Vertical Exploration Acquires Additional Prospective Properties near the Company’s St-Onge Wollastonite Project in Quebec
VANCOUVER, BC / January 17th, 2022 / VERTICAL EXPLORATION INC. (TSX-V: VERT) (“Vertical” or “the Company”) is pleased to announce that it has signed an option agreement to earn a 100% interest in four strategic wollastonite properties, including two located near the Company’s 100% owned flagship St-Onge Wollastonite project in the Lac-Saint-Jean area in the Province of Quebec.
The two properties located in the region surrounding Vertical’s St-Onge project include: i) the La Petite Rivière Péribonka and Ménard Wollastonite claims located just north of Lac-Saint-Jean, consisting of a total of 35 mining titles (1960 hectares); and ii) the Le Grand Étang Block claims, consisting of 11 mining titles (616 hectares). Both of these properties are characterized by a geological sequence of marble, undifferentiated calco-silicate rocks and quartzite. These two claim blocks are still at an early stage of exploration; however, their stratigraphic sequence can be traced over a distance of several kilometers and may lead to new wollastonite discoveries. The region surrounding the Le Grand Etang Block claims in particular is well known for having wollastonite potential, including hosting the Company’s NI-43-101 compliant St-Onge Wollastonite deposit located 25 km to the southwest.
The remaining two properties include: i) a group of 9 claims (535 hectares) located in the Laurentides Region 70 km north of Montreal, which are recognized for having wollastonite hosting potential similar to the Brébeuf, Lost River and Craie showings that present similar geological sequences; and ii) a group of 4 claims (224 hectares) located near the town of Port-Cartier in the North Coast Region, which were acquired based on the historical showing known as the Wollastonite de la Rivière Vachon. A Government of Quebec Report (MM-89-02) indicates an average grade of 40% wollastonite in grab samples for these 4 claims.
Peter P. Swistak, President/CEO of Vertical Exploration Inc., commented: “The acquisition of the four wollastonite properties represents a decisive move to secure what the Company believes are the most prospective remaining wollastonite properties in mining friendly Quebec. These properties are an excellent complement to our world-class St-Onge Wollastonite project located near Lac-St-Jean, and they will directly support Vertical’s plans to become a leading supplier of premium grade wollastonite. We are compiling all available historical data from the properties and intend to move forward with an active exploration program on the most prospective claims this spring and summer. With both regional and global demand for “green” industrial minerals such as wollastonite expected to grow significantly over the next few years, Vertical is now even better positioned for future production and growth.”
Terms of the acquisition in order to acquire a 100% interest in all four properties, require Vertical to issue 3.5 million common shares and make a one-time cash payment of $25,000 to the vendors. In addition, a $5 per tonne royalty on the first million tonnes of raw unprocessed ore produced from the properties will be granted to the vendors, and for all additional tonnes of unprocessed material a $1 per tonne royalty will be granted. As well, products from the properties sold other than as raw unprocessed ores, including concentrates, leachates or refined products, will be subject to a gross overriding royalty of 2% of the fair value of the products sold by the Company, subject to a minimum of $5 per tonne for the first million tonnes of products and $1 per tonne for any number of additional products.
This transaction is subject to the approval of the TSX Venture Exchange.
All technical and scientific information in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., who is a Qualified Person as defined by NI 43-101.
ABOUT VERTICAL EXPLORATION Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
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FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).