Vancouver, British Columbia–(Newsfile Corp. – May 30, 2023) – Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ) (OTC Pink: RDYFF) (“Newpath” or the “Company”) is pleased to announce the staking of 24 new claim units (509 hectares) in the Anders Lake Area, Ontario contiguous to the northeastern corner of the Alpha/Bravo claim group (“Alpha/Bravo”) increasing the project’s footprint to over 63,600 hectares (see map below). The new claims were registered on behalf of Newpath on May 13, 2023 and will be subject to the same option agreement the Company entered into on December 7, 2022 (See Company’s December 12, 2022 news release).
Alpha/Bravo was initially staked to secure mineral rights to the little-explored western extension of the Archean-aged Quetico Subprovince, a geological entity that hosts known lithium deposits to the east, for example Georgia Lake. Since acquisition, additional exploration opportunities become apparent at Alpha/Bravo. The new claims cover the southern margin of the ultramafic Seagull intrusive complex, part of a younger, igneous event that elsewhere in the region has been the focus for platinum group metals (Pt+Pd) and Ni-Cu-Au mineralization. Regional exploration has resulted in the discovery of Impala’s Lac Des Isle and Clean Air Metal’s Thunder Bay North Deposits.
The principal focus at Alpha/Bravo remains its lithium potential, however the addition of the new claims highlight the possibilities for other critical metals that are deemed essential as Canada’s energy and economy transitions.
The Company anticipates field work to begin at Alpha/Bravo in July of 2023.
Alex McAulay, CEO, states, “The recent acquisition of these claims is just part of our ongoing internal process of evaluating and staking areas with favourable geology and mineral potential that augment the value of the assets we currently have. We are fortunate to be working in a mining friendly region that has excellent access and potential for most of the commodities on Ontario’s critical minerals list as well as opportunities for other base and precious metals.”
The technical content of this news release has been reviewed and approved by Douglas S. Turnbull, P.Geo., the Company’s COO and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Early Warning Disclosure
On August 26, 2022, the Company acquired 3,835,000 common shares of Cleghorn Minerals Ltd. (“Cleghorn“) at a price of $0.06139 per common share through the facilities of the TSX Venture Exchange for a total investment of $235,440. Immediately prior to the foregoing acquisition, the Company owned no securities of Cleghorn. As a result of the foregoing acquisition, the Company owned and/or had control over 3,835,000 common shares of Cleghorn, representing approximately 13.04% of the undiluted issued and outstanding shares of Cleghorn as at August 26, 2022.
On September 6, 2022, the Company acquired 8,000,000 units of Volatus Capital Corp. (“Volatus“) at a price of $0.05 per unit pursuant to a private placement conducted by Volatus for a total investment of $400,000. Each ‘unit’ was comprised of one common share of Volatus and one common share purchase warrant. Each warrant of Volatus entitled the Company to acquire one common share of Volatus for a period of five years from the closing of the private placement at an exercise price of $0.06 per share. Immediately prior to the foregoing acquisition, the Company did not own or have control over any securities of Volatus. As a result of the foregoing acquisition, the Company owned and/or had control over 8,000,000 common shares of Volatus, representing approximately 24.65% of the undiluted issued and outstanding shares of Volatus as at September 5, 2022. If the Company exercised all of its 8,000,000 warrants of Volatus, the Company would hold 16,000,000 common shares of Volatus, which would have represented approximately 39.55% of the issued and outstanding common shares of Volatus (on a partially diluted basis) on September 5, 2022.
The Company acquired the securities of Cleghorn and Volatus for investment purposes. The Company may acquire additional securities or dispose of securities of Cleghorn and/or Volatus in the future either on the open market, privately or otherwise depending on market conditions, reformulation of plans, other available investment business opportunities and/or other relevant factors. The disclosure respecting the Company’s shareholdings of each of Cleghorn and Volatus contained in this news release is made pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and a report respecting each of the above acquisitions will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing at www.sedar.com. Copies of the reports may be requested by contacting Alex McAulay, CEO of the Company at (604) 365-0425.
Acknowledgment of First Nations
Newpath Resources Inc. is committed to fostering lasting, transparent, trust-based relationships with the Indigenous communities where we operate. We respectfully acknowledge that we conduct business on the traditional territories of many Nations including Biinjitiwaabik Zaaging Anishinaabek, Fort William First Nation, Kiashke Zaaging Anishinaabek, Red Rock Indian Band, Pays Plat First Nation, the Métis Nation of Ontario and Red Sky Métis Independent Nation.
Newpath Resources recognizes the great privilege of conducting work on these lands and recognizes the accountability and commitment we owe to the communities who have resided here since time immemorial. Newpath shares a common interest in ensuring that the lands and waters will continue to provide cultural, environmental, and economic wellbeing for Indigenous communities for generations to come.
About Newpath Resources Inc.
Newpath Resources Inc. is a Canadian exploration company listed on the Canadian Securities Exchange under symbol PATH. The Company wholly-owns the Northshore Gold Project located in the Schreiber-Hemlo Greenstone Belt and its early-stage Orefield Critical Metal Exploration Project, which is comprised of three claim groups (Alpha/Bravo, Charlie and Delta) now totaling 3,164 claim units covering approximately 67,106 Ha (approximately 667 square kilometres) west and southwest of Lake Nipigon in Northern Ontario.
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On Behalf of the Board of Directors,
NEWPATH RESOURCES INC.
Chief Executive Officer
CEO Direct Line: +1 (604) 365-0425
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, the commencement date of the field work at the Alpha/Bravo Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.