Gama Continues to Expand Land Holding in the Havre St. Pierre Anorthosite Complex in Quebec
Rhea-AI Summary
Gama Explorations Inc. (CSE:GAMA, OTCQB:GMMAF, FSE:N79) announced the acquisition of 78.8 km2 of mineral claims adjacent to its Tyee Nickel Project in Quebec, expanding its land position to 625.9 km2. The purchase, costing $50,000, is part of a strategy to enhance exploration capabilities with a planned SkyTEM airborne geophysical survey scheduled for May. This survey aims to identify prospective targets for follow-up exploration and a future drill program. The acquisition is classified as a related party transaction but is exempt from certain formalities due to the purchase price being under 25% of Gama's market capitalization.
Positive
- Acquisition of 78.8 km² of mineral claims, increasing total land to 625.9 km².
- Strategic expansion of the Tyee Nickel Project enhancing exploration potential.
- Planned SkyTEM airborne survey set to improve target identification for future drilling.
Negative
- None.
News Market Reaction – GMMAF
In the trading session that priced this news, GMMAF gained 0.74%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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VANCOUVER, BC / ACCESSWIRE / March 15, 2023 / Gama Explorations Inc. (CSE:GAMA)(OTCQB:GMMAF)(FSE:N79) ("Gama" or the "Company") is pleased to announce the purchase of a further 78.8 km2 of mineral claims contiguous to the current project footprint of its Tyee Nickel Project in the Havre St. Pierre Anorthosite Complex ("HSP Complex") in south-eastern Quebec. The purchase of these additional claims brings Gama's aggregate land position to 625.9 km2.
Mick Carew, PhD, CEO of Gama, noted "Gama continues to expand its land holdings at its Tyee Nickel Project, taking the Company's total land holdings to 625.9 km2, the largest land position held by a company in the HSP Anorthosite complex. We continue the planning phase for our first phase of exploration scheduled to begin in May with a SkyTEM airborne geophysical survey. The results of this survey will form the basis of delineating prospective targets for follow-up mapping, prospecting, and rock-chip sampling so that we may be in a better position to plan our maiden drill program on the project."
Figure 1. Gama's mineral claims, including newly acquired claims, in the HSP Complex
All figures are in Canadian dollars unless otherwise denoted.
Through an asset purchase agreement (the "Agreement") with 1290480 B.C. Ltd., a non arm's-length party, Gama has agreed to acquire an additional 147 mineral claims, covering a total of 78.8 km2, for a cash payment of
Jacob Verbaas, VP Exploration of the Company, is an officer of 1290480 B.C. Ltd. and, as such, his participation in the transaction is considered to be 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 purchase price does not exceed
About Gama Explorations Inc.
Gama is a Canadian company listed on the Canadian Securities Exchange (CSE:GAMA), Frankfurt Stock Exchange (FSE:N79) and on the OTCMarkets (OTCQB:GMMAF). The Company is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties containing metals used in green technologies and the renewable energy sector. The Company recently announced the addition of the Muskox Pegmatite Lithium Project situated within the Yellowknife Pegmatite Province in the Northwest Territories, to compliment its existing portfolio consisting of the Big Onion Copper-Molybdenum Project located a short 20-minute drive from the town of Smithers in northern British Columbia (option to earn
ON BEHALF OF THE BOARD,
Mick Carew, PhD|CEO and Director
Email: mick@gamaexplorations.com
For further information please contact:
Focus Communications
Tel: +1 647 689 6041
Email: info@fcir.ca
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. The words "expected", "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Gama Explorations Inc.
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https://www.accesswire.com/743811/Gama-Continues-to-Expand-Land-Holding-in-the-Havre-St-Pierre-Anorthosite-Complex-in-Quebec