York Harbour Metals Strengthens Position with 100 Million Firetail Shares and Milestone Progress at High-Grade Copper-Zinc-Silver Project in Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - YORK HARBOUR METALS INC. (TSXV: YORK) (the "Company" or "York Harbour") is pleased to announce that, following strategic review and management discussions, the Company has decided not to pursue a share consolidation at this time. York Harbour remains well-capitalized, strongly positioned for future growth, and is excited to share updates on its significant asset progress and developments.
As part of the Option Agreement with Firetail Resources Limited (ASX: FTL) ("Firetail") at the Skyline Copper Project (formerly the York Harbour Project) in Newfoundland, York Harbour has received its first milestone payment of AUD $200,000, along with a substantial stake of 100 million Firetail shares. Under the agreement, York Harbour stands to receive additional payments up to the 3rd anniversary, totaling $300,000 in cash (AUD) and 75,000,000 Firetail shares, along with the commitment for 10 kilometres (10,000 metres) of drilling. This agreement secures York Harbour's 20% interest in the project and includes a Net Smelter Return (NSR) royalty, aligning York Harbour with Firetail's continued exploration and development success.
Firetail has recently commenced a robust 5,000-meter maiden drilling campaign and reported exciting early results from the Skyline Copper Project. In particular, drill hole YH24-123 interseccted high-grade copper-zinc-silver mineralization over impressive intervals, including 16.07 metres at 1.58% copper, 2.55% zinc, and 5.52 g/t silver, including a high-grade zone of 3.50 metres at 6.74% copper, 10.61% zinc, and 23.87 g/t silver. These results reinforce the project's high-grade potential, with assays pending for further drilling along strike and down-dip.
The technical information regarding drill results from the Skyline Copper Project has been reviewed and approved by Firetail Resources' Qualified Person, as disclosed in Firetail's ASX release dated November 4th, 2024.
York Harbour anticipates a steady stream of results from Firetail's exploration efforts, complemented by a comprehensive geophysical survey planned for the project's expansive 16 km strike length. This program is expected to identify additional high-potential targets, and enhance the value of the Skyline Copper Project, and potentially increasing its scale and economic attractiveness.
About York Harbour Metals
York Harbour Metals Inc. (TSXV: YORK) (OTCQB: YORKF) (FSE: 5DE) is a mineral exploration and development company focused on high-grade projects in Newfoundland. The Company has recently closed the first milestone of an Option Agreement with Firetail Resources Limited on the York Harbour Copper-Zinc-Silver Project, located approximately 27 km from Corner Brook, Newfoundland. Additionally, York Harbour holds a 100%-interest in the Bottom Brook Rare Earth Elements Project, covering 15,150 hectares, situated next to the Trans-Canada Highway and only 27 km from a deep-water port at Turf Point, Newfoundland.
Firetail Resources (ASX: FTL) is a battery minerals company with a project portfolio focused on multiple battery mineral commodities. Firetail has commenced drilling in Peru, where its tenure includes the Picha Copper-Silver Project and Charaque Copper Project. Picha hosts multiple drill-ready targets, while Charaque has a farm-in deal with Barrick Gold Corporation. Additionally, Firetail has projects in Western Australia and Queensland, including the advanced Mt Slopeaway Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 statements regarding receipt of regulatory and, if applicable, approval from the TSXV and ASX of the remaining milestones of the Option; the Company and Firetail completing the outstanding transactions as contemplated by the Option Agreement; the Company and Firetail forming a joint venture following the exercise of the Option; and Firetail maintaining the York Harbour Project in good standing during the option period. These forward-looking statements reflect management's current expectations based on available information and are subject to various risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including adverse market conditions and other factors beyond the control of the parties. 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, regulatory and exchange requirements with respect to the Option Agreement, 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.
