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XXIX Closes Acquisition of 100% Ownership of Roger Gold Project in Chibougamau, Quebec

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Toronto, Ontario--(Newsfile Corp. - December 30, 2024) - XXIX Metal Corp. (TSXV: XXIX) (QCCUF:OTCQB) ("XXIX" or the "Company") is pleased to announce that it has closed its arm's length acquisition of the remaining 50% ownership interest in the Roger Gold-Copper Project ("Roger" or the "Project"), located in the prolific Chibougamau mining district of Quebec. XXIX is acquiring the interest in the Project pursuant to option to purchase agreement dated October 18, 2023, as amended December 12, 2024 (the "Agreement") between the Company and SOQUEM Inc., a subsidiary of Investissement Québec ("SOQUEM").

Roger Project Highlights

Roger spans 987-hectares and is located 5km from the historic mining center of Chibougamau, Quebec. It is easily accessible via all-season road, and has access to power. Roger is an advanced-stage project and has gone through multiple drill campaigns totaling 58,000 metres. Additionally, underground exploration in 1988 included 1,177 metres of development, 1,433 metres of underground drilling and over 1,000 metres of chip sampling. The Project features an existing NI 43-101 compliant mineral resource estimate, completed in August 2018. In August 2023, the Company released favourable and encouraging metallurgical results from the Project based on metallurgical compatibility with Opemiska. Roger neighbours major deposits, including Northern Superior's (NSUP.V) Croteau Est deposit immediately to the north, which hosts a 43-101 compliant inferred resource of 640,000 ounces of gold. Additionally, Roger is also contiguous with Dore Copper Mining Corp. (CMDC.V) (Cygnus Metals' (CY5.AX)) Gwillim project, which is contiguous to the west.

Link to Roger Location Map

Link to QC Copper and Gold Webinar - Strategic Acquisition of Roger Project

Roger Project Resources:

Classification

Contained AuEq (oz)

AuEq (g/t)

AuEq Cut-off (g/t)

Tonnes (kt)

Au (g/t)

Contained Au (oz)

Indicated

333,000

0.95

0.45

10,900

0.85

297,000

Inferred

202,000

0.96

0.45

6,569

0.75

159,000

Table 1) 2018 Roger mineral resource estimate.

 

This resource estimate is constrained in a conceptual open pit shell. The 2018 updated mineral resource estimate was prepared by GéoPointCom of Val-d'Or, Quebec. At a cut-off grade of 0.45 g/t gold equivalent, the Indicated Resource is estimated at 10,900,000 metric tonnes at a grade of 0.85 g/t of gold, 0.80 g/t of silver and 0.06% of copper for a total of 333,000 ounces of gold-equivalent, while the Inferred Resource is estimated at 6,569,000 metric tonnes at a grade of 0.75 g/t of gold, 1.18 g/t of silver and 0.11% of copper for a total of 202,000 ounces of gold equivalent. The following metal prices were used in the calculation of gold-equivalent: 1,240 US$ for Au (ounce), 16.528 US$ for Ag (ounce) and 6.549 US$ Cu (Kg). The Technical Report is available at www.sedar.ca.