Rome Resources Announces Two Property Acquisitions in the Democratic Republic of the Congo
May 24 2022 - 11:38AM
Rome Resources Ltd. (the “
Company”) is pleased to
announce that it has reached agreement in principle to acquire
majority interests in two properties situated in the Walikali
District of the North Kivu Province in eastern Democratic Republic
of the Congo (
“DRC”). The two contiguous
properties adjoin the northern boundary of the tenements held by
Alphamin Resources Corp. (
“Alphamin”) (TSXV: AFM),
and are referred to collectively as the “Bisie North Tin Project”.
Alphamin’s Mpama North Mine is situated approximately 8 km south of
the boundary of the Bisie North Tin Project.
The Bisie North Tin Project comprises two
adjoining licences covering a total area of 38.4 km². Exploration
Licence PR 13274 covers an area of 30.7 km² and is in the process
of being converted into small scale mining permit PEPM 13274.
Exploration Licence PR 15130 covers an area of 7.7 km², and its
west and south boundaries adjoin PR 13274..
Exploration Permit 13274
The Company has agreed to acquire from Medidoc
FZE (“Medidoc”) all of the issued and outstanding
shares in Medidoc – RD Congo S.A.R.L.U. (“Medidoc
Congo”) for CAD$2,000,000, to be paid by the issuance of
40,000,000 shares of the Company at a deemed price of CAD$0.05 per
share. On closing, the Company has agreed to settle a debt of
CAD$1,278,229 owing to Medidoc by Medidoc Congo by the issuance of
an additional 25,564,580 shares of the Company at a deemed price of
CAD$0.05 per share. The total consideration amounts to 65,564,229
shares.
Medidoc Congo holds a 72.5% interest in
Exploration Permit PR 13274 (converting to PEPM 13274). The
remaining 27.5% interest is held by Investissement et de
Developpement Immobilier S.A.R.L (“IDI”). Medidoc
Congo and IDI operate the permit under a joint venture agreement.
Medidoc Congo is the operator of the joint venture.
Under the agreement, the Company has agreed to
fund, to the extent of up to CAD$250,000, on-going costs associated
with the maintenance of the Permit until closing. Such advances
will be treated as a loan to Medidoc Congo.
Medidoc advises that exploration to date at PR
13274 by Medidoc Congo includes a soil sampling and geological
mapping program with channel samples collected across mineralized
structures currently being mined by artisanal miners. Soil samples
were collected on lines 400m apart across the whole of PR 13274 and
infill samples were collected on lines 200m apart over anomalous
areas. The assay results returned a significant continuous
tin-in-soil anomaly with gold, copper and zinc credits over a
4 kilometre strike length. The channel sample results
reportedly returned tin values up to 1m at 11% Sn. The
Company has not verified these results, and is carrying out its
independent due diligence and verification
investigations.
Exploration Permit PR 15130
The Company has agreed to acquire from CoTinCo
Minerals Projects International LLC (“CTC”) a 65%
interest in PR 15130 for CAD$1,000,000, to be paid by the issuance
of 20,000,000 shares of the Company at a deemed price of CAD$0.05
per share. CTC currently holds a 70% interest in PR 15130, with the
remaining 30% interest held by Palm Constellation S.A.R.L.
(“Palm”). CTC and Palm operate PR 15130 under a
joint venture agreement. CTC is the operator of the joint
venture.
Under the agreement with CTC, the Company has
agreed to fund, to the extent of up to CAD$250,000, on-going costs
associated with the operation of the joint venture until closing.
Such advances will be treated as a loan to the joint venture
companies.
PR 15130 adjoins the north and eastern boundary
of PR 13274. To the knowledge of the Company, no material
exploration work has been carried out on the property.
The Company is now carrying out technical and
legal due diligence on the Bisie North Tin Project, and anticipates
executing a definitive agreement for each of the properties in the
near future.
Closing of both transactions is subject to all
requisite shareholder and securities regulatory body approvals and
the satisfaction or waiver of conditions precedent typically
present in transactions of this size and nature. The Company
anticipates concurrent closings for the two transactions. Closing
will result in the Company ceasing to be eligible for listing on
NEX and the Company will apply for a listing on the TSX Venture
Exchange.
The scientific and technical information
contained in this news release has been reviewed and approved by Mr
Stephen Alan Mawson. Mr Mawson is an Independent Contracting
Geologist, with degrees in Geology from Rhodes University, South
Africa (B.Sc. 1973) (M.Sc. 1983) and is a registered Professional
Natural Scientist (Geological Science) with the South African
Council for Natural Scientific Professions (SACNASP Reg. No.
400074/03) and a member of the Geological Society of South Africa.
Mr Mawson is a qualified person (QP) under NI 43-101.
For further information, please contact:
Dr. Georg SchnuraPresident, CEO and Director
Telephone: (604) 687-6140 Email:
romeresourcesltd@gmail.com
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SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
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ACCURACY OF THIS NEWS RELEASE.
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