Calgary, Alberta--(Newsfile Corp. - November 8, 2024) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce that it has entered into a definitive agreement (the "Agreement") with Steadright Critical Minerals Inc. ( "Steadright") to acquire (the "Acquisition") the Saint Gabriel Silica project which consists of 23 contiguous mineral claims (the "Claims") located in the Bas Saint-Laurent region, Quebec in exchange for $65,000 in cash and 300,000 common shares of the Company (the "Consideration Shares"). The Consideration Shares will be subject to escrow restrictions under which 100,000 of the Consideration Shares will be released 4 months and 1 day following closing of the Acquisition (the "Closing"), 100,000 Consideration Shares will be released 6 months following Closing, and the remaining 100,000 Consideration Shares will be released 12 months following Closing. The Company notes that the Claims are subject to a 2% net smelter returns royalty (the "Royalty"), one-half of which may be re-purchased by payment of $1,500,000.
Jeff Stevens, CEO of Argyle commented: "We are pleased to have secured an additional land position in close proximity to our Matapedia silica project in Quebec." He added: "We will shortly be formalizing the plan to send a technical team to Saint Gabriel and commence an initial exploration phase."
Chairman and Director of Steadright, Mr. John Theobald states," The Board of Directors of Steadright Critical Minerals has approved the Saint Gabriel Claims sale and are excited to have Argyle Resources team of professionals continue the exploration work on the Silica claims."
About Argyle Resources Corp.
Argyle Resources Corp. is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. The Company currently holds an option to acquire up to 100% of the Frenchvale Graphite Property located in Nova Scotia, Canada and owns 100% interest in the Pilgrim Islands, Matapedia and Lac Comporté quartzite silica projects in Quebec, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Québec government to conduct exploration programs on the Company's silica projects. The Company was incorporated in 2023 and its head office is located in Calgary, Alberta, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
'Jeffrey Stevens'
President & CEO
For all other inquiries:
Email: info@argylresourcescorp.com
Phone: (825) 724-0033
Website: www.argyleresourcescorp.com
Forward-Looking Statements
All statements included in this press release that address activities, events or developments that Argyle expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to completion of the Acquisition and the development of the Company's mineral properties. These forward-looking statements involve numerous assumptions made by Argyle based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Argyle's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Argyle does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229240
SOURCE: Argyle Resources Corp.
