Molten Metals Announces Company Update
thenewswire.com
Vancouver, British Columbia / October 21, 2024 – TheNewswire - Molten Metals Corp. (the “Company”) (CSE:MOLT; FSE:Y44), provides a summary of recent transactions that were announced in its news releases dated September 23, October 1 and October 4, 2024. On September 23, 2024, the Company completed the acquisition of a 100% interest in 40 mineral claims known as the Senneterre West Claims located 25 kilometres northeast of the gold mining center of Val d'Or, Quebec, subject to a 2% net-smelter-returns royalty. The Company issued 8,000,000 common shares of the Company as consideration for the purchase and agreed to incur $150,000 of work expenditures within two years. The shares will be subject to a hold period the greater of the four month hold applicable due to securities law and 10 trading days after a technical report is filed with respect to the property. The vendors consisted of two individuals and two companies, all of which are at arm’s length to the Company and its management.
The Company’s decision to acquire the Senneterre West Claims, included consideration of the desirable location near other projects in the Val d’Or area of Quebec, a prolific mining area in a prime mining jurisdiction. Quebec's supportive government policies, such as attractive tax incentives and streamlined permitting processes, create a favorable environment for attracting capital. The Senneterre West Claims are located in the eastern portion of the Val d’Or mining camp and are contiguous with Abcourt Mines’ Pershing-Manitou project which hosts a current mineral resource. The claims straddle several regional scale faults that separate distinct volcanic packages and are spatially associated with gold occurrences in the district. The Company cautions that information concerning resources on contiguous claims is not necessarily indicative of mineralization on the Company's property.
The Company also announced the sale of its West Gore antimony project, located in Nova Scotia, to Military Metals Corp. in consideration for a cash payment of $85,000, pursuant to an asset purchase agreement. The Company determined not to proceed with the property following a review of past efforts on advancing the project and its future objectives.
The Company also announced on September 19, 2024, that a former director had advanced $100,000 to fund ongoing cash requirements of the Company. The Company determined this was preferrable to a dilutive financing. The loan bears interest at a rate of 15% per annum and is due on or before August 8, 2025. In connection with the loan, the Company issued bonus of 800,000 common shares.
For Additional Information Please Contact
Brooklyn Reed
Corporate Secretary Molten Metals Corp. 778.918.2261
Email: brooklyn@moltenmetalscorp.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
