Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – SASQUATCH RESOURCES CORP. (CSE: SASQ) (“Sasquatch” or the “Company“) is pleased to announce that it has made some substantial and yet very cost-efficient advances at its Mount Sicker property.
Previous Geophysical Survey
Raw geophysical data from a previous Airborne Pulse Time Domain Electromagnetic geophysical survey (TDEM survey) has been obtained by the Company at no cost and the data was subsequently inverted and analyzed for Sasquatch by an independent geophysical contractor. The contractor’s report will provide invaluable information to help guide and better target future exploration activities, essentially by showing where large electromagnetic anomalies exist at various depths throughout the property.
Figure 1: TDEM iso-surface image from geophysical report prepared by independent geophysicist.
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New LiDAR Survey
Sasquatch hired Aeroquest Mapcon Inc. to complete an airborne laser imaging, detection and ranging (LiDAR) survey over the Mount Sicker property, and results were recently delivered to the Company. This survey provides Sasquatch with a very high-resolution representation of the surface area of the property, and will provide the Company with a far more accurate understanding of the size and shape of certain important geological features, such as faults, dips, tailings ponds and the like. The LiDAR results have already pointed the Company toward some areas requiring further investigation that were not necessarily detectable based on pre-existing maps.
Figure 2: LiDAR image as prepared by Aeroquest Map Con
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Tailings and Waste Rock
Given that Mount Sicker was the site of at least four past operating mines, the property contains a number of broken rock piles that may or may not be waste rock from previous mining activity. Over the next month Sasquatch will be ascertaining the dimensions and composition (i.e. grades) for the broken rock piles in order to determine what, if any, tangible value they may hold.
Figure 3 & 4: Broken rock piles at Mount Sicker
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Mt. Sicker Exploration Update
In November, the Sasquatch exploration team plans to investigate mineralization, follow up on topographical anomalies outlined by LiDAR, assess structural and mineralization continuations, refine, add, and flag potential drill targets, obtain further samples, and conduct infill mapping. Further, the team intends to adequately map the extent and size of rock piles, tailings, and core, and potentially drill in target areas. The Company will provide further updates as warranted.
Issuance of Shares under Option Agreement
The Company also announced that, pursuant to its option agreement (the “Option Agreement“) dated as of November 5, 2021 with Justin Deveault and 802213 Alberta Ltd. (the “Optionors“) respecting the Company’s Mount Sicker Property, the Company has fulfilled its first year option obligations by issuing an aggregate of 200,000 common shares to the Optionors. The shares were issued in accordance with applicable securities laws at a price of $0.09 per share and are subject to a four month hold period. Justin Deveault, a director of the Company, is an Optionor under the Option Agreement, and accordingly the share issuance to him is a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
Qualified Person
Jacques Houle, P. Eng., a “Qualified Person” for the purpose of National Instrument 43-101, has reviewed and approved the contents of this news release.
About the Company
Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia. For further information, please refer to the Company’s disclosure record on SEDAR (www.sedar.com) or contact the Company by email at ifgsmith@yahoo.ca or by telephone at 778.999.7030.
On Behalf of the Board of Directors
Peter Smith
Chief Executive Officer
778.999.7030
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forwardlooking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
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