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VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Inflection Resources (CSE:AUCU) (FSE:5VJ) (OTCQB:AUCUF) has signed a non-binding Heads of Agreement with AngloGold Ashanti that outlines the principal terms under which AngloGold may enter into a multi-year Earn-in Agreement across a number of Inflection’s copper-gold projects in New South Wales, Australia.
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Inflection, a technically driven mineral exploration company, is systematically exploring for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, where the company has a 100% project ownership of more than 7,000 sq kilometres of licenses. The Macquarie Arc, part of the Lachlan Fold Belt in New South Wales, is Australia’s premier porphyry copper-gold province being host to Newcrest Mining’s Cadia deposits, the Northparkes deposits and Evolution Mining’s Cowal deposits plus numerous exploration prospects including Boda, the discovery made by Alkane Resources.
Under the terms of the Heads of agreement, AngloGold, (www.AngloGoldAshanti.com) a global gold mining company listed on the New York, Johannesburg and Australian stock exchanges, has a 60-day period to complete further due diligence and enter into a binding Earn-in Agreement with the Inflection.
Following execution of the Earn-in Agreement, AngloGold shall fund a total of AUD$10 million on exploration expenditures across the portfolio of projects within three years as part of a Phase I exploration program. Phase I, intended to drill test a wide range of large intrusive-related, copper-gold exploration targets including Duck Creek, will include a minimum expenditure commitment of AUD$6 million. Upon completion of Phase 1, the original AUD$10 million advanced by AngloGold, shall be converted into common shares of Inflection equal to 9.9% of the then issued outstanding common shares.
Phases II and III are staged earn-in’s whereby AngloGold may select up to five Designated Projects in which to earn up to a 65% interest in each by funding exploration expenditures of AUD$7 million over three years in Phase II and a further AUD$20 million over two years in Phase III on each Designated Project, for cumulative maximum expenditures of AUD$135 million.
AngloGold retains the further right to earn an additional 10% interest in each Designated Project in Phase IV by completing a Pre-Feasibility Study solely funded by AngloGold within an additional three-year period; and granting Inflection, subject to existing underlying royalties, a 2% or 1% net smelter royalty.
Alistair Waddell, President and CEO, stated: “The execution of this Heads of Agreement with AngloGold Ashanti is a major milestone for the Company. We are extremely pleased to enter into such a large-scale exploration and development agreement that will provide the necessary capital to drill test and potentially develop our large portfolio of copper-gold porphyry targets across our 100%-owned land position within the northern extension of the Macquarie Arc. We fully anticipate recommencing drilling immediately following the execution of the Earn-in Agreement, all of which will now be fully funded by AngloGold. Planned drilling will include the completion of deep drill holes at Duck Creek where earlier drilling intercepted strong alteration the Company interprets to be indicative of the upper parts of an alkalic copper-gold porphyry system.”
Inflection uses cost-effective mud-rotary drilling to cut through unmineralized post-mineral sedimentary cover before transitioning to diamond core drilling once basement is reached. It then completes a series of short diamond drill holes into bedrock rather than just one or two deep and more expensive diamond drill holes.
Multiple data points gained from alteration and mineral geochemistry is then being used to vector additional deeper holes, a proven exploration strategy in the covered segments of the Macquarie Arc having been directly responsible for the discovery of the Northparkes and Cowal deposits. It is well documented that mineralized bodies elsewhere in the belt, in particular porphyry and intrusive related systems, have large district-scale alteration and geochemical halos or footprints surrounding them.
The shares are trading at $0.18. For more information, please visit the company’s website www.InflectionResources.com, contact Alistair Waddell, President and CEO, at [email protected], or Brennan Zerb, Investor Relations Manager, at 778-867-5016 or by email at [email protected].
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