in the current market conditions and is this the best use of our time, energy and capital that will yield the greatest ROI for our shareholders in the shortest amount of time or is it better spent elsewhere? Our commitment to providing value for shareholders underpins all our decisions and that means applying a disciplined approach to our exploration process and business, which has led us to this decision. Going forward, our district-scale Flat gold project is our primary 2023 focus as it presents a transformative opportunity for our company this year. Last but not least, I would be remiss if I did not express my deepest thanks to Doyon Ltd. for the opportunity to explore on their land and the years of support both corporately and with the local communities and villages, to whom we are also very grateful for meeting and working together with."

Qualified person

Tectonic's disclosure of a technical or scientific nature in this press release has been reviewed, verified and approved by Peter Kleespies, MSc, PGeo, Tectonic's vice-president, exploration, who serves as a qualified person under the definition of National Instrument 43-101.

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