Vancouver, British Columbia--(Newsfile Corp. - February 26, 2025) - SASQUATCH RESOURCES CORP. (CSE: SASQ) ("Sasquatch" or the "Company") is pleased to announce that it will be conducting a non-brokered private placement (the "Offering") under which it will raise aggregate gross proceeds of up to $500,000.
The Offering will consist of the issuance of up to 10,000,000 units (each, a "Unit") at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company and one share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.075 for a period of twenty-four (24) months from the date of issuance.
The Company may pay finder's fees in connection with the Offering. Securities issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. Insiders of the Company are expected to participate in the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Corporate Update
The Company has furthered its plans to process and exploit waste rock at Mount Sicker while simultaneously reclaiming the site and addressing the many hazards and environmental issues that remain there from previous mining activities (which mainly occurred from 1895-1910). Succinctly, the Company intends to use mobile ore-sorting technology to identify and remove waste rock which is high in gold, copper, silver and zinc, leaving rejected material (presumably low in sulphides and harmless) behind. Removal of the high sulphide waste and other reclamation efforts are expected to encourage natural growth in an area that has otherwise remained barren for over 120 years. The high sulphide waste is expected to have high grades of gold copper, silver and zinc (see Sasquatch's news release dated October 9, 2024 for further detail) and would be transported off-site and sold.
In continuing to develop the waste rock project at Mount Sicker, the Company has begun to work with the local permitting authority to obtain processing and reclamation guidance and approval, and is also looking to advance its current framework agreement with Sulphide Remediation Inc. ("SRI") towards a definitive agreement (see Sasquatch's news release dated June 24, 2024 for further detail respecting the framework agreement).
While the Company is making progress on both fronts, there can be no guarantee that a permit will ultimately be granted, nor that a definitive agreement with SRI will be reached. Nevertheless, as there are a number of viable approaches and options towards processing and reclamation at Mount Sicker, the Company is confident that some workable permitting scenario can be found. Similarly, even in the event that no definitive agreement with SRI can be reached, there are a number of other options the Company could employ to complete the contemplated processing and reclamation plans.
Justin Deveault, a director of Sasquatch, said "I've been around Mount Sicker, both as a Duncan resident and professional prospector, for most of my life. It's got some of the richest waste rock I've ever seen, partially because cut offs during historical mining operations were as high as 8% copper. High sulphide rock that by today's standards would be considered as prime mining material was simply discarded into piles, and is now potentially harming the environment. The old mining site is also full of hazards, including open mining shafts as deep as 200 feet. This project is a wonderful opportunity for the Cowichan Valley to see a long overdue clean up of a large and potentially dangerous eye-sore in an otherwise pristine wilderness, and to also add good quantities of gold, copper, silver and zinc to the supply chain."
About the Company
Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia, and the Blue Grouse Property, located about 30km from the Mount Sicker Property on the south side of Lake Cowichan.
The Company owns its interest in the Mount Sicker Property outright, subject to an aggregate 2% net smelter returns royalty, half of which Sasquatch can repurchase by issuing an aggregate of 500,000 Sasquatch common shares to the royalty holders.
Pursuant to an option agreement, Sasquatch has the irrevocable right and option until July 2027 to conduct exploration on the Blue Grouse Property and to remove and process minerals from the surface and near-surface, including without limitation from the mineral "waste rock" and near-surface exposures up to a depth of 10m from surface. As consideration, Sasquatch is required to make such exploration expenditures on the Property to keep the claims in good standing. In addition, on commencement of commercial production on the Property, Sasquatch is required to pay $25,000 to the optionor and grant a 2% net smelter returns royalty to the optionor. Upon completion of commercial production, Sasquatch must make such exploration expenditures as are necessary to keep the claims in good standing for five years thereafter.
For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at psmith@sasquatchresources.com or by telephone at 778.999.7030.
On Behalf of the Board of Directors
Peter Smith
Chief Executive Officer
778.999.7030
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Mount Sicker Property, the proposed work program on the Mount Sicker Property and the potential and economic viability of the Mount Sicker Property. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242541
SOURCE: Sasquatch Resources Corp.
