PIEDMONT, Quebec, April 01, 2020 (GLOBE NEWSWIRE) — Typhoon Exploration Inc. (TSX-V: TYP) (“Typhoon”) is proud to announce the acquisition of new properties in the Nord-du-Québec region, on the Eeyou Istchee Baie-James territory. This acquisition is subject to the approval of non-related shareholders, since Typhoon hasn’t provided a price justification for this acquisition between Non-Arm’s Length parties.The approval of this acquisition will be submitted to the shareholders at the annual general meeting in August 2020.This announcement is pursuant to a mineral property purchase agreement dated March 17, 2020, with a non-arm’s length company, 9400-4579 Quebec Inc. (“the Seller”), owned by 3 officers of Typhoon Exploration Inc.The property consists of 6 blocks totalizing 103 cells and covering 5556.57 hectares (5.56 km2) located in the Urban-Barry Greenstone Belt. The new land holding is accessible by a network of forestry roads connecting with the town of Lebel-sur-Quévillon. Areas of interest are located between 12 and 37 km from Osisko Mining’s (TSX: OSK) Windfall project. The geological environment is composed of mafic to felsic volcanic rocks, crosscut by East-West and North-East shear and fault zones. Typhoon claims blocks are generally intercalated inside Osisko ground.Subject to the approval of the Stock Exchange and other concerned authorities, Typhoon Exploration Inc. has agreed to purchase the 103 cells for the sum of $200,000.00 payable on a 4-year period as follows: $50,000 the first year, $50,000 the second year, $50,000 the third year and $50,000 the fourth year. The Seller has agreed to delay payment to suit the availability of funds in Typhoon Exploration.The Seller will retain a 2% net smelter return royalty, of which 1% can be purchased for the sum of $1,000,000 at any time.Ghislain Morin, Typhoon’s CEO, quotes, “During the last few years, the Nord-du-Québec region has seen two major discoveries leading to resource building: the Windfall and Nelligan projects, located respectively at about 20 km and 90 km from the staked ground.”“With this new acquisition, Typhoon would like to initiate exploration on an emerging gold trend. The recent acquisition was justified by the know-how of an experienced prospector party. Our preliminary assessment returned enough evidence of gold signature from historical geochemical survey to move forward.The action plan for the next month will be set up around ground truthing operations to check if evidence of golf mineralization proximity indicators could be identified on the field,” explains Serge Roy, Typhoon’s Chairman of the Board.For more information:
Serge Roy: 819-856-8435
Ghislain Morin: 819-354-9439
The TSX Venture Exchange and its Regulatory Services Provider (as defined by the TSX-V Venture Exchange rules) cannot be held responsible for the accuracy or veracity of this press release.
CBJ Newsmakers