STOCK TITAN

Red Metal Resources Executes Definitive Agreement to Acquire 100% Interest in Mineral Claims Package in Ville Marie, Quebec, Contiguous to Recent Hydrogen Discovery

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)

Red Metal Resources (CSE: RMES) (OTC: RMESF) has executed a Definitive Agreement to acquire a 100% interest in three mineral claim packages near Ville Marie, Quebec. The claims are contiguous to Quebec Innovative Materials Corp.'s recent hydrogen discovery of over 1,000 ppm. The acquisition covers 19 cells totaling over 1,100 hectares, with 11 claims already approved. The company will pay $5,000 plus GST and issue up to 1.6 million common shares, with 1.1 million shares issued for the approved claims and 500,000 shares reserved for pending approvals. Red Metal is planning comprehensive exploration programs including AI mapping, gas sampling, and geophysical surveys.

Red Metal Resources (CSE: RMES) (OTC: RMESF) ha firmato un Accordo Definitivo per acquisire una partecipazione del 100% in tre pacchetti di diritti minerari vicino a Ville Marie, Quebec. I diritti sono contigui alla recente scoperta di idrogeno di Quebec Innovative Materials Corp., che supera i 1.000 ppm. L'acquisizione copre 19 celle per un totale di oltre 1.100 ettari, con 11 diritti già approvati. La società pagherà 5.000 dollari più IVA e emetterà fino a 1,6 milioni di azioni ordinarie, con 1,1 milioni di azioni emesse per i diritti approvati e 500.000 azioni riservate per le approvazioni pendenti. Red Metal prevede di attuare programmi di esplorazione complessivi, compresi mappatura AI, campionamento di gas e sondaggi geofisici.

Red Metal Resources (CSE: RMES) (OTC: RMESF) ha ejecutado un Acuerdo Definitivo para adquirir una participación del 100% en tres paquetes de reclamaciones minerales cerca de Ville Marie, Quebec. Las reclamaciones son adyacentes al reciente descubrimiento de hidrógeno de Quebec Innovative Materials Corp., que supera los 1,000 ppm. La adquisición abarca 19 celdas que suman más de 1,100 hectáreas, con 11 reclamaciones ya aprobadas. La empresa pagará $5,000 más IVA y emitirá hasta 1.6 millones de acciones comunes, con 1.1 millones de acciones emitidas para las reclamaciones aprobadas y 500,000 acciones reservadas para las aprobaciones pendientes. Red Metal planea implementar programas de exploración integrales que incluyen mapeo de IA, muestreo de gas y análisis geofísicos.

레드 메탈 리소스 (CSE: RMES) (OTC: RMESF)는 퀘벡 주 빌 마리 근처의 세 개의 광물 권리 패키지를 100% 인수하기 위한 최종 계약을 체결했습니다. 이 권리는 퀘벡 혁신 재료 공사(Quebec Innovative Materials Corp.)의 최근 수소 발견과 인접해 있으며, 수소 농도가 1,000 ppm을 초과합니다. 이 인수는 총 19개의 셀을 포함하며, 면적은 1,100헥타르가 넘고, 11개의 권리는 이미 승인되었습니다. 회사는 5,000달러와 GST를 지불하고 최대 160만 주의 보통주를 발행하며, 110만 주는 승인된 권리에 대해, 50만 주는 승인 대기 중인 권리에 대해 예약됩니다. 레드 메탈은 AI 매핑, 가스 샘플링 및 지구 물리학적 조사 등을 포함한 포괄적인 탐사 프로그램을 계획하고 있습니다.

Red Metal Resources (CSE: RMES) (OTC: RMESF) a signé un Accord Définitif pour acquérir un intérêt de 100% dans trois paquets de droits miniers près de Ville Marie, Québec. Les droits sont adjacents à la récente découverte d'hydrogène de la Quebec Innovative Materials Corp., qui dépasse 1 000 ppm. L'acquisition couvre 19 cellules totalisant plus de 1 100 hectares, avec 11 droits déjà approuvés. L'entreprise paiera 5 000 $ plus la TPS et émettra jusqu'à 1,6 million d'actions ordinaires, avec 1,1 million d'actions émises pour les droits approuvés et 500 000 actions réservées pour les approbations en attente. Red Metal prévoit des programmes d'exploration complets, y compris la cartographie par IA, l'échantillonnage de gaz et des études géophysiques.

