Calgary, Alberta--(Newsfile Corp. - March 18, 2025) - Record Resources Inc. (TSXV: REC) reports it has received TSX Venture Exchange approval of its option agreement to acquire a key property in the Lake Temiskaming hydrogen camp, directly adjacent to Quebec Innovative Materials Corporation (QIMC)'s significant hydrogen discovery.
The Lorrain-Bucke agreement reported in a news release on January 14, 2025 has been clarified and revised:
Record Resources, as optionee, will issue an aggregate of 9,000,000 common shares to a group of arm's length optionors, namely Gravel Ridge Resources Ltd., 1544230 Ontario Inc. and QIMC. The company will also make cash payment totalling $90,000 payable in four instalments over a four-year period. The optionee can close on the acquisition at any time by paying to the optionor the balance of the cash payments due.
A 2% Gross Revenue Royalty (GRR) shall be granted to Gravel Ridge and 15444230 Ontario Inc. from the sale of hydrogen or any other mineral product from the property. Record may purchase at its sole option, 50% of the GRR at any time for $2,000,000. The revised option agreement was signed on February 22, 2025. No finders fees were paid.
As previously reported, the Lorrain-Bucke claim blocks acquired by Record are underlain by Huronian Group sedimentary and volcanic formations that unconformably overlie Archean metavolcanic and metasedimentary units of the Superior Province rocks. The Huronian Supergoup, in turn, is overlain by a thick succession of Ordovician limestone, dolostone and lesser amount of interbedded sandstone and local conglomerate. This is a geological setup associated with significant natural hydrogen resource potential.
These blocks are strategically located, between major rift faults in the Lake Temiskaming Graben structure, a tectonic feature recognized for its potential to host deep mantle-derived volatile-rich sources, including hydrogen. (See figure 1 below).
Furthermore, the claims' potential is further enhanced by the presence of ultramafic rocks exposed on the northern and eastern portions of the Rift basin in neighbouring Quebec. These units exhibit a distinctive magnetic response that extends into Ontario, which suggests the presence of basement ultramafic rocks at the base of the Rift basin. The issuer and its qualified person has been unable to verify the information and that the information is not necessarily indicative of the mineralization on the issuer's properties.
Additionally, a prominent gravity low coincides with a large granitic intrusion mapped in the western Lorrain Township (see QIMC press release December 5, 2024). This gravity low anomaly is shown to extend westward into Lake Temiskaming and potentially marks the location of thick Paleozoic cover, which is a positive indication for deeper natural hydrogen resource potential.
This option and collaborative venture also strengthens Record's strategic relationship with QIMC, a leader in hydrogen exploration. QIMC will join Record as a partner, bringing its advanced methodologies and expertise to the relationship. This positions both companies to capitalize on the region's unique geological features and accelerate hydrogen exploration and extraction in the Temiskaming hydrogen camp.
Please visit the company's website at www.recordgoldcorp.com for detailed location and geophysical maps related to the Lorrain-Bucke Property.
About Record Resources Inc.
Record Resources is a Canadian exploration company (TSXV: REC). The company is focused on acquiring and developing its hydrogen and gold exploration properties. Record Resources is operated by a highly experienced and well connected management team which has access to extraordinary exploration opportunities and technical expertise. The company is also backed by an accomplished group of capital markets professionals.
Qualified Person: Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO Record Resources Inc. T. +1-514-865-5496
Cautionary Statements This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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