Quadro Receives TSXV Approval for the Seagull Lake Platinum-Palladium Property
Vancouver, B.C. April 3, 2020. Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV:QRO) is pleased to announce that, further to its February 24, 2020 news release, it has received TSX Venture Exchange approval for an option to acquire a 70% interest in the platinum-palladium prospective Seagull Lake Property (the “Property”) from White Metal Resources Corp. (“WHM”).
The Property, which covers 7,539 ha, is about a one hour drive north of the port city of Thunder Bay, is located about 50 km south of Impala Canada's Lac des Iles Mine (previously North American Palladium), and is about 28 km north of the copper (Cu), nickel (Ni), and platinum group element (PGE) discoveries of Rio Tinto and Panoramic Resources.
The terms of the Option Agreement (the "Agreement") are as follows:
- Quadro to earn a 70% interest in the Property over a 3 year period.
- Cash payments totalling $275,000 over the 3 year period.
- Quadro to issue a total of 6.5M shares over the 3 year period.
- Total of $1.55M to be spent on exploration on the Property over the 3 year period.
The combination of cash payments and share issuances approximates a total value of $990,000 (based on Quadro's February 20, 2020 closing price of $0.11/share). After vesting a 70% interest, a joint venture is formed on the basis of 70/30 expenditures with the issuance of a 0.5% Net Smelter Return Royalty ("NSR") upon dilution to less than 10%.
There shall be a 5 kilometer area of interest surrounding the Property (the “Area of Interest”) and if any additional ground in acquired in the Area of Interest the staking costs of acquiring such additional ground shall be paid by Quadro.
Both parties shall have a due diligence period commencing upon the execution of this LOI and expiring 15 days thereafter.
Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.
About Quadro Resources – Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team, supported by a distinguished Board of Directors and is focused on exploring for gold in North America. Quadro has approximately 39.8 million shares outstanding. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn and Conche properties in Newfoundland, and an option to earn a 100% interest in the 192 claim unit Long Lake Gold property.
On behalf of the board of directors,
Quadro Resources Ltd.
“T. Barry Coughlan”
President and CEO
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.” For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.