Red Metal Resources (CSE: RMES) (OTC: RMESF) hat einen endgültigen Vertrag zur Übernahme von 100% an drei Mineralienantrags-Paketen in der Nähe von Ville Marie, Quebec, unterzeichnet. Die Anträge sind angrenzend an die kürzliche Wasserstoffentdeckung der Quebec Innovative Materials Corp., die über 1.000 ppm liegt. Die Übernahme umfasst 19 Zellen mit einer Gesamtfläche von über 1.100 Hektar, wobei 11 Anträge bereits genehmigt sind. Das Unternehmen wird 5.000 Dollar zuzüglich GST zahlen und bis zu 1,6 Millionen Stammaktien ausgeben, wobei 1,1 Millionen Aktien für die genehmigten Anträge ausgegeben werden und 500.000 Aktien für ausstehende Genehmigungen reserviert sind. Red Metal plant umfassende Explorationsprogramme, einschließlich KI-Kartierung, Gasprobenahme und geophysikalischen Untersuchungen.

Positive
  • Strategic acquisition next to significant hydrogen discovery site
  • Large land package of 1,100 hectares with road accessibility
  • No royalty payments required on future revenue
  • 11 of 19 claims already approved by Quebec authorities
Negative
  • Significant share dilution with issuance of up to 1.6 million new shares
  • Monthly cost of $5,000 for market-making services
  • 8 claim applications still pending approval

Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - RED METAL RESOURCES LTD. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") is pleased to announce that it has completed due diligence and executed a Definitive Agreement (the "Agreement") with an arm's length vendor to acquire a 100% interest in three separate packages of mineral claims and mineral claim applications directly contiguous to Quebec Innovative Materials Corp.'s ("QIMC") recent Hydrogen sample discovery of over 1,000 ppm, announced on September 4th 2024. These mineral claim blocks are located within the Timiscaming Graben formation approximately 15 km north of the town of Ville Marie, Quebec, located between two major mining cities and is accessible by road (Route 101).

This news release may contain information about adjacent properties on which the Company has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Red Metal Resources President and CEO, Caitlin Jeffs stated, "We have finalized our acquisition of these prospective mineral claims and are actively evaluating additional acquisitions in the area. Red Metal is actively planning an initial comprehensive exploration program directly next to QIMC's recent hydrogen discovery. This new property represents an exciting opportunity to expand our clean energy portfolio as we continue to advance our Carrizal Copper/Gold property in Cordillera, Chile."

Red Metal Resources is planning an initial exploration program that could include but not limited to:

  • Artificial Intelligence and target mapping algorithms which utilize known hydrogen occurrences to outline target areas having a similar spectral response to QIMC's hydrogen occurrences.

  • Gas sampling from the soil and underwater surveys in Timiskaming Lake. These surveys can be used to locate degassing zones associated with faults in the Timiskaming rift.

  • Gravimetry and audiomagnetotellurism (AMT) geophysics to assess variations in the thickness of local sedimentary rock deposits (gravity troughs) over the Archean basement. AMT data will assist in locating graben-related faults in the St-Bruno-de-Guigue area that are covered by quaternary sediments.

  • Regional remote sensing gas surveys to identify specific targets to provide useful remote sensing data for hydrogen and helium exploration.

  • Fieldwork can be carried out mainly in the Municipality of St-Bruno-de-Guigues sector.

