Quebec Silica Acquires Additional Claims in Quebec, Canada
Vancouver, October 15, 2021 - Quebec Silica Resources Corp. (CSE: QTZ) ("Quebec Silica" or the "Company") is pleased to announce that it has entered into an agreement with Mr. Eddy Canova to acquire a 100% interest in certain additional mineral claims located adjacent to its Charlevoix and Roche Blanche Silica Properties in the Lac-Pikauba Municipality of the Province of Quebec, Canada, approximately 40 km north of Baie-Saint Paul.
The newly acquired claims consist of three contiguous mining claims covering a total area of approximately 173 hectares and are located between the Company's flagship Charlevoix Property and the Roche Blanche Property. The addition of the new claims creates a contiguous land package totaling approximately 923 hectares (Figure 1) which will be referred to as the "Charlevoix Silica Project" going forward.
The high-grade silica formation, known as the Quartzite du Petit lac Malbaie, is actively mined by neighbouring operators and is mapped to extend though the Company's Charlevoix Silica Project property, consisting of the amalgamation of the formerly named Charlevoix Property the Roche Blanche Property as well as these newly acquired claims.
New Claims
To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/7968/99798_c0b79727e4282b49_002full.jpg
Cautionary Statement: Investors are cautioned that the above information is taken from publicly available sources, specifically from the Quebec Ministry of Energy and Mines (MERN) database. The Company has not been able to independently verify the information contained. The information is not necessarily indicative of the mineralization on the property, which is the subject of this news release. The Company will need to conduct exploration to confirm historical mineralization reported on the property. There is no guarantee that significant discoveries will be made as a result of its exploration efforts.
Transaction Details
Quebec Silica acquired the mineral claims from Mr. Eddy Canova, an arm's length party, pursuant to a property purchase and sale agreement dated as of October 8, 2021 (the "Effective Date"). Under the agreement, Quebec Silica will acquire its 100% interest in the claims by: (i) paying $5,000; (ii) issuing 50,000 common shares, at a deemed issue price of $0.07, being the closing price of the Company's shares on the CSE on the Effective Date; and (iii) issuing 50,000 common share purchase warrants, with each warrant entitling the holder to acquire one additional common share, at an exercise price of $0.15 per share, for a period of 60 months. In addition, on the first anniversary of the closing, Quebec Silica is further obligated to: (i) pay an additional $5,000; (ii) issue an additional 50,000 common shares, at a deemed issue price of $0.07; and (iii) issue an additional 50,000 warrants upon the same terms and conditions as those issued at the closing. Mr. Canova will retain a 1.5% net process royalty (NPR) from any future commercial production on the claims. Quebec Silica has the right to reduce the 1.5% NPR to a 0.75% NPR by paying $750,000.
The issuance of the securities is subject to obtaining all required regulatory approvals, including that of the CSE. The securities shares will be subject to a "hold" period of four months and one day for their date of issuance.
Eddy Canova, P.Geo., is the QP for Quebec Silica, a "Qualified Person" for National Instrument 43-101 - Standards of Disclosure for Mineral Projects has reviewed and approved the scientific and technical information contained in this news release.
About Quebec Silica Resources Corp.
Quebec Silica is a mineral exploration company focused on the acquisition and exploration of mineral resource properties with an emphasis on the Charlevoix Silica Property located near Clermont, Quebec, Canada.
Additional information on Quebec Silica. is available at www.quebecsilica.com.
On Behalf of the Board of Directors,
"Raymond Wladichuk, P.Geo."
Chief Executive Officer
For further information, please contact:
Elyssia Patterson - CFO
Tel: +1 (778) 683 4324
Email: info@quebecsilica.com
Neither the Canadian Securities Exchange nor it's Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Quebec Silica's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Although Quebec Silica believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Quebec Silica to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99798