Completion of Property Acquisition by Geologica
VANCOUVER, BC – TheNewswire - February 2, 2023 – Geologica Resource Corp. (CSE:GRCM), (FSE:862), (Stuttagart:A2QQBC) (“Geologica” or the “Company”) is pleased to announce that the TAC claims (the “Claims”) have been transferred to Geologica as per the Property Purchase and Sale Agreement (the “Agreement”) entered into on April 14, 2021. Under the terms of the Agreement the Claims were to be transferred to Geologica upon Geologica listing on a stock exchange.
TAC Claim Purchase and Sale Agreement
On April 14, 2021, the Company entered into an agreement to purchase a 100% interest in a mineral property in British Columbia known as the TAC Claims. The property is strategically located within the Topley Claims and adds 37.4 hectares to the Company’s land position. In order to complete the purchase of the property, the Company must make the following:
$2,500 on signing the agreement (paid)
Shares valued at $5,000 by December 31, 2021 (50,000 shares issued)
Shares valued at $10,000 by December 31, 2022 (121,951 shares issued)
Shares valued at $15,000 by December 31, 2023
Shares valued at $20,000 by December 31, 2024.
The number of shares to be issued is calculated based on the 10-day average closing price of the Company’s shares immediately preceding delivery of notice of the share issuance to the vendor.
2020 Geochemical Survey
The 2020 Geochemical survey conducted by Geologica identified a large potential gold anomaly with a strong correlation to copper anomalies on the Claims. The anomaly is lineal shaped striking east-west, having a strike length of about 900 meters and an average width of about 400 meters.
2018 Rock Samples
In 2018 the vendor collected rock samples on the claims and had them analyzed. The presence of 0.50% copper in sample TC202 is of note as is the relatively high gold value (0.86 g/t gold).
The Vendor first located three trenches on his claim that in his report, states “are not actually trenches per se but rather linear trends of steep outcrop exposure that have undergone continuous sampling. There is no evidence of blasting or digging.” He then picked up sample #TC201 from the northern end of trench 10-10 and sample #TC202 from the southern end of trench 10-09. These samples were submitted to TSL Laboratories of Saskatoon, Saskatchewan for major oxide whole rock analyses and trace element ICP-MS analyses (aqua regia digestion).
Sample TC201 returned 1,433 ppm (0.14 %) copper, 93.5 ppm molybdenum, 1.0 ppm silver, 53.7 ppb gold, 1.74% iron and 0.09% sulphur (aqua regia digestion). Sample TC202 returned 5031 ppm (0.5%) copper, 299.3 ppm molybdenum, 2.8 ppm silver, 856.3 ppb gold, 2.16% iron and 0.75% sulphur (aqua regia digestion). The low iron and sulphur values are consistent with the general scarcity of pyrite observed in the rocks.
ABOUT GEOLOGICA RESOURCE CORP.
Geologica Resource Corp. is a mineral explorer, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement and a purchase agreement for 100% of the mineral claims known as the Topley Project, located in central British Columbia.
Geochemistry has identified high priority exploration target areas and a kilometer-scale VMS target area
The region is known for its large porphyry, copper/gold, and copper/molybdenum deposits including past producing copper mines, Granisle and Bell
The property is located in central BC, is Road Accessible, Cost effective to explore
BC Hydro power lines transect the property and several water sources are available on the property
Porphyries contain the largest reserves of Cu and close to 50% of Au reserves in BC
Topley Property consists of 7 mineral claims totaling 2,669 Ha with known prospects and showings
The accuracy of the technical content of this overview has been reviewed by John Buckle P.Geo., who is a Qualified Person as defined under NI 43-101, and a member of the Company’s board of directors.
Further information on Geologica Resource Corp. can be found on the Company’s website
https://geologicaresource.com/ and on SEDAR at
President & CEO
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “ensuring”, “believe”, “anticipate”, “will”, “would” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the expected timing for the commencement of trading of the Shares on the CSE, the exercise of the Over‐Allotment Option and the Company’s plans and objectives with respect to the Topley Project. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to obtain all necessary regulatory approvals, risks related to the ongoing COVID-19 pandemic and its impact on the Company, risks and uncertainties inherent in the exploration and development of mineral properties, and other risk factors set forth in the long-form prospectus of the Company dated July 22, 2022 under the heading “Risk Factors”, a copy of which is available on the Company’s SEDAR profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.