Zimtu Capital Corp. Announces an Acquisition of Mining Claims in the "Wicheeda Extension" and Announces a Property Acquisition by Eagle Bay Resources Corp.

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[{"type":"text","content":"Zimtu Capital Corp. Announces an Acquisition of Mining Claims in the “Wicheeda Extension” and Announces a Property Acquisition by Eagle Bay Resources Corp.VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the \"Company\" or \"Zimtu\") announces that it has entered into a definitive agreement to purchase mining claims which comprise a property known as the \"Wicheeda Extension\" (the \"Property\"), located 85 km northeast of Prince George, British Columbia in the Rocky Mountain Rare Metal Belt.The Property Acquired by ZimtuThe Wicheeda Extension is strategically situated along a geological trend showing promising potential for rare earth element mineral exploration. Along with the Property's mineral potential, management of the Company believes that the Property possesses a logistical advantage as it is situated adjacent to Defense Metals' \"Wicheeda Property\" and may prove to be beneficial in the event that Defense Metals successfully advances the \"Wicheeda Property\".Purchase TermsPursuant to a mineral property purchase agreement dated August 18, 2021 between the Company and an arm's length vendor (the \"Agreement\"), the Company agreed to acquire a 100% interest in the claims which comprise the \"Wicheeda Extension\" in exchange for:an aggregate cash payment of $20,000 upon execution of the Agreement;200,000 common shares in the capital of the Company issuable on the closing date; and200,000 common shares owned by Zimtu in the capital of Eagle Bay Resources Corp., a private issuer, to be transferred to the vendor on the closing date.The completion of the Property purchase is subject to TSX Venture Exchange approval.Property Acquisition by Eagle Bay Resources Corp.Zimtu is also pleased to announce that Eagle Bay Resources Corp. (\"Eagle Bay\"), a company in which Zimtu holds and equity interest, has expanded its land holdings in the Wicheeda District of the Rocky Mountain Rare Metal Belt located approximately 85 km northeast of Prince George, British Columbia. The \"Prince Property\", acquired from a group of vendors, constitutes 24 mineral claims and totals 5,317 hectares, and increases Eagle Bay's land holdings to 15,798 hectares. Zimtu currently owns 48% of Eagle Bay, and Eagle Bay owns 100% of the properties indicated by the three shades of green in Figure 1 below. The...

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