TSX-V: QEX
VANCOUVER, BC, Nov. 23, 2020 /CNW/ - QUESTEX GOLD &
COPPER LTD. (TSX-V: QEX) ("QuestEx" or the
"Company"), is pleased to announce that it has entered into
a property purchase and sale agreement (the "Agreement")
with Fireweed Zinc Ltd. ("Fireweed") to sell its portfolio
of properties in Yukon's Macmillan
Pass district to Fireweed. QuestEx will receive a $100,000 cash payment and 350,000 common shares
of Fireweed in exchange for a 100% interest in four properties
totalling 74 square kilometres. QuestEx will retain a 0.5% net
smelter return ("NSR") royalty for base metals and silver,
and a 2% NSR royalty for gold on each of the properties.
Tony Barresi, President of
QuestEx comments: "Fireweed Zinc is a highly motivated,
effective and efficient explorer of the Macmillan Pass district in
Yukon. We are pleased that this
transaction will support Fireweed Zinc's efforts in that district
and provide our shareholders exposure to Fireweed's potential
future growth through our acquired equity stake, and our retained
NSR. QuestEx has built a strategic portfolio of large and highly
prospective gold and copper projects within British Columbia's Golden Triangle, Toodoggone
and Aspen Grove districts and these
will continue to be the focus of our exploration
attention."
Under the Agreement Fireweed will acquire 410 claims covering a
total area of 74 square kilometres. The claims include the Sol
Property, which is situated immediately west of Fireweed's
Macmillan Pass property, as well as several small separate claim
blocks within the district. The Agreement is subject to final TSX
Venture Exchange approval.
We seek safe harbor.
About QuestEx
QuestEx Gold & Copper Ltd. is exploring for high-grade gold
and copper with a focus on the Golden Triangle and Toodoggone areas
of British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, Coyote, and Kingpin in the Golden Triangle,
Sofia in the Toodoggone district,
and Heart Peaks and Hit in other strategic districts within
British Columbia. These assets are
being advanced by a newly assembled technical and management team
with experience in exploration, permitting and discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD &
COPPER LTD.
"Joseph Mullin"
Joseph Mullin
Chief Executive Officer and Director
NR 20-20
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
QuestEx expectations. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. QuestEx does not undertake any obligation to update
forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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.
SOURCE QuestEx Gold & Copper Ltd.