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Geologica Resource Expands Topley Land Position
Vancouver, BC - TheNewswire - February 28, 2023 - Geologica Resource Corp. (CSE:GRCM) (FSE:862) (Stuttagart:A2QQBC) (“Geologica” or the “Company”) is pleased to
About this update from Geologica Resource Corp.
[{"type":"text","content":"Vancouver, BC - TheNewswire - February 28, 2023 - Geologica Resource Corp. (CSE:GRCM) (FSE:862) (Stuttagart:A2QQBC) (“Geologica” or the “Company”) is pleased to announce that it has agreed to acquire the Rooster claims (the “Claims”) from the vendor as per the Property Purchase and Sale Agreement (the “Agreement”) entered into on February 21, 2023 and approved by the Company’s board of directors. The vendor is controlled by the Company’s President and CEO. CLAIMS PURCHASE AND SALE AGREEMENT On February 21, 2023, the Company entered into an agreement to purchase a 100% interest in a mineral property in British Columbia known as the Rooster Claims. The 3 claims are also known as HUD, GD West and GD North. The property is strategically located contiguous with the Topley Claims and adds 707.9 hectares to the Company’s land position. With the addition of the Claims the Company now has a land position of 3,414 hectares at Topley. These claims are being acquired to further Geologica’s stated mission of “Building Shareholder Value through the acquisition of properties of technical merit”. In order to complete the purchase of the property, the Company must make the following: Cash payment: $20,000 on completion of $20,000 exploration program Share issuances: 1,800,000 Shares on transfer of the property Under the terms of the agreement the $20,000 cash payment must be used by the vendor to complete exploration work on the Claims. CLAIMS HISTORICAL WORK Previous drilling on the claims has indicated intense epithermal alteration with Ag, Pb, and Zn mineralization. Sporadic regional till samples in the area are in the 90th percentile for As, Sb, Pb and Zn. These claims have been mapped as mostly light grey FS phyric andesites, maroon FS phyric andesites with disseminated magnetite and monazite. Monazite stocks with in andesites is similar geology to Mount Milligan. TOPLEY CLAIMS Geochemistry has identified high priority exploration target areas and a kilometer-scale VMS target area The region is known for its large porphyry, copper/gold, and copper/molybdenum deposits including past producing copper mines, Granisle and Bell The property is located in central BC, is Road Accessible, Cost effective to explore BC Hydro power lines transect the property and several water sources are available on th...