Amir SohailVANCOUVER, British Columbia, (ZM NEWSWIRE) — Refined Energy Corp. (CSE: RUU) (OTC: RRUUF) (FSE: CWA0) (the “Company” or “Refined”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with New Rock Mining Corp., Unity Resources Inc. and Nidon Enterprises Ltd. (collectively, the “Optionors”) pursuant to which the Company will have the right to earn a 100% interest in the Golden Goose Project (the “Project”), which consists of 93 mineral claims located in central Newfoundland.
The Project has been the subject of historical prospecting, geochemical surveys, geophysical surveys and diamond drilling and is located within a prospective gold-antimony district in central Newfoundland.
A map of the Golden Goose Project is included below and illustrates the Project boundaries, regional infrastructure and the location of key regional features.
Mark Fields, Chief Executive Officer of Refined Energy, commented:
“The execution of this option agreement marks an important milestone for Refined as we establish a foothold in a gold-antimony exploration district in central Newfoundland. We look forward to completing the ongoing technical review and advancing a systematic exploration strategy designed to assess historical exploration records. The Project benefits from historical exploration data which we believe will assist the Company in identifying and prioritizing future exploration activities.”
Figure 1: Location of the Golden Goose Project, consisting of 93 mineral claims in central Newfoundland. The map outlines the Project boundary and shows regional reference features.
Transaction Terms
Under the terms of the Option Agreement, Refined may acquire a 100% interest in the Project by making aggregate cash payments of $455,000, issuing an aggregate of 2,100,000 common shares of the Company and incurring $3,000,000 in exploration expenditures over a four-year period.
Upon exercise of the option, the Optionors will retain a net smelter return royalty ranging from 1.5% to 2.0%, depending on the applicable mineral licence, subject to certain buyback rights held by the Company.
The Option Agreement also provides for an additional cash payment of $100,000 and issuance of 1,250,000 common shares upon completion of a preliminary economic assessment meeting certain criterion.
Project Highlights
- 93 mineral claims located in central Newfoundland (Figure 1);
- Located within a prospective gold-antimony district in central Newfoundland;
- Situated within the broader Beaver Brook antimony mining region;
- Historical exploration includes prospecting, geochemical surveys, geophysical surveys and diamond drilling;
- Multiple exploration targets identified through historical work programs;
- Independent NI 43-101 technical report currently underway;
- Technical review intended to assist in prioritizing future exploration activities; and
- The Company continues to evaluate additional regional opportunities.
Next Steps
The Company has commenced preparation of an independent technical report pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The report is expected to compile and review available historical exploration data and assist the Company in evaluating future exploration priorities.
Following completion of the technical review, the Company intends to evaluate and prioritize potential next steps for the Project, including a summer exploration program, target refinement and other exploration activities considered appropriate based on the results of the review.
Potential activities under evaluation include prospecting, geological mapping, geochemical sampling, trenching and other work programs designed to advance and refine exploration targets.
The Company will provide additional updates as the technical review progresses and exploration plans are finalized.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Jared Suchan, P.Geo., a geological consultant to the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Historical Information
Historical exploration results referenced in this news release were obtained from government assessment filings, historical reports and records provided by the Optionors.
The Company has not independently verified historical exploration data and such information should not be relied upon. Historical results, observations and interpretations may not be representative of future exploration results.
The ongoing NI 43-101 technical review is intended, in part, to assess and compile available historical information relating to the Project.
For a further discussion of the Company’s QA/QC and data verification processes and procedures, please see its mostly recently-filed technical report, a copy of which may be obtained at www.sedarplus.ca.
About Refined Energy Corp.
Refined Energy Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of strategic mineral projects in North America. The Company is committed to identifying and advancing high-quality exploration opportunities in tier-one jurisdictions.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Fields
Chief Executive Officer
For further information, please contact:
Refined Energy Corp.
Email: info@refinedenergy.com
Website: www.refinedenergy.com
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements in this release include, but are not limited to, statements regarding the Company’s ability acquire the Project, the completion and timing of the NI 43-101 technical report, the evaluation of future exploration activities, the potential completion of a summer exploration program, and the evaluation of additional regional opportunities. Forward-looking statements are based on management’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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