TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Highrock Resources Ltd. (“Highrock” or “the Company”) (CSE: HRK) is pleased to announce that it has entered into an option agreement (the “Option Agreement“) with an arm’s length optionor (the “Optionor“) dated May 12, 2025 (the “Effective Date“), pursuant to which the Company was granted an option (the “Option“) to acquire seven (7) mining claims (116 units) (the “Property“). in the Minnitaki Lake area located between the towns of Dryden and Sioux Lookout in Northwest Ontario. Several historical gold showings are located in the sequence of Archean mafic metavolcanics, metasediments and iron formation which trend ENE through the general area of the property, The area has recently been the focus of gold exploration by a number of companies led by NexGold Mining Corp. which is proceeding to develop its Goliath Gold Complex near Dryden. Readers are cautioned that information regarding the geology, mineralization, mineral resources, and production history on adjacent or similar properties is not necessarily indicative of the mineralization on Company’s properties.
Under the terms of the Option Agreement, the Company may exercise the Option to acquire 100% legal and beneficial interest in the Property in exchange for the aggregate cash payments in the amount of $56,000 payable to the Optionor and the issuance of an aggregate of 200,000 common shares (each, a “Common Share“) in the capital of the Company to the Optionor at a price of $0.05 per Common Share as follows:
- a cash payment in the amount of $8,000 on signing of the Option Agreement;
- 200,000 Common Shares issued to be issued to the Optionor on or before the seventh (7th) business day following the date of the Option Agreement;
- A cash payment in the amount of $12,000 on the date that is the first anniversary of the Option Agreement;
- a cash payment in the amount of $16,000 on the date that is the second anniversary of the Option Agreement; and
- a cash payment in the amount of $20,000 on the date that is the third anniversary of the Option Agreement.
In the event that the Option is exercised, the Company will grant a 1.5% net smelter returns royalty (“NSR“) in favour of the Optionor, subject to the ability of the Company to purchase 0.5% of the NSR (resulting in the remaining NSR being 1%) for a purchase price of $600,000 at any time after the NSR is granted.
Pursuant to the policies of the Canadian Securities Exchange (the “CSE“), the Option and the issuance of the Common Shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the CSE. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Qualified Person Review
The technical and scientific information contained within this news release have been reviewed and approved by James Pirie, P.Eng, a director of the Company and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Qualified Person has not completed sufficient work to verify the historic information on the Property. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About Highrock Resources Ltd.
Highrock Resources is a Canadian exploration company focused on strategic and precious metals in North America.
For further information, please contact:
Derrick Dao
Chief Executive Officer
+1-437-677-5075
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws. We caution investors that any such forward-looking information and statements are based on certain assumptions and analysis made by the Company in light of the experience of the Company and its perception of historical trends, current conditions and expected future developments, and other factors management believes are appropriate.
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