Sprott Resource Corp. and Altius form potash joint venture in Canada
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TORONTO, May 6 - (TSX:SCP) - Sprott Resource Corp. ("SRC")
announced today that it has entered into an agreement with Altius to explore
for potash in the St. George's Basin in Southwestern Newfoundland.
"SRC is excited to be working with Altius, a company with great
exploration expertise and proven success in Eastern Canada. We feel that there
are excellent opportunities for potash exploration in Eastern Canada, which
has a lower cost profile than the Saskatchewan Potash Basin," states Kevin
Bambrough, President and CEO of SRC.
The St. George's Basin is geologically analogous to the Moncton sub-basin
in New Brunswick, which is Canada's second major potash mining district.
Under the agreement SRC may earn an interest in a large land package that
has been assembled by Altius to cover several known potash occurrences within
the basin. SRC may earn up to a 60% interest in the St. George's Project by
spending C$2,500,000 over 4 years subject to an underlying 2% gross sales
royalty retained by Altius.
The St. Georges project consists of 1,400 claims (35,000 hectares) to
cover four primary target areas for potash deposits. These targets feature
historical potash drill intercepts, low gravity anomalies and salt springs
that are underlain by a relatively unexplored evaporite-bearing sequence. An
exploration program to evaluate the area and to identify drill targets has
commenced.
In addition to the St. George's Basin joint venture, Altius and SRC have
also signed a strategic alliance regarding the assessment of potash
exploration opportunities in Canada. Under this agreement, the two parties
have agreed to collaborate in the acquisition and exploration of potash
projects in Canada.
About Altius
Altius' business activities include the generation and acquisition of
projects related to natural resources opportunities mainly located in
Newfoundland & Labrador.
About Sprott Resource Corp.
SRC is a Canadian based company, the primary purpose of which is to
invest, directly and indirectly, in natural resources. Through acquisitions,
joint ventures and other investments, SRC seeks to provide its shareholders
with exposure to the natural resource sector for the purposes of capital
appreciation and real wealth preservation. SRC is well positioned to draw upon
the considerable experience and expertise of both its Board of Directors and
Sprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management
Inc. is the sole limited partner. Pursuant to a management services agreement
between SCLP and SRC, SCLP provides day-to-day business management for SRC as
well as other management and administrative services.
Forward Looking Statements
Certain statements regarding SRC, including management's assessment of
future plans, may constitute forward-looking statements under applicable
securities laws and necessarily involve risk, including without limitation,
risks associated with mineral exploration projects. SRC's actual results or
achievements could differ materially from those expressed in, or implied by,
the forward-looking statements. No assurance can be given that any events
anticipated by the forward-looking statements will occur. These
forward-looking statements, which are based on management's current
expectations, are made as at the date of this news release. SRC does not
undertake any obligation to publicly update or revise any of these
forward-looking statements, except as required by applicable securities laws.
For further information: Kevin Bambrough, President and CEO, Tel: (416)
977-7333, Fax: (416) 977-9555
To update your contact information, or to be removed from this dissemination list, please email pressreleases2@equicomgroup.com
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Sprott Resources est une société basée au Canada. Sprott Resources détient divers projets d'exploration au Chili. Ses principaux projets en exploration sont GOLD COIN, PRODUCTORA, DRAGOON - NEW MEXICO et MONITOR au Chili. Sprott Resources est cotée au Canada. Sa capitalisation boursière aujourd'hui est 28,5 millions (21,7 millions US$, 20,4 millions €). La valeur de son action a atteint son plus haut niveau récent le 25 octobre 1996 à 96,38 , et son plus bas niveau récent le 29 janvier 2016 à 0,36 . Sprott Resources possède 47 442 200 actions en circulation. |