VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Wedgemount Resources Corp. (CSE:WDGY) ("Wedgemount" or the "Company"), announces that it has amended the terms of the option agreement signed in September 2020 (the "Agreement") with ArcWest Exploration Inc. ("ArcWest") for its Eagle Property ("Eagle" or the "Property"). Pursuant to the Agreement, exploration expenditures of $250,000 were required on the Property prior to December 31, 2021, which has been completed, as well as a minimum 1000 meters of exploration drilling (the "NQ Drilling"). Wedgemount and ArcWest have agreed to extend the time in which Wedgemount has to complete the NQ Drilling, until December 31, 2022 (the "Amendment"). As consideration for the Amendment, on signing, Wedgemount will make a cash payment of $25,000 and issue 400,000 common shares to ArcWest (the "AmendmentConsideration"). The Amendment Consideration will be credited towards future payments due to ArcWest and does not increase the number of common shares issuable to ArcWest pursuant to the Agreement. Cash payments may increase under the Amendment, in the event the Company is not able to complete the NQ Drilling prior to December 31, 2022, it is required to pay ArcWest an additional $250,000.
Eagle Project
The road accessible, 2,530 hectare project is situated in the heart of BC's prolific Quesnel trough copper-gold porphyry belt mid-way between the Mt. Milligan copper-gold mine of Centerra Gold and the Kwanika copper-gold development project of Northwest Copper. The Property is underlain by the Late Triassic to Early Cretaceous Hogem Intrusive Suite, a large, regional batholith comprised of alkaline and calc-alkaline plutons that have been emplaced into the Middle Triassic to Lower Jurassic Takla Group volcanic rocks and sedimentary sequences. Historical work from the late-1960s to the early 2000's, including geological mapping, geophysical and geochemical surveys and limited drilling have outlined three main porphyry-related copper-gold targets. The discrete zones identified on the Eagle property to-date are hosted within a broad, northwest-trending, 3.5 km long structural corridor of copper-gold mineralization and widespread anomalous copper in soils. The Eagle project is subject to an earn-in agreement with ArcWest Exploration Inc (see AWX news release dated October 5, 2020).
About Wedgemount Resources Corp.
Wedgemount Resources is a junior mineral exploration company focused on maximizing shareholder value through the acquisition, discovery and advancement of high-quality copper - gold projects in North America.
On behalf of the Board of Directors,
WEDGEMOUNT RESOURCES CORP.
Mark Vanry, President and CEO
For more information, please contact the Company at:
Telephone: (604) 343-4743
[email protected]
www.wedgemountresources.com
Reader Advisory
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the Company's plans for exploration of the property and anticipated exploration results. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct exploration programs, successes of the Company's exploration programs, availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wedgemount Resources Corp.