21:19:01 EDT Fri 19 Apr 2024
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1844 Resources Inc
Symbol EFF
Shares Issued 64,519,258
Close 2022-05-24 C$ 0.07
Market Cap C$ 4,516,348
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1844 Resources completes Native property survey

2022-05-24 17:48 ET - News Release

Mr. Sylvain Laberge reports

1844 ANNOUNCES PRIMARY HIGH-RESOLUTION SURVEY AND EXTENDS ITS POSITION TO 295 CLAIMS ON NATIVE COPPER PROJECT

1844 Resources Inc. has completed its high-resolution aerial magnetic survey over the northeast part of its Native copper property, located in the southern part of the Gaspe Peninsula.

The survey, completed by Prospectair Geosurveys, consisted of a total of 3,402 line kilometres, carried out on flight lines spaced 50 metres apart. This type of survey makes it possible to interpret geological and structural mapping by illustrating contrasts of magnetic susceptibilities, and identifies geological units, mainly volcanic units, on the project, faults and folds.

The detail of the survey, combined with the MPPF lidar survey and the 2-D compilation of historical data, will allow a 2-D geological and structural mapping of the volcanosedimentary units of the Membre de l'Observation members and the Mckay member: two members identified as metallotect, having demonstrated the presence of mineralization of the copper.

The reported geophysical survey data remain in preliminary form, awaiting final processing and levelling. The company anticipates that the results of the first vertical derivative (FVD) and the tilt derivative will highlight the local drops in the high-frequency magnetic field close to the surface, and thus indicate potential zones of alteration and fluid circulation. Additionally, the survey will help to interpret and highlight the high-porosity units and the regional and/or local structures responsible for the circulation of copper mineralizing fluids.

Sylvain Laberge, president and chief executive officer of 1844 Resources, stated: "We are very pleased with the initial results of the survey and look forward to receiving the final interpretation in due course. All of the geological work that we have completed to date indicate a high level of confidence in the prospective nature of the Native copper project."

1844 Resources further announces that it has extended its land position by claiming 17 new cells and by acquiring a 100-per-cent undivided interest in seven additional claims on its Native copper project from a private arm's-length vendor. As consideration, the vendor will receive cash consideration of $5,000, 500,000 common shares and a 2-per-cent net smelter return royalty, 1 per cent of which may be retired for a one-time payment of $750,000.

About the Native copper project

1844 Resources has a 100-per-cent undivided interest in 295 claims in the southern part of the Gaspe Peninsula to the northwest of the municipality of Chandler and northeast of Port-Daniel. The project now extends on 98 square kilometres, and seven known showings are part of the property.

About 1844 Resources Inc.

1844 Resources is an exploration company with a focus in strategic and energetic metals and underexplored regions in Gaspe, Chibougamau, Que. With a dedicated management team, the company has a goal to create shareholder value through the discovery of new deposits.

Bernard-Olivier Martel, PGeo, the company's director of exploration, is a qualified person (as such term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects)), and has reviewed and approved the technical disclosure contained in this news release.

We seek Safe Harbor.

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