Vancouver, B.C. (February 10, 2020) Astorius Resources Ltd. (TSX-V:ASQ) (“Astorius” or the “Company”) is pleased to announce it has acquired a 100% interest in the Cadillac East Property, located in Val d’Or, in the Province of Quebec, from an arms’ length vendor.
The Cadillac East Gold Project covers approximately 695 hectares in Val d’Or Quebec, one of the premier gold camps in Canada. The Project is bisected by approximately 1.9 kilometers of the easternmost extent of the Cadillac Fault and is approximately two kilometers east of the Exxeter Gold Deposit. In addition, the Cadillac East Project adjoins the northern boundary of a suite of claims acquired by O3 Mining Inc. from Chalice Gold Mines in July 2019. The project was most recently examined with a
19.9-kilometer ground magnetic survey, consisting of 10 lines with 200m spacing. In combination with airborne geophysical datasets, structural lineaments and target zones were successfully identified.
Under the terms of the Option Agreement, the Company will acquire 100% interest and rights in the property by paying the Vendor the sum of $60,000 in cash within five (5) business days following the date of execution of the agreement, an additional $60,000 in cash within twelve (12) months following the execution of the agreement, an additional $100,000 in cash within twenty-four (24) months following the execution of the agreement, and the Company must incur $500,000 in exploration expenditures within twenty-four (24) months following the execution of the agreement.
A 1% Net Smelter Return (“NSR”) shall be retained by the Vendor, which may be purchased at any time by the Company paying to the Vendor $1,000,000. This transaction meets the requirements for an exempt transaction under the policies of the TSX Venture Exchange and is not subject to Exchange approval.
Astorius Resources Ltd. (www.astoriusresources.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in North and South America.
For further information please contact:
Arthur Brown, President & Director (604) 685-7720 [email protected] www.astoriusresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Astorius believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Astorius disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.