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Hemlo Explorers Announces 2022 Recap and 2023 Outlook
TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to deliver to shareholders a summary of the key accompli
About this update from Rocky Shore Gold Limited
[{"type":"text","content":" TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to deliver to shareholders a summary of the key accomplishments of 2022 and the Company’s outlook and exploration plans for 2023. 2022 marked a year of achievements for Hemlo Explorers. On the corporate side, the Company completed the following: In January 2022, the Company announced an option agreement with First Energy Metals Ltd. (“First Energy”) to option a block of non-core lithium claims in Northwestern Ontario owned by the Company. The agreement called for total payments in cash of $75,000 and 600,000 shares of First Energy. On October 26, 2022, FE Battery Metals Corp. (formerly “First Energy”) elected to accelerate their option and completed all required payments. In April 2022, the Company announced a binding Letter of Intent (“LOI”) with Barrick Gold Inc. (“Barrick”), a wholly-owned subsidiary of Barrick Gold Corporation, for an option on 916 claims (~16,000 hectares) of the Pic Project, including the highly prospective 2.7-kilometre-long Wire Lake gold trend where gold has been identified through surface sampling and shallow diamond drilling. The option allows Barrick to earn an 80% interest in the claims by delivering a Prefeasibility Study within six years. Barrick must spend $800,000 in the first year and $1,000,000 each year thereafter for the duration of the agreement. Barrick can extend the option period for a further 2 years by paying the Company $500,000 for each one-year extension. In August 2022, the Company signed the definitive agreement with Barrick on the same terms as outlined in the binding LOI. In August 2022, the Company closed a private placement financing with Barrick, issuing 1,841,468 common shares priced at $0.1052 per common share for gross proceeds of $196,722. In September 2022, the Company announced a landmark deal with Biigtigong Nishnaabeg First Nation (“BNFN”) whereby the Company transferred a contiguous package of 312 cell claims formerly known as Hemlo West to a subsidiary of BNFN. At the same time, the Company and BNFN signed a mutually beneficial exploration agreement that will underpin all future exploration. Shortly after the completion of these crucial steps, the Ontario Ministry of Northern Development and Mines issued a three-year exploration permit for the Company’s Project I...