The Company is currently reviewing regional geologic data to assist in the evaluation of potential additional acquisitions in the immediate area as well as the formulation of an initial exploration plan with further details to be provided in due course.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4932/228314_2c98c6fd24ea6967_001.jpg

Figure 1. Claims Area Map (RMES Outlined in Red)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4932/228314_2c98c6fd24ea6967_001full.jpg

These claim blocks consist of three separate packages, covering 19 cells and totaling over 1,100 hectares to the North, Northeast and the Southwest of QIMC's Hydrogen-in-soil sample discovery. These claim blocks are contiguous on three sides to Quebec Innovative Materials Corp. and cover possible extensions in multiple directions. To date, 11 of the 19 cells have been approved by the Quebec Ministry of Natural Resources and Forests.

Terms of the Agreement

Under the terms of the Agreement to acquire a 100% interest in 19 mineral claims, Company has agreed to pay $5,000 plus GST (Goods and Services Tax) and issue up to 1.6 million common shares of the Company. To date, 11 of 19 claim applications have been approved by the Quebec Ministry of Natural Resources and Forests and the Company will issue 1,100,000 shares upon closing of the acquisition of 11 approved claims. The balance of 500,000 shares reserved to be issued once the remaining eight claim applications are approved. No royalty is to be paid out of any potential future revenue. The Company's acquisition of the Property remains subject to customary conditions of closing, including the Company completing due diligence to its satisfaction and the approval of the Canadian Securities Exchange (if required), and is expected to complete shortly. The common shares issuable in connection with the Agreement will be subject to a four month hold period under applicable Canadian securities laws.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4932/228314_2c98c6fd24ea6967_002.jpg

Figure 2. Claim Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4932/228314_2c98c6fd24ea6967_002full.jpg

Market Maker

In addition, Red Metal is pleased to announce that the Company has retained Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service to assist in maintaining an orderly trading market for the Company's common shares. The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the policies of the CSE and other applicable laws.

In consideration for the services provided by VLP, the Company has agreed to pay VLP $5,000 per month, commencing on November 1, 2024, for an initial term of three months. Following the initial term, the agreement will renew for successive one-month terms, provided that after the initial three-month term the agreement may be terminated by either party at any time. The Company and VLP are at arm's length and VLP has no present interest, direct or indirect, in the Company or its securities. The finances and the shares required for the market-making service are to be provided by W.D. Latimer. The fee paid by the Company to VLP is for services only and there are no performance factors contained in the agreement. VLP will not receive shares or options as compensation.

VLP is a specialized consulting firm based in Toronto providing a variety of services focused on CSE listed issuers. VLP's CEO, JC Cunningham, can be reached by telephone at (416) 891-4349 or by email at info@vlpinc.net.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company's current portfolio include the 100% owned Ville Marie claims in Quebec, Canada as well as Company's Chilean projects which are located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile's coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.

For more information, visit www.redmetalresources.com.

Contact:
Red Metal Resources Ltd.
Caitlin Jeffs, President & CEO
1-866-907-5403
invest@redmetalresources.com
www.redmetalresources.com

Forward-Looking Statements - All statements in this press release, other than statements of historical fact, are "forward-looking information" within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal's public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228314

FAQ

What is the size of Red Metal Resources' (RMESF) new mineral claims acquisition in Quebec?

The acquisition consists of three separate packages covering 19 cells and totaling over 1,100 hectares near Ville Marie, Quebec.

What are the terms of Red Metal Resources' (RMESF) Quebec mineral claims acquisition?

Red Metal will pay $5,000 plus GST and issue up to 1.6 million common shares, with 1.1 million shares for approved claims and 500,000 shares reserved for pending approvals.

What exploration methods will Red Metal Resources (RMESF) use at its new Quebec property?

The company plans to use AI mapping, gas sampling, gravimetry, audiomagnetotellurism surveys, and regional remote sensing gas surveys.

How many claims are currently approved in Red Metal Resources' (RMESF) Quebec acquisition?

11 out of the 19 claims have been approved by the Quebec Ministry of Natural Resources and Forests.

RED METAL RESOURCES LTD

OTC:RMESF

RMESF Rankings

RMESF Latest News

RMESF Stock Data

2.59M
17.77M
15.1%
Other Industrial Metals & Mining
Basic Materials
Link
United States of America
Vancouver