Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Wolverine Resources Corp. (OTC Pink: WOLV) ("Wolverine") announced today a private placement of up to 30,000,000 common shares at a price of CDN $0.025 per share for gross proceeds of up to CDN $750,000. The proceeds from the private placement will be used for exploration of Wolverine's Labrador Properties and general working capital.
Wolverine intends on completing airborne radiometric and magnetic surveys over its Frog and Hook properties located in the northern Labrador rare earth element ("REE") belt. The Frog property, acquired through staking in late 2020, has had a limited ground magnetic survey completed in 2021 outlining a 500 meter long strongly magnetic anomaly hosted in granites containing 2 to 3% monazite, a phosphate mineral containing REEs.
The Hook property, recently acquired by staking, was selected for several reasons. The rock types are similar to those found at the Frog property and nine lake sediments taken on the Property averaged 0.11% total REEs. As well, a nine km long linear north-south trending magnetic anomaly extends across the Property.
Wolverine intends on conducting aggressive exploration programs for REEs on both the Frog and The Hook properties in 2024, beginning with airborne radiometrics and magnetics followed by prospecting and drill testing. Drill testing has already been approved for the Frog property by the Ministry of Mines.
For further information on Wolverine's Frog Property and Hook Property please visit the Project Summary Page of our website at the link below:
https://wolverineresourcescorp.com/index56e1.html?page=projects
John Peters, P. Geo., a technical advisor to the Company, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release.
On Behalf of the Board,
Bruce Costerd
CEO
For further information please contact:
Bruce Costerd (778) 297-4409
investor@wolverineresourcescorp.com
http://www.wolverineresourcescorp.com
About Wolverine
Wolverine has two critical mineral rare earth projects known as the Frog Property and the Hook Property, both located in Labrador. Wolverine holds a 40% interest in the Frog Property which consists of 262 claims and 6,550 hectares (16,185 acres) and a 40% interest in the Hook Property which consists of 384 claims and 9,587 hectares (23,690 acres). Wolverine also holds a 90% interest in the Cache River Property which consists of 35 claims and 875 hectares (2,162 acres) also located in Labrador.
The securities to be issued and sold in the private placement will not be registered under the Securities Act of 1933 as amended (the "Act") and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future, including but not limited to, statements regarding the private placement.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200418
SOURCE: Wolverine Resources Corp.
