Vertical Exploration Acquires Additional Surface Rights and Initiates Field Sampling Program at its Flagship St-Onge Wollastonite Project in Quebec
VANCOUVER, August 15, 2019 - VERTICAL EXPLORATION INC. (TSX-V:VERT) ("Vertical" or "the Company") is pleased to announce the acquisition of additional surface rights claims, from an arm’s length vendor, surrounding the Company’s advanced stage St-Onge Wollastonite Project located approximately 90 kilometres northwest of the city of Saguenay in the Saguenay-Lac-St-Jean region of Quebec.
Vertical has acquired the five (5) new claims in order to consolidate the current St-Onge Wollastonite Project model. A field sampling program is now underway on selected areas of the property, and the Company is currently assessing newly discovered graphite occurrences on its ground. Cumulative terms of the acquisition, in order to acquire a 100% interest, call for Vertical to issue an additional one (1) million common shares of the Company to the original arm’s length vendor of the St-Onge property (see August 2nd, 2017 news release). This transaction is subject to the approval of the TSX Venture Exchange.
With the addition of the five newly acquired claims, the St-Onge Wollastonite Project now consists of 31 map-designated cells covering a surface area of 1747 hectares (approximately 17.5 square kilometres). In 2018, Vertical filed a Technical Report on SEDAR in compliance with National Instrument 43-101 (NI 43-101) on the Company’s St-Onge Wollastonite Project’s mineral resources. The high-grade St-Onge Wollastonite deposit has pit-constrained mineral resources of : (i) 7,155,000 tonnes Measured @ 36.20 % Wollastonite & 6,926,000 tonnes Indicated @ 37.04 % Wollastonite for a total of 14,081,000 tonnes Measured & Indicated @ 36.61 % Wollastonite at a cut-off grade of 30%; plus (ii) 17,896,000 tonnes Inferred @ 40.25 % Wollastonite. Note that mineral resources are not mineral reserves and do not have demonstrated economic viability. However, the reported mineral resources are considered by the qualified persons to have reasonable prospects for economic extraction as per the CIM 2014 definitions (see April 24th, 2018 news release).
The St-Onge Wollastonite Project is located in the heart of the Lac-St-Jean Anorthosite Complex Quebec, some 100 km south-west of the Ariane Phosphate Lac-à-Paul Phosphate Deposit or 67 km North west of the Magris Resources Niobium Niobec Mine. The St-Onge Wollastonite site is already supplied by a power line and is accessed by year-round paved and forest roads that are easily passable with pick-up trucks and heavy equipment. The St-Onge site is also located within 40 km by road of urban facilities with a skilled work force and is approximately 140 km by road from the deep-water Port of Saguenay.
Peter P. Swistak, President /CEO of Vertical Exploration Inc., stated “The acquisition of these new surface rights claims and the addition of a new graphite prospect in our portfolio, further strengthens the Company’s ability to consolidate and quickly advance our high-grade Wollastonite deposit.”
Alain Berclaz, M.Sc., P.Geo, a Qualified Person under National Instrument 43-101, has approved the technical information contained in this news release.
ABOUT VERTICAL EXPLORATION
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
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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.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Vertical Exploration Inc.
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