MONTREAL, April 19, 2022 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR), is pleased to announce that it has signed a Letter of Interest (LOI) with Brunswick Exploration Inc. (BRW) to option out the Baie Johan Beetz (BJB) property on the North Shore of Quebec.
The LOI will serve as a basis to finalize the agreement as per the structure below. Subject to acceptance for filing of the agreement by the TSX Venture Exchange ("TSX-V"), BRW may earn up to an 100% interest in the BJB property.
- Total payment of $1,020,000 to Kintavar over a four-year period:
- Cash payment of $20,000 upon signing of the agreement;
- Payment of $100,000 at the first-year anniversary;
- Payment of $200,000 at the second-year anniversary;
- Payment of $300,000 at the third-year anniversary;
- Payment of $400,000 at the fourth-year anniversary;
- Each anniversary payment will be a combination of cash and shares with a minimum 20% in cash and up to a maximum of 80%.
- BRW will commit to the following exploration expenditures totaling $2,000,000 over the four-year period:
- Expenditures of $150,000 at the first-year anniversary;
- Expenditures of $250,000 at the second-year anniversary;
- Expenditures of $400,000 at the third-year anniversary;
- Expenditures of $1,200,000 at the fourth-year anniversary;
- 2% NSR royalty of which the first 1% can be bought back for $1,000,000. BRW will retain a Right of First Refusal on the second 1% tranche.
- Additional milestone payments to Kintavar:
- Payment of $250,000 upon completion of a Mineral Resource Estimate;
- Payment of $750,000 upon completion of Preliminary Economic Assessment;
- Each milestone payment will be a mixture of cash and shares with a minimum 20% in cash and up to a maximum of 80%.
“Just like the Wabash and Mitchi properties, the BJB project holds a significant polymetallic potential. Kintavar is very pleased to be working with BRW and their exploration team lead by Mr. Robert Wares who is responsible for several major mine discoveries in North America. This new lithium potential at the BJB property, on top of the copper and silver mineralization, further helps diversify our exposure to various precious and critical metals. Furthermore, it demonstrates the potential of the significantly underexplored Grenville geological province that Kintavar has focused on for the last 5 years.” commented Kiril Mugerman, President & CEO of Kintavar Exploration.
About Kintavar Exploration & the Mitchi – Wabash Properties
Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi – Wabash copper-silver district (approx. 39 000 hectares, 100% owned) located 100 km north of the town of Mont-Laurier and 15 km East of the town of Parent in Quebec. Both properties cover an area of more than 300 km2 accessible by a network of logging and gravel roads with access to hydro-electric power already on site, major regional roads including railroad and a spur. The properties are located in the north-western portion of the central metasedimentary belt of the Grenville geological province. The projects primarily focus on sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold (IOCG) and skarn type targets. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik Gold Project in a partnership with IAMGOLD and several early-stage projects that were optioned by Gitennes Exploration.
Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the Fer à Cheval outfitter (www.feracheval.ca), a profitable and cashflow generating operation where it employs local workforce. It as well works with local First Nations to provide training and employment.
About Brunswick Exploration
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under symbol BRW. The Company is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin, nickel and copper. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern Canada.
For further information contact:
Kiril Mugerman, President and CEO
Phone: +1 450 641 5119 #5653
Email: kmugerman@kintavar.com
Web: www.kintavar.com
Forward looking Statements:
Neither 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.
This news release contains statements that may constitute “forward-looking information” or “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and analysis for the fiscal year ended December 31, 2020, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
