LOI over high-grade Quebec copper assets
Richmond Hill Resources Plc
("Richmond Hill " or the "Company")
LOI over high-grade Quebec copper assets
Richmond Hill (AQSE: SHNJ), is pleased to announce that it has signed a letter of intent with Three Mile Beach Ltd ("Three Mile") with respect to the acquisition by the Company of the legal and beneficial interest of certain mineral exploration licences in Quebec ("Proposed Transaction").
In consideration for the Company undertaking and incurring fees, expenses and other costs in connection with the due diligence investigations in relation to the Proposed Transaction, Three Mile has agreed to grant to Richmond Hill a 60-day period of exclusivity to allow the Company to conduct due diligence and to decide whether to proceed with the Proposed Transaction.
Project Details
The Saint Sophie Copper Project spans 87 square kilometres and is located in the Beauce region of Quebec, 60 Km South of The Becancour Battery Park and 150 Km North-East of Montreal. The project is comprised of multiple worked indices and historic mines of high-grade native copper, hosted in sedimentary rock and epithermal vein systems, with 146 claims spanning 87 square kilometres.
Highlights
· More than 14 worked indices and historic mines with copper grades over 55% (see maps in appendix)
· Highest copper grades from drilling and indices: include 1.25t of ore @32% Cu, trench containing 42% cu and grab sample at 55% Cu
· Also, high grade discoveries of silver, gold (9 g/t au trench sample) and molybdenum
· Drilling discovered 13 metres and 6.70 metres of Pendlandite
Hamish Harris, Chairman of Richmond Hill, commented:
"This is a unique growth opportunity for Richmond Hill to acquire and develop a high-grade ore body in a sought-after, tier-1 mining jurisdiction. We believe that if the Proposed Transaction completes, it will not only be transformational for Richmond Hill, but coupled with the numerous historic mineralised occurrences, really indicates the potential for large scale opportunity across a polymetallic suite of minerals."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information, please contact:
The Company
Hamish Harris
AQSE Corporate Adviser and Broker:
Peterhouse Capital Limited
+44 (0) 20 7469 0936
Joint Broker:
Clear Capital Limited
Bob Roberts +44 (0) 20 3869 6080
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
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