VANCOUVER, BC / ACCESSWIRE / March 15, 2023 / Gama Explorations Inc. (CSE:GAMA)(OTCQB:GMMAF)(FSE:N79) ("Gama" or the "Company") is pleased to announce the purchase of a further 78.8 km2 of mineral claims contiguous to the current project footprint of its Tyee Nickel Project in the Havre St. Pierre Anorthosite Complex ("HSP Complex") in south-eastern Quebec. The purchase of these additional claims brings Gama's aggregate land position to 625.9 km2.
Mick Carew, PhD, CEO of Gama, noted "Gama continues to expand its land holdings at its Tyee Nickel Project, taking the Company's total land holdings to 625.9 km2, the largest land position held by a company in the HSP Anorthosite complex. We continue the planning phase for our first phase of exploration scheduled to begin in May with a SkyTEM airborne geophysical survey. The results of this survey will form the basis of delineating prospective targets for follow-up mapping, prospecting, and rock-chip sampling so that we may be in a better position to plan our maiden drill program on the project."
Figure 1. Gama's mineral claims, including newly acquired claims, in the HSP Complex
All figures are in Canadian dollars unless otherwise denoted.
Through an asset purchase agreement (the "Agreement") with 1290480 B.C. Ltd., a non arm's-length party, Gama has agreed to acquire an additional 147 mineral claims, covering a total of 78.8 km2, for a cash payment of $50,000. The acquisition of these additional claims brings the footprint of the Company's Tyee Nickel project to 625.9 km2.
Jacob Verbaas, VP Exploration of the Company, is an officer of 1290480 B.C. Ltd. and, as such, his participation in the transaction is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the purchase price does not exceed 25% of the Company's market capitalization.
About Gama Explorations Inc.
Gama is a Canadian company listed on the Canadian Securities Exchange (CSE:GAMA), Frankfurt Stock Exchange (FSE:N79) and on the OTCMarkets (OTCQB:GMMAF). The Company is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties containing metals used in green technologies and the renewable energy sector. The Company recently announced the addition of the Muskox Pegmatite Lithium Project situated within the Yellowknife Pegmatite Province in the Northwest Territories, to compliment its existing portfolio consisting of the Big Onion Copper-Molybdenum Project located a short 20-minute drive from the town of Smithers in northern British Columbia (option to earn 100%). Further, Gama owns 100% of the Tyee Nickel-Copper Massive Sulphide Project located in North-Eastern Quebec. The Company continuously evaluates opportunities to acquire interest in additional exploration stage mineral properties in stable jurisdictions.
ON BEHALF OF THE BOARD,
Mick Carew, PhD|CEO and Director
Email: [email protected]
For further information please contact:
Tel: +1 647 689 6041
Email: [email protected]
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. The words "expected", "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Gama Explorations Inc.