Quadro Amends Option Agreement with TRU Precious Metals Corp.
Vancouver, June 12, 2023 - Quadro Resources Ltd. (TSXV: QRO) (OTC Pink: QDROD) (FSE: G4O2) ("Quadro" or the "Company") is pleased to announce that further to its August 18, 2022 and April 25, 2023, news releases, it has amended its Staghorn Option Agreement with TRU Precious Metals Corp. ("TRU").
The amended terms include:
- A minimum of $300,000 of the Initial Drilling Commitments must be incurred by no later than October 15, 2023, failing which TRU shall pay to Quadro on October 15, 2023, a cash penalty in the amount of $25,000, and shall continue to pay a $25,000 cash penalty each subsequent quarter until July 15, 2024, or until such time as TRU has incurred an aggregate $300,000 of the Initial Drilling Commitments.
On June 7, 2023, TRU provided an update on its trenching and channel sampling program at the Mark's Pond high-grade gold target at its Golden Rose Project located in the highly prospective Central Newfoundland Gold Belt. Trenching and channel sampling at Mark's Pond began in mid-May and is expected to continue in June. (see the TRU news release dated June 7, 2023).
Pursuant to the terms of the Staghorn Option Agreement, TRU has the option to acquire up to an aggregate 65% ownership in Quadro's Staghorn project located in central Newfoundland. The Staghorn project is a large claim package of 133 claim units in eight mineral licenses covering 3,325 hectares with a 12 km strike length of the auriferous Cape Ray Fault Zone.
About Quadro Resources - Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company's shares trade on the TSX Venture Exchange under the symbol "QRO". Quadro owns a 100% interest in the Staghorn property which it has optioned to TRU Precious Metals Corp., owns a 100% interest in the Long Lake property, has an option to earn a 100% interest in the Yellow Fox/Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.
On behalf of the board of directors,
Quadro Resources Ltd.
"T. Barry Coughlan"
President and CEO
Tel (604) 644-9561
info@quadroresources.com
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections." For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169551