Newpath Resources Inc. Provides Year End Update on Exploration Program at the Alpha/Bravo Project
Vancouver, Dec. 20, 2023 - Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ) (OTC PINK: RDYFF) ("Newpath" or the "Company") is pleased to announce that analytical results have been received from the prospecting program carried out on the Alpha/Bravo project (the "Project") during the late summer and fall of 2023. A total of 142 grab and channel rock samples were collected and submitted for analyses. All results have been received by the Company and are being compared with the LIBS (Laser Induced Breakdown Spectroscopy) data and prospectors' field records. Detailed modelling of the trace element data is ongoing, but results are comparable to other early-stage programs searching for lithium in pegmatite host rocks. The Company is encouraged by the outcome of its 2023 exploration Project at Alpha/Bravo and as a result, issued the final tranche of shares to the vendor. The Company now owns the Project 100% subject to an underlying royalty (See News Release dated December 6, 2023).
Qualified Person
The technical content of this news release has been reviewed and approved by Douglas S. Turnbull, P.Geo., the Company's COO and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Private Placement Financing
The Company also announces that the Company plans to complete a flow-through private placement offering up to $120,750 by issuance of 1,050,000 common shares (the "Shares") at a price of $0.115 per Share (the "Offering").
The proceeds raised from the Offering are expected to be used for exploration. All Shares to be issued pursuant to the Offering will be subject to a four-month hold under applicable securities laws in Canada.
Acknowledgment of First Nations
Newpath Resources Inc. is committed to fostering lasting, transparent, trust-based relationships with the Indigenous communities where we operate. We respectfully acknowledge that our Alpha/Bravo project is on the traditional territories of many Nations including Biinjitiwaabik Zaaging Anishinaabek, Fort William First Nation, Kiashke Zaaging Anishinaabek, Red Rock Indian Band, the Metis Nation of Ontario and Red Sky Metis Independent Nation.
Newpath Resources recognizes the great privilege of conducting work on these lands and recognizes the accountability and commitment we owe to the communities who have resided here since time immemorial. Newpath shares a common interest in ensuring that the lands and waters will continue to provide cultural, environmental, and economic wellbeing for Indigenous communities for generations to come.
About Newpath Resources Inc.
Newpath is a Canadian exploration company listed on the Canadian Securities Exchange under the symbol PATH. Newpath's early-stage Orefield critical metal exploration project, which is composed of three claim groups (Alpha/Bravo, Charlie and Delta), totals 3,180 claim units covering approximately 67,448 hectares (approximately 674 square kilometres) west and southwest of Lake Nipigon in Northern Ontario. The company also wholly owns the Northshore gold project located in the Schreiber-Hemlo greenstone belt.
On Behalf of the Company,
"Alexander McAulay"
Chief Executive Officer
Email: amcaulay@newpathresource.com
CEO Direct Line: +1 (604) 365-0425
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain certain "forward-looking information". Forward-looking information included in this news release includes, but is not limited to, statements with respect to the results of the field work. Forward-looking information is based upon the assumptions and estimates considered reasonable by management of the Company as of the date such statements are made. Forward-looking information involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. As a result, readers are cautioned not to place undue reliance on any forward-looking information. Any statement containing forward looking information speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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