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Xplore Resources Corp (2)
Symbol XPLR
Shares Issued 15,681,505
Close 2023-12-22 C$ 0.115
Market Cap C$ 1,803,373
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Xplore enters option deals for 5 Li properties in Ont.

2023-12-27 10:41 ET - News Release

Mr. Dominic Verdejo reports

XPLORE RESOURCES ACQUIRES NEW LITHIUM PROPERTIES IN ROOT PROJECT AREA, ONTARIO

Xplore Resources Corp. has entered into option agreements with arm's-length parties to acquire a 100-per-cent interest in five additional prospective lithium properties in the Root project area in Northwestern Ontario. The new properties expand the company's land position in Ontario by 11,000 hectares (ha), for a total of 18,800 ha.

Acquisition highlights:

  • The Root North and Root Falls properties comprise 14 unpatented mineral claims and expand the land position at the Surge project by 2,600 ha.
  • The Cathy Creek property comprises six unpatented mineral claims totalling 2,600 ha. The property is underlain by metasediments and is located 1.5 kilometres from the boundary of the Rooth South pluton, a peraluminous S-type fertile granite.
  • The Raggy Creek and Aerial Lake properties each comprise six unpatented mineral claims for a total of 5,800 ha. These properties are located in the English River subprovince and underlain by metasediments and peraluminus S-type granites. The Raggy Creek property is located 10 km from the terrain boundary between the Uchi subprovince and the English River subprovince.

Agreement terms

Under the terms of the option agreement to acquire the Cathy Creek, Raggy Creek and Aerial Lake properties, the company must pay a total of $204,000 over three years and issue upon acceptance of agreement by the TSX Venture Exchange 900,000 common shares. The optionors will retain a net smelter return royalty of 1.5 per cent, 0.5 per cent of which can be purchased by the company for a cash payment of $500,000.

Under the terms of the option agreement to acquire the Root North property, the company must pay a total of $75,000 over three years and issue upon acceptance of agreement by the TSX Venture Exchange 300,000 common shares. The optionors will retain a net smelter return royalty of 1.5 per cent, 0.5 per cent of which can be purchased by the company for a cash payment of $500,000.

Under the terms of the option agreement to acquire the Root Falls property, the company must pay a total of $87,000 over three years and issue upon acceptance of agreement by the TSX Venture Exchange 600,000 common shares. The optionors will retain a net smelter return royalty of 1.5 per cent, 0.5 per cent of which can be purchased by the company for a cash payment of $600,000.

Each of the above option agreements is subject to the acceptance of the TSX Venture Exchange.

Qualified person

The technical content of this news release has been reviewed and approved by Karly Oliver, PGeo, a qualified person pursuant to National Instrument 43-101. The qualified person has not yet visited the properties and therefore has not yet verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained in the written disclosure.

About Xplore Resources Corp.

Xplore Resources is a mining exploration company listed on the TSX Venture Exchange under the symbol XPLR and is focused on the acquisition and exploration of grassroots lithium properties in Canada and Brazil. The company is led by a highly experienced management team comprising industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.

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