Vancouver, B.C., April 25, 2023 – Vatic Ventures Corp. (the “Company” or “Vatic“) (TSXV: VCV; FRA: V8V; OTCQB: VCVVF) further to its September 23, 2021 news release, and subject to TSX Venture Exchange approval, announces that it has amended the option agreement to acquire a gold exploration property known as the Hansen prospect located in the Chibougamau area of northern Quebec (the “Property”). Highlights of the amendments include:
- an additional $70,000 payable by October 1, 2024;
- an additional 500,000 shares to be issued on or before October 1, 2023; and
- an additional $200,000 of expenditures to be incurred on or before October 31, 2024
Hansen Property
The Property is located in the northeast corner of the Matagami-Chibougamau Greenstone Belt of the Abitibi Sub province of the Archean Superior Structural Province. The geology is dominated by massive and pillowed mafic to intermediate lava flows of the Obatogamau Formation.
The Property is underlain by andesitic volcanic and altered rocks containing iron carbonate, pyrite, graphite and micro gabbro. The most prominent structural features in the area of the Property are northwest trending faults and shear zones along which the historic Hansen drilling programs intersected gold values. These structural elements provide the dominant structural control hosting most of the mineralized zones on the property. Gold mineralization and quartz veining on the property is associated with these northwest structural elements.
Previous stripping and drilling exploration programs delineated a mineralized zone (Hansen Zone) 15 meters wide over a strike length of 250 meters. The Hansen Zone was evaluated with the deepest hole intersecting the zone at a depth of 175 meters. Past and recent mineral exploration programs on the property have outlined favorable geological environments for high grade gold mineralization represented by surface showings and diamond drilling results.
Qualified Person – The technical content of this news release has been reviewed and approved by Mitchell E Lavery, PGeo, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
ABOUT VATIC VENTURES CORP.
The Company has an option to earn a 100% interest in the Hansen gold property in the Chapais area of Northern Quebec, strategically situated in a very active and emerging gold exploration area with over 6.7 million ounces of gold produced in the greater Chibougamau district. The Company has an option to acquire a 100% interest in a Rare Earth Elements (REE) and polymetallic claims package known as the Sisters Mountain critical metals project located in Southwestern New Brunswick.
ON BEHALF OF THE BOARD OF DIRECTORS OF VATIC VENTURES CORP.
“Loren Currie”
Loren Currie
CEO & Director
info@vaticventures.com
604-757-9792
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.
