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PLAN Announces Option of 3rd Natural Pozzolan Property in BC
VANCOUVER, BC / ACCESSWIRE / February 24, 2020 / PROGRESSIVE PLANET SOLUTIONS INC. (TSXV:P...
About this update from Progressive Planet Solutions Inc.
[{"type":"text","content":"PLAN Announces Option of 3rd Natural Pozzolan Property in BCVANCOUVER, BC / ACCESSWIRE / February 24, 2020 / PROGRESSIVE PLANET SOLUTIONS INC. (TSXV:PLAN) (\"PLAN\" or the \"Company\") is pleased to announce it has signed an option agreement with Jeremy Marlow on a natural pozzolan property in Heffley Creek, BC.To maintain and exercise the option granted, the Company will pay Mr. Marlow a total amount of $55,000 over a period of 48 months and incur a total of $275,000 in exploration expenditures on the property over a period of 48 months, commencing on the date that the Company receives all necessary prior approvals from the TSXV. Additionally, Mr. Marlow will retain a royalty of $8.00 per tonne of industrial mineral products produced from the property, subject to a 75% buyback right in consideration of $150,000. Mr. Marlow will also retain a 3% NSR Precious Metals Royalty subject to a 50% buyback right in consideration of $1,500,000. No shares will be issued under the option agreement.PLAN optioned this property after conducting surface sampling which confirmed the presence of alumino-silicates (natural pozzolans), magnesium, and anomalous gold and silver. Five rock samples were taken and one soil sample. PLAN's original interest in the property was for its potential as a further source of natural pozzolans near Kamloops, BC. When surface sampling was done to confirm the presence of natural pozzolans, it revealed the presence of anomalous gold and silver in the soil (0.28 g/tonne gold and 1.6 g/tonne silver). PLAN thus requested the precious metal rights to the property in addition to the industrial mineral rights originally sought. The vendor agreed to option the precious metals rights.All testing was completed by the Kamloops office of the Metallurgy Division of ALS Global. Whole Rock Analysis was completed on four samples using borate fusion. The Precious Metals Analysis was completed on five samples using fire assay to measure gold, platinum, and palladium. Silver was measured using aqua regia digestion.All samples were grab samples and are not necessarily representative of the mineralization hosted on the property. PLAN intends to complete more comprehensive soil sampling on the property in the second quarter of 2020 once the snow in the area is melted.Dwayne Melrose, P. GEO, a qualified person for the purposes of National...