Northern Lights Announces Corporate and Project Update
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Vancouver, British Columbia, November 5, 2024, - TheNewswire – Northern Lights Resources Corp. (“Northern Lights” or the “Company”) (CSE:NLR, OTC: NLRCF) is pleased to announce the following corporate and project update.
Horetzky Option Agreement
Northern Lights has issued 500,000 common shares as equity consideration to the vendor of the Horetzky Copper Project pursuant to the option agreement announced by the Company on October 24 2024 (“Option Agreement”). The Company has also completed the cash consideration payments required under the Option Agreement. The shares issued under the Option agreement are subject to a standard 4 month hold period.
Following the completion of the initial cash and equity consideration payments, Northern Lights will pay a finders fee to an arms-length party of $25,000, payable in shares of the Company.
Project Strategic Review
Following a strategic review, Northern Lights has made the decision to terminate the Caldera Option agreement that the company announced on May 8, 2024. The termination of the option on the Caldera Project in Nevada focuses the Company’s copper exploration strategy on the Horetzky Copper Project in British Columbia.
The 100% owned Secret Pass Gold Project in Arizona, where the company previously announced high-grade drilling results (see Company announcement March 7, 2022 for details of Tin Cup drilling at Secret Pass.), remains in good standing and the Company intends to complete further exploration work on the project in the future.
Corporate Options
The Company announces the granting of 3,750,000 incentive stock options, pursuant to its stock option plan, to directors, officers and consultants of the Company. Each option is exercisable to purchase one common share of the Company at a price of $0.05 per share for a term of 2 years. All options vest upon grant.
For Further Information
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company advancing two key projects: the Horetzky Copper Project, located in the Babine Porphyry belt of central British Columbia and the 100% owned, Secret Pass Gold Project located in Arizona. Northern Lights also holds a 1% NSR royalty on the Medicine Springs Silver Project in Nevada owned by Reyna Silver Corp.
Northern Lights Resources trades under the ticker of “NLR” on the CSE and on the OTC under the ticker “NLRCF”. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. There is no assurance any further advances of funds from the Investor will be forthcoming. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.