Homerun Resources Inc. Ze Manoel Update
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2022) - Homerun Resources Inc. (TSXV: HMR) ("HMR'' or the "Company") is pleased to announce that the Company has amended its Purchase Option Agreement for the purchase, in stages, of up to a 100% interest of the Zé Manoel Copper Project, which is 9,327 hectares and located in the Goiás State of Brazil (the "ZM Project").
The ZM Project contains multiple copper and gold targets and the primary target, Ze Manoel, has yielded anomalous values from grab sampling, demonstrating elevated concentrations of copper (Cu) from 0.1325 per cent to 1.141 per cent.*
The Alkaline target at the ZM Project contains rare earth and niobium mineralisation, which has likely been enriched because of lateritisation in the tropical climate. The Goias State of Brazil is home to the Serra Verde Rare Earth project:
*Cautionary Note: Grab rock samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
Under the Purchase Option Agreement, dated April 28, 2022, HMR had the option to reimburse the vendor for certain historical expenses incurred by the vendor and issue, in stages, a total of 12 million common shares over 4 years to the vendor for up to a 100% direct ownership in the ZM Project. The Company and the vendor have amended the Purchase Option Agreement to expedite HMR's ownership of the ZM Project, by changing the payment period for the 12 million common shares. The common shares will now be issued in their entirety upon the TSX Venture Exchange approval of the Purchase Option.
The shareholders of the Company approved the potential creation of the vendor as a Control Person, at the Company's AGM on June 10, 2022, as defined by the policies of the TSX Venture Exchange, a "Control Person" means any Person that holds or is one of a combination of Persons that holds a sufficient number of any of the securities of an Issuer so as to affect materially the control of that Issuer, or that holds more than 20% of the outstanding Voting Shares of an Issuer except where there is evidence showing that the holder of those securities does not materially affect the control of the Issuer.
About Homerun Resources
Homerun Resources is focused on the exploration and development to production of minerals in the critical elements and energy metals sectors.
The technical contents of this release were approved by Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Directors of
Homerun Resources Inc.
Brian Leeners, CEO & Director
For further information please contact:
Brian Leeners, CEO and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144147