Calgary, Alberta--(Newsfile Corp. - October 30, 2024) - Record Resources Inc. (TSXV: REC) reports it is acquiring a 100 percent interest in 27 mineral claims in the Timiskaming area of Ontario near recent hydrogen discoveries.
The claims, known as the Paradis Bay claims, are located five kilometres west of the town of Ville Marie, Quebec, near the claims held by Quebec Innovative Materials Corp and border the town of Paradis Bay, Ontario. The claims are being acquired in an arms-length transaction with a private exploration company.
Edward Procyshyn, VP Exploration in an internal report writes:
"The discovery of natural hydrogen gas seeps in the Lake Timiskaming area located on the border of Ontario and Quebec. Lake Timiskaming is located on the eastern boundary of a rift zone approximately 50 kilometres wide bounded by a series of northwest-southeast trending faults."
"Being a young active tectonic system reactivated during the Mesozoic Ottawa- St. Lawrence rifting episode, it is probable that temperatures at the base of the Timiskaming graben will be substantial, enough to promote the production of hydrogen at the required rates."
"The claim blocks recently acquired by Record Resources Inc. are located along the eastward dipping Lake Timiskaming West Shore Fault system. In this area the sedimentary and volcanic formations dip westward and potentially create structural and hydrological conditions that can trap the accumulation of gases that contain hydrogen."
"The Timiskaming Graben Rift System is a long lived pre-existing basement structure associated with crustal extension over the past 700 million years. Down-dropped outlier blocks of Ordovician-Silurian limestone are preserved within the graben at the northern and eastern margin of Lake Timiskaming."
"Seismic reflection data within the area of Lake Timiskaming graben indicate that sedimentary formations even as young as the glacially deposited units are now deformed to form narrow horst and graben structures and a general subsidence over the adjacent area bounded by parallel faults now expressed on land as topographic scraps."
"A preliminary examination of the geological, structural and tectonic setting of the Lake Timiskaming claims indicates that the area of the claims may satisfy all parameters required to contain economic native hydrogen reservoirs."
The private exploration company, the vendor, will receive 2,000,000 common shares of Record Resources over a two-year period (1,000,000 share per year) and a one-time cash payment of $50,000 payable in six months. The company's shares are presently trading at $0.01 per share giving them a present aggregate value of $20,000. There was no finder's fee paid in this transaction. This agreement was signed on October 28, 2024.
The vendor holds a one percent gross revenue royalty agreement on the properties. Half of the gross revenue royalty can be purchased by Record by paying $1,000,000.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Record Resources Inc.
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
Due to the issuance of shares, the transaction is subject to TSXV approval.
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SOURCE: Record Resources Inc.
