Vancouver, British Columbia--(Newsfile Corp. - April 1, 2025) - SASQUATCH RESOURCES CORP. (CSE: SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has executed an asset purchase agreement (the "Agreement") dated as of March 31, 2025 with Justin Deveault and Micheal Deveault (the "Vendors") to acquire mineral claim number 1097236, encompassing the area known as the former Santana mine (the "Claim" or "Santana") covering 517.19 hectares located on Quadra Island, British Columbia. Under the Agreement, to acquire the Claim the Company is obligated to issue an aggregate of 500,000 common shares of the Company (each, a "Share") to the Vendors. The Shares will be issued a price of $0.05 per Share, representing a purchase price of $25,000. When issued, the Shares will be subject to a four month hold period in accordance with applicable securities laws.
The Santana mine was previously mined for copper, silver and gold in and around 1915, and there is a collection of Minfile data available online surrounding previous sampling and bulk sampling activities that have occurred there. Of particular relevance to Sasquatch is that there are substantial waste rock piles from old mining activity within the Claim area. These waste piles, as well as some areas where surface mineralization is evident, are pictured below. More details about Santana will be released once a Qualified Person under NI 43-101 has fully reviewed all of the available historical and more recent data respecting the Claim area.
Photograph 1 - Large waste rock pile at Santana.
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Photograph 2 - Close up of waste rock at Santana, copper oxidization evident.
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Photograph 3 - Main mine opening at Santana, with surface copper mineralization visible in surrounding bedrock.
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Photograph 4 - Close up of main Santana portal area.
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Photograph 5 - View from inside main Santana portal looking out.
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Photograph 6 - Top of large waste pile at Santana, scattered sulphide waste running a large distance down the hill (continues down the hill on the left side of the photograph).
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Sasquatch's CEO, Pete Smith, said "this new claim area fits in very nicely with our other two Vancouver Island projects. In all three cases we have substantial historical mining that occurred over 100 years ago, in a time when mining grade cut offs where much higher than today's and when there was little attention given to site reclamation. Just like we have with Mount Sicker and Blue Grouse, at Santana we see substantial evidence of previous mining activities, including old adits, trenches and pits that are potentially dangerous, but also large piles of old mining waste that have real potential value, with copper, silver and gold mineralization evident. Existing waste piles may also be leaching lead, sulphur, mercury or other contaminants into the environment. Our strategy with all three properties is to devise a plan that allows us to clean up the sites and address hazards, while also realizing the economic value in the waste rock and/or easily accessible surface mineralization. What we have experienced thus far with our most advanced project, Mount Sicker, is overwhelming local support, and we hope this trend will continue with Blue Grouse and Santana. After all, our model addresses long overdue reclamation needs, while minimizing any new impact, as we are not seeking to reopen any of these mines on a larger scale. The waste rock and near surface mineralization alone at these sites have enormous potential value, and we feel this more reserved approach, while still having outstanding economic potential, will dramatically improve our chances of getting each project to fruition, and with a far faster timeline."
Justin Deveault is a director of the Company, and accordingly the Agreement is a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
About Sasquatch Resources Corp.
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. 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.
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 its mineral properties, the proposed work programs on its mineral properties and the potential and economic viability of its mineral properties. 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.
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SOURCE: Sasquatch Resources Corp.
