Xplore Resources Corp. Expands Lithium Property Holdings in Ontario

Xplore Resources Corp. Expands Lithium Property Holdings in Ontario

Acquisition of New Lithium Properties

Xplore Resources Corp. (TSXV: XPLR) (“Xplore” or the “Company”), a mining exploration company, has announced its acquisition of a 100% interest in five prospective lithium properties in the Root project area, northwest Ontario. These acquisitions, made through option agreements with arms’ length parties, increase the Company’s land position in Ontario by 11,000 hectares, bringing the total to 18,800 hectares.

Details of the Acquired Properties

  • The Root North and Root Falls Properties, comprising 14 unpatented mineral claims, expand the land position at the Surge Project by 2,600 hectares.
  • The Cathy Creek Property consists of six unpatented mineral claims totaling 2,600 hectares, located near the Rooth South Pluton.
  • The Raggy Creek and Aerial Lake Properties, each with six unpatented mineral claims, total 5,800 hectares. These properties are situated in the English Rivier Subprovince, characterized by metasediments and peraluminus S-type granites.

Agreement Terms for Property Acquisition

The option agreement terms for acquiring the Cathy Creek, Raggy Creek, and Aerial Lake properties include a total payment of $204,000 over three years and the issuance of 900,000 common shares upon acceptance by the TSX Venture Exchange. The optionors retain a net smelter returns royalty of 1.5%, with the Company having the option to purchase 0.5% for $500,000.

Similar terms apply to the Root North and Root Falls properties, with respective total payments of $75,000 and $87,000 over three years, and the issuance of 300,000 and 600,000 common shares upon acceptance. Each property’s optionors will retain a net smelter returns royalty of 1.5%, with a portion purchasable by Xplore.

Approval by TSX Venture Exchange

All option agreements are subject to the acceptance of the TSX Venture Exchange.

Technical Review by Qualified Person

The technical content of this news release has been reviewed and approved by Karly Oliver, P.Geo., a Qualified Person as defined by National Instrument 43-101. However, the qualified person has not yet visited the properties and thus has not verified the data disclosed.

About Xplore Resources

Xplore Resources, listed on the TSX Venture Exchange under the symbol XPLR, focuses on acquiring and exploring grass roots lithium properties in Canada and Brazil. The Company is led by an experienced management team with expertise in geology, banking, private equity, investor relations, and law, emphasizing the development of lithium properties. icon

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