Cartier Iron will acquire a silver project in the department of Potosi, Bolivia; To proceed with the reverse stock split and change of name to Cartier Silver Corporation


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TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE: CFE) (“Cartier Iron“or the”Company”) is pleased to announce that it has signed a letter of agreement on October 25, 2022 (the “OK”) to acquire a 100% interest in the Chorrillos project, comprising two separate properties known as the Gonalbert mining area and the Felicidad mining area, located in southern Bolivia approximately 15 to 20 km southeast of the Iska Iska silver mine of Eloro Resources Ltd. polymetallic project.

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The deal

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Pursuant to the Agreement, the Company’s 98%-owned Bolivian subsidiary, Minera Cartier Bolivia SRL (“Cartier Bolivia”) has been granted the right to acquire a 100% interest in the Chorrillos project by making milestone payments totaling US$4.5 million to the sellers and security holders as follows:

  1. First payment. 80,000 USD (eighty thousand United States dollars) six (6) months after the signing of a definitive agreement between Cartier Bolivia and the sellers and titleholders of the Chorrillos project, to be concluded within 30 days of the signing of the agreement (the “Delivery date”).
  2. Second payment. 220,000 USD (two hundred and twenty thousand United States dollars) one (1) year after the Delivery date.
  3. Third payment. 500,000 USD (five hundred thousand US dollars) two (2) years after the Delivery date.
  4. Fourth payment. USD 700,000 (seven hundred thousand United States dollars) three (3) years after the Delivery date.
  5. Fifth Payment. 1,000,000 USD (one million US dollars) four (4) years after the Delivery date.
  6. Sixth payment. 2,000,000 USD (two million US dollars) five (5) years after the Delivery date.

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The Chorrillos project

The “GONALBERT” mining area consists of 10 grids covering 2.5 km² located 15 km southeast of Iska Iska. A small artisanal mine recovering silver from a galena vein is in operation on the property. Geologically, the property is underlain by Miocene dacitic domes and dykes that have intruded Ordovician basement sediments, likely representing a collapsed caldera 1-2 km in diameter. Alteration is widespread on the property, with sulphide mineralization occurring as veins, vein breccias, stockworks, veinlets and disseminations. Near the surface, the rocks are heavily oxidized. The mineralization appears to be part of a large intermediate to high sulphidation silver-lead-zinc epithermal system related to volcanism and caldera formation. In the valley, occurrences of tin and tungsten have been reported. The property has received only limited modern exploration and has never been drilled.

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The “FELICIDAD” mining area consists of 4 grids covering 1 km² located approximately 5 km southeast of the Gonalbert mining area. In Felicidad, the main structural feature is a conical, heavily leached and oxidized hill known by locals as “pequeño Cerro Rico” or little rich hill. Past artisanal mining has excavated galena veins and silver-rich vein breccias. The geological setting is similar to that of the Gonalbert mining area with an intensely mineralized intermediate to high sulphidation epithermal system with a prominent oxidized cap. The property has never been drilled.

Cartier Iron is planning a program of geological mapping, geophysical surveys, sampling of historic workings and trenching followed by diamond drilling on both properties.

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Consolidation of shares and change of name

At the Annual and Extraordinary General Meeting of Shareholders of the Company held on June 30, 2021 (the “Meeting“), its shareholders approved a proposal to consolidate the number of issued and outstanding ordinary shares of Fer Cartier on the basis of one (1) new ordinary share for a maximum of five (5) old ordinary shares currently outstanding. (there “Consolidation”), the actual integration ratio to be determined by the Board of Directors of the Company. The Board of Directors believes that the consolidation will facilitate Cartier Iron’s ability to seek financing for working capital and the exploration and development of its properties and has resolved to consolidate the Company’s common stock on the basis of one new ordinary share for five (5) old ordinary shares currently in circulation. Upon the effectiveness of the Consolidation, the 140,081,138 Common Shares currently issued and outstanding as of the date hereof would be consolidated into approximately 28,016,227 Post-Consolidation Common Shares issued and outstanding.

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The Company intends to file articles of amendment in accordance with the Business Corporations Act (Ontario) to implement the consolidation and effect a name change to Cartier Silver Corporation immediately following all required regulatory approvals. For shareholders who hold their shares through investment brokers and other intermediaries, the consolidation will be implemented automatically through such brokers and intermediaries. For Shareholders who hold Shares registered in their own name (each a “Registered Shareholder”), the Company will send Letters of Transmittal to Registered Shareholders to forward their share certificates to the the maintenance of records and transfers of the Company, TSX Trust Company, in exchange for new certificates representing the number of post-consolidation common shares to which such shareholder is entitled following the Consolidation. No delivery of a new share certificate to a registered shareholder will be made until the registered shareholder has surrendered their currently issued common share certificates. Until delivered, each share certificate formerly representing Old Common Shares shall be deemed for all purposes to represent the number of Post-Consolidation Common Shares to which such holder is entitled as a result of the Consolidation.

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No fractional shares will be issued in connection with the Consolidation; if, following the Consolidation, a shareholder becomes eligible for a fractional share, such fraction will be canceled and the shareholder will receive a number of post-consolidation common shares rounded down to the nearest whole number of post-consolidated common shares. -grouping.

The Combination will not give rise to any capital gain or loss under the income tax law (Canada) for a shareholder who holds common shares as capital property. The shareholder’s aggregate adjusted cost base of its new common shares immediately after the consolidation will be equal to the aggregate adjusted cost base of its common shares immediately before the consolidation.

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The Company will retain the same ticker symbol after the combination.

Qualified person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron, and a Qualified Person (“QP”) as defined by National Instrument 43-101 (“National Instrument 43-101”), has reviewed and approved the geological and technical content of this press release.

About Cartier Iron Corporation

Cartier Iron is an exploration and development company focused on the discovery and development of significant iron ore resources in Quebec, a gold property in the province of Newfoundland and Labrador and a argentiferous in Bolivia. The Company’s iron ore projects include the Gagnon Operations in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula Epithermal Gold Belt in the Avalon Zone of eastern Newfoundland and the Company recently announced that it is acquiring a silver property, the Chorrillos project, located in southern Bolivia.

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Please visit the Cartier Iron website at www.cartieriron.com.

For more information, please contact:

Thomas G. Feedback Jorge steppa
Chief executive officer vice president
(416) 360-8006 (416) 360-8006

CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements contained in this press release that are not historical facts are “forward-looking statements”.
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