CAT Strategic Metals Expands Exploration Potential of Burntland Project Through Additional Land Acquisition
VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / CAT Strategic Metals Corporation (CSE:CAT) (“CAT” or the “Company“) announces that it has entered into a Property Acquisition Agreement (the “Agreement“) dated November 30, 2021 with 9248-7792 Quebec Inc. (“9248“) and Prospect Or Corp. (“POC“, and collectively with 9248, the “Vendors“) to acquire two additional claims comprised of 520 hectares of land (the “Property“) that are adjacent and contiguous to the Burntland Project currently under option to the Company, as announced in a news release on September 17, 2020.
Under the terms of the Agreement, the Vendors will assign, transfer and sell each of its rights, titles, and interests in and to the Property in exchange for CAT issuing a total of 7,000,000 common shares (the “Shares“) to the Vendors. In addition, the Vendors shall retain a 2% Net Smelter Return (the “NSR“) royalty, with CAT having the right to repurchase half of the NSR at any time in consideration of an amount of $1,000,000 being payable to the Vendors.
The Burntland Project
The newly acquired claims will be added to what is known as the Burntland Project in northern New Brunswick, that is currently undergoing a seven-hole diamond drilling exploration program that was initially expected to conclude by the end of December but will continue into January following the Christmas and New Years break. The drill program was put together following extensive trenching work, two airborne geophysical surveys, and an extensive review and interpretation of the historical prospecting database. According to CAT’s Project Manager and Qualified Person, Patrick Laforest, “The new acquisition comprises the southern part of the McKenzie Goth, a felsic intrusion at the contact of which is located the Legacy Skarn Copper‐Silver Deposit and the JJ Zone, Skarn Zone, both owned by Murray Brook Minerals Inc. (a subsidiary of Puma Exploration). This acquisition, in addition of the preliminary interpretation of the recent geophysical survey, brings higher potential and quality targets to the Burntland property for the future exploration campaign”.
This acquisition of additional claims adjacent to the Company’s existing land package came about as a result of a review of certain technical data provided by the Vendors that suggests a potentially strong correlation to, and extension of, the geologic trend that CAT is currently drilling. Robert Rosner, the Company’s CEO enthusiastically stated that, “When we looked at the data and geology of the claims that were next door to the land we currently have under option and are drilling, it immediately became apparent that we might have a much larger and highly prospective area to explore and eventually drill. As a result, the board of directors were motivated to acquire the property and immediately commence compiling information toward producing a solid and extensive exploration plan.”
Mr. Patrick Laforest, P.Geo (Québec), is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the technical contents of this press release. The Qualified Person has not completed sufficient work to verify the historic information on the Property, particularly in regard to the neighbouring projects and historical drilling data.
About CAT Strategic Metals Corporation:
CAT Strategic Metals Corporation is a Canadian based mineral exploration company focused on the acquisition and de risking of overlooked projects situated in well-established World Class geological districts in North America. The Company is specially focused on minerals which are considered highly strategic from a monetary as well as global infrastructure and energy point of view. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading symbol “CAT”, on the OTCMarkets.com under the trading symbol “CATTF”, and on the Frankfurt Stock Exchange under the symbol “8CH”.
ON BEHALF OF THE BOARD
Chairman, President & CEO
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.
SOURCE: CAT Strategic Metals Corporation