- Red Metal Resources (CSE:RMES) has executed a definitive agreement to acquire a 100 per cent interest in more than 1,100 hectares of mineral claims near QIMC’s recent hydrogen discovery in Ville Marie, Quebec.
- The company plans to implement a comprehensive exploration program that may include advanced mapping algorithms, gas sampling and geophysical assessments.
- Red Metal has retained Venture Liquidity Providers Inc. to assist in maintaining an orderly trading market for its shares.
- Shares of Red Metal Resources are up 33.33 per cent to $0.10 as of 11:27 am ET.
Red Metal Resources Ltd. (CSE: RMES) has announced the completion of due diligence and the execution of a definitive agreement to acquire a 100 per cent interest in three mineral claims packages in Ville Marie, Quebec.
The company stated in a news release on Wednesday that this acquisition comes on the heels of Quebec Innovative Materials Corp.’s (QIMC) recent hydrogen discovery of more than 1,000 parts per million (ppm) reported on Sept. 4, 2024.
“This property represents an opportunity to expand our clean energy portfolio as we continue to advance our Carrizal Copper/Gold property in Chile,” Caitlin Jeffs, CEO of Red Metal Resources, said in a statement.
Key details of the acquisition
- Location and size: The acquired mineral claims cover more than 1,100 hectares and are within the Timiscaming Graben formation, approximately 15 kilometres north of Ville Marie. The properties are contiguous to QIMC’s hydrogen discovery and are accessible via Route 101.
- Agreement terms: Red Metal will pay $5,000 plus GST and issue up to 1.6 million common shares as part of the agreement. Roughly 11 of the 19 claims have already been approved by the Quebec Ministry of Natural Resources and Forests.
- Exploration plans: The company is planning a comprehensive exploration program adjacent to QIMC’s hydrogen discovery, which may include advanced mapping algorithms, gas sampling, geophysical assessments and regional remote sensing surveys.
In addition to the acquisition, Red Metal has engaged Venture Liquidity Providers Inc. (VLP) to provide market-making services to support the orderly trading of its shares. VLP will receive C$5,000 per month for an initial three-month term, with the option for renewal thereafter.
Red Metal Resources is focused on exploring and developing clean energy and strategic minerals projects. and notably holds mineral claims in Quebec and projects in Chile’s Candelaria iron oxide copper-gold belt.
Shares of Red Metal Resources Ltd. (CSE:RMES) are up 33.33 per cent to $0.10 as of 11:27 am ET.
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(Top photo of Quebec flag: Shutterstock)
