79 Resources Ltd. Announces New CEO, Adds to Exploration Portfolio with Rottenstone Project
Vancouver, Sept. 12, 2024 - 79 Resources Ltd. - CSE:SNR -("79 Resources" or the "Corporation" or the "Issuer") is pleased to provide a corporate update.
Appointment Notice
The Issuer reports that Mr. Jordan Harris has been appointed as the new Chief Executive Officer of the Corporation effective September 12, 2024.
Mr. Harris is a geoscientist with expertise in spatial analysis of mineral deposits, including their exploration settings. He has worked with various junior mineral exploration companies, both publicly traded and privately held, including by way of the successful execution of field operations and geospatial mapping projects. Recent geological work has concentrated on gold and critical mineral exploration in Canada, including experience in multiple gold districts such as the Shabandowan and Beardmore-Geraldton greenstone belts of Northwest Ontario, the Abitibi greenstone belts of Quebec/Ontario, the James Bay region of Quebec, and the Tintina gold belt in Yukon.
Mr. Harris has managed multiple exploration programs and is expected to enhance the Issuer's corporate activities with a comprehensive set of geological and management skills. He holds a Bachelor of Science (Geology)(Honours) from the University of Ottawa and is published in the Journal of Geochemical Exploration.
In order to facilitate the appointment of Mr. Harris as Chief Executive Officer of the Corporation, Mr. Ryan Kalt has resigned his officer roles, effective September 12, 2024, having previously served as the Chief Executive Officer and Corporate Secretary of the Corporation. 79 Resources extends its appreciation to Mr. Kalt for his efforts, noting in particular that he performed his past roles for the Corporation without any cash compensation.
In connection with Mr. Kalt specifically vacating the Corporate Secretary office, Mr. Nicholas Koo, the Corporation's Chief Financial Officer, has added the position to his existing role, also effective September 12, 2024.
Mr. Kalt, a Control Person (as that term is defined by the policies of the Canadian Securities Exchange), continues to serve as Chairman of the Corporation.
Project Acquistion
Subject to certain customary closing conditions, the Corporation additionally reports that it has entered into a purchase-and-sale agreement dated September 11, 2024 (the "Agreement") whereby it intends to acquire a group of mining claims (the "Claims") located in northern Saskatchewan from Calgary-based Kalt Industries Ltd. (the "Vendor"). Under the Agreement, the Corporation will provide cash consideration of $170,254.66, being an amount that is equal to the cash sum that the Vendor first paid as staking fees to the Government of Saskatchewan during 2024 for the Crown to grant the Claims. A pre-existing two percent royalty on the Claims will be assumed by the Issuer. Closing of the Agreement is scheduled to occur on or before September 30, 2024.
The Claims comprise a group of 140 individual mining claims totalling 282,951 hectares (hereafter the "Rottenstone Project"), which the Corporation views as providing it with an early-stage grassroots project in the broader region of Saskatchewan where other listed juniors are exploring for precious and base metals (as example, see news release by Ramp Metals Inc. dated June 17, 2024).
Exploration plans (which would remain subject to funding availability) and technical information related to the Rottenstone Project will be provided in the ordinary course, with the Corporation first looking to close its purchase of the Claims and then evaluate funding opportunities.
The Issuer has a favourable view of Saskatchewan, where it currently holds its existing Preston North Uranium Project.
Financing Update
The Corporation reports that it intends to close its previously announced $0.05 unit financing (the "Financing"), which is expected to consist of up to one million units (see news releases dated August 16, 2024 and September 3, 2024) on or about September 16, 2024.
If closed, proceeds of the Financing will be used for working capital purposes, including the provision of incremental funds now required for the purchase of the Rottenstone Project.
About 79 Resources Ltd.
79 Resources is a Vancouver-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the Corporation seeks to acquire, explore and develop mineral exploration projects. For additional information, please visit www.79resources.com.
The Corporation is subject to various risks and uncertainties, including those risks and uncertainties set out in public filings made by the Issuer, such public filings and other important disclosures available through SEDAR+ (www.sedarplus.ca) and the Corporation's Disclosure Hall on the CSE (https://thecse.com/listings/79-resources-ltd/#disclosure).
On Behalf of the Board of Directors
Ryan Kalt
Chairman of the Board
Email: info@79resources.com
Tel: 604.687.2038
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Canadian securities laws. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend,", "intention" "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including but not limited to a successful closing of the purchase of the Claims, any funding, prerequisites or regulatory approvals that may relate to the Agreement or the Claims including, without limitation, the closing, if any, of the Financing, and additionally the Corporation's ability to sustain itself as a going-concern and/or a publicly listed entity and/or retain project-level interests. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.