VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") announces that it has entered into a definitive agreement to purchase mining claims which comprise a property known as the "Wicheeda Extension" (the "Property"), located 85 km northeast of Prince George, British Columbia in the Rocky Mountain Rare Metal Belt.
The Property Acquired by Zimtu
The Wicheeda Extension is strategically situated along a geological trend showing promising potential for rare earth element mineral exploration. Along with the Property's mineral potential, management of the Company believes that the Property possesses a logistical advantage as it is situated adjacent to Defense Metals' "Wicheeda Property" and may prove to be beneficial in the event that Defense Metals successfully advances the "Wicheeda Property".
Purchase Terms
Pursuant to a mineral property purchase agreement dated August 18, 2021 between the Company and an arm's length vendor (the "Agreement"), the Company agreed to acquire a 100% interest in the claims which comprise the "Wicheeda Extension" in exchange for:
- an aggregate cash payment of $20,000 upon execution of the Agreement;
- 200,000 common shares in the capital of the Company issuable on the closing date; and
- 200,000 common shares owned by Zimtu in the capital of Eagle Bay Resources Corp., a private issuer, to be transferred to the vendor on the closing date.
The completion of the Property purchase is subject to TSX Venture Exchange approval.
Property Acquisition by Eagle Bay Resources Corp.
Zimtu is also pleased to announce that Eagle Bay Resources Corp. ("Eagle Bay"), a company in which Zimtu holds and equity interest, has expanded its land holdings in the Wicheeda District of the Rocky Mountain Rare Metal Belt located approximately 85 km northeast of Prince George, British Columbia. The "Prince Property", acquired from a group of vendors, constitutes 24 mineral claims and totals 5,317 hectares, and increases Eagle Bay's land holdings to 15,798 hectares. Zimtu currently owns 48% of Eagle Bay, and Eagle Bay owns 100% of the properties indicated by the three shades of green in Figure 1 below. The "Prince Property" is situated immediately north of the Eagle Bay's existing "Cap Property" and is immediately adjacent to the Wicheeda Deposit. See Figure 1. Regional Claim Map below.
Figure 1. Regional Claim Map: Eagle Bay owns 100% of the properties indicated by the three shades of green above, and Zimtu owns 48% of the issued capital of Eagle Bay.
The "Prince Property" was explored for niobium and rare earth elements as early as 1986 by Teck Resources which completed certain preliminary exploration activities on two main areas, known as the "Prince Grid" and the "George Grid". The George Grid now covers the Wicheeda Deposit, while the Prince Grid is located on the current Prince Property. Exploration work performed by Commerce Resources in 2007 and 2008 followed up and confirmed the work done by Teck Resources. Canadian International Minerals ("CIN", now Gambier Gold) conducted detailed rock and soil sampling on the Prince Property, as well as airborne magnetic and radiometric surveys. In 2010, CIN drill-tested an area located approximately 800 metres northeast of the Wicheeda Deposit. Follow-up drilling by CIN in 2011 tested additional areas of the Prince Property to the southeast, and along strike of the Wicheeda Deposit.
About Eagle Bay Resources Corp.
Eagle Bay Resources Corp. is a privately-held, early stage exploration company focused on exploring and developing the Cap and George Properties, which are believed to be prospective for rare earth elements and niobium. Both properties are located 85 km northeast of Prince George, British Columbia and are comprised of 45 mineral tenures covering 15,798 ha. Some reconnaissance has occurred previously on both properties, including sample collection, an airborne geophysical survey, and some limited drilling on the Cap Property.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol "ZC" and on the Frankfurt stock exchange under the symbol "ZCT1". For more information, please visit http://www.zimtu.com
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David Hodge
President & Director
Tel: 604.681.1568
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 press release contains forward‑looking statements., which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release are that the mineral claims situated adjacent to Defense Metals' "Wicheeda Property", may prove to be beneficial.
These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward‑looking information or statements. Important factors that could cause actual results to differ from these forward‑looking statements include, but are not limited to: adverse market conditions, the inability of the Company to complete the proposed acquisition of the Property, or the TSX Venture Exchange not approving the acquisition of the Property on the terms announced or at all. In addition, we may not be able to fully finance exploration at the Property; our initial findings at the Property may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at the Property; and economic, competitive, governmental, environmental and technological factors may affect the Company's operations, markets, products and share price. Even if we explore and develop the Property, and even if metals or minerals are discovered in quantity, the project may not be commercially viable.
Except as required by law, the Company does not intend to revise or update these forward‑looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
SOURCE: Zimtu Capital Corp.
View source version on accesswire.com:
https://www.accesswire.com/674918/Zimtu-Capital-Corp-Announces-an-Acquisition-of-Mining-Claims-in-the-Wicheeda-Extension-and-Announces-a-Property-Acquisition-by-Eagle-Bay-Resources-Corp
