Musk Metals Acquires the Temis Sun Gold Project in Quebec
August 21, 2024
AUGUST 21, 2024, VANCOUVER, BC – Musk Metals Corp. (“Musk Metals” or the “Company”) (CSE: MUSK) (OTC: EMSKF) (FSE: 1I30) is pleased to announce it has entered into a share purchase agreement to acquire the Temis Sun Polymetallic Project (the “Property”) located southeast of Ville-Marie, Quebec (Figure 1). The Property encompasses 467 ha in the Temiscamingue region within Belleterre-Angliers greenstone belt (BAGB) of the metal endowed Abitibi Subprovince (Figure 2). The BAGB is regionally known for the historic gold mines around the town of Belleterre which lies 50 km to the east and numerous Cu-Ni magmatic occurrences and historic mines. Two historic showings, Old Baldface and Fabre-Nord, underpin the mineralization on the Property.
Mr. Mario Pezzente, Chief Executive Officer, commented, “We saw this opportunity to add strategically located ground in the precious and critical mineral space as traction in this sector continues to increase along with high metals prices. The addition of the Temis Sun Property within the Abitibi Subprovince, which has proven to be one of the more metal endowed geological regions in the world, makes this acquisition of high merit. We look forward to commencing exploration on this underexplored ground in the future.”
Figure 1: Regional location of the Temis Sun polymetallic project.
The Property The Old Baldface showing, circa 1930, is comprised of a 15m deep shaft, historic trenching and limited drilling. Mineralization is polymetallic in nature hosted in en-echelon lenses of quartz veins within a shear zone. The zone of mineralization on surface has been traced for over 25m and up to 5m wide. Drill hole 92-1 intersected 5.33g/t Ag over 8.7 m with anomalous gold, copper and zinc. Historic grab samples have reported up to 0.5 g/t Au. Fabre Nord showing has had very little recorded historic exploration. Four short drill holes by Silverstar Resources Inc. in 1993 returned 3.24 g/t Au over 2.8 m which included 6.48 g/t Au over 0.9m within a smokey quartz vein. Interestingly, drilling also encountered rhyolitic tuffs with semi-massive sulphides up to 2m wide containing pyrite-pyrrhotite-chalcopyrite and sphalerite indicative of VMS-type copper-zinc deposits (GM53082).
Figure 2: Greenstone belts of the Abitib Subprovince in Ontario and Quebec
The Transaction
The Company has entered into an arm’s length share purchase agreement with VFA Mining Corp. (“VFA”) and the shareholders of VFA (collectively, the “Vendors”), pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of VFA from the Vendors for consideration of 5,500,000 common shares. The Vendors will assist in raising $150,000 in equity financing, on a best effort basis, towards exploration on the project. The agreement is subject to normal course due diligence and applicable regulatory approval. All securities issued in connection with the acquisition are subject to a hold period expiring four months and one day after closing.
Qualified Person
Mike Kilbourne, P.Geo. (OGQ # 1971) who is a qualified person as defined under National Instrument 43-101, has reviewed and approved the geological information provided within this news release. The QP and the Company have not completed sufficient work to verify the historic information on the Temis Sun Property, particularly regarding historical exploration, neighbouring companies, and government geological work.
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About Musk Metals Corp.
Musk Metals is a publicly traded exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada’s top mining jurisdictions. The Company’s properties are in the “Chapais-Chibougamau”, “Abitibi”, “Upper Laurentides” and “James Bay” regions of Quebec.
ON BEHALF OF THE BOARD
Mario Pezzente
CEO & Director
For more information on Musk Metals, please contact
Phone: 604-717-6605
Corporate e-mail: [email protected]
Website: www.muskmetals.ca
Corporate Address: 2905 – 700 West Georgia Street, Vancouver, BC, V7Y 1C6
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the intended use of proceeds of the Offering and other matters regarding the business plans of the Company. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including that the Company may use the proceeds of the Offering for purposes other than those disclosed in this news release; adverse market conditions; and other factors beyond the control of the Company. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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