Press Release, Astorius Resources Ltd. (TSXV:ASQ) has acquired a 100-per-cent interest in the Cadillac East property, located in Val d'Or, in the province of Quebec, from an arm's-length vendor.
Mr. Arthur Brown reports
ASTORIUS ACQUIRES CADILLAC EAST PROPERTY
Astorius Resources Ltd. has acquired a 100-per-cent interest in the Cadillac East property, located
in Val d'Or, in the province of Quebec, from an arm's-length vendor.
The Cadillac East gold project covers approximately 695 hectares in Val d'Or, Que., one of the
premier gold camps in Canada. The project is bisected by approximately 1.9 kilometres of the
easternmost extent of the Cadillac fault and is approximately two kilometres 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-kilometre ground magnetic survey, consisting of 10 lines with 200-metre spacing. In combination with
airborne geophysical data sets, structural lineaments and target zones were successfully identified.
Under the terms of the option agreement, the company will acquire 100-per-cent interest and rights in the
property by paying the vendor the sum of $60,000 in cash within five business days following the date
of execution of the agreement, an additional $60,000 in cash within 12 months following the
execution of the agreement, an additional $100,000 in cash within 24 months following the
execution of the agreement, and the company must incur $500,000 in exploration expenditures within
24 months following the execution of the agreement.
A 1-per-cent 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-million. This transaction meets the requirements for an
exempt transaction under the policies of the TSX Venture Exchange and is not subject to exchange
Astorius Resources is currently engaged in the business of mineral
exploration for the purpose of acquiring and advancing mineral properties located in North America and South
We seek Safe Harbor.
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