VANCOUVER, BC,
March 14, 2022 /CNW/
- Glacier Lake Resources Inc. (TSXV: GLI) (the
"Company") is pleased to announce that it is continuing to
work towards satisfaction of the remaining conditions to completion
of its proposed acquisition (the "Transaction") of the
Kalahari Palladium-Platinum Project ("KalPlats") located in
the Magisterial District of Vryburg in North West South Africa.
KalPlats is a palladium-rich project located approximately 350
kilometres west of Johannesburg in
the North West Province of South
Africa. The most recent mineral resource estimate on
Platinum, Palladium and Gold mineralisation, including a 3E
(Platinum, Palladium, Gold) grade was published by Coffey Mining
Consultants Limited in 2014 (Lomberg et al., 2014), as part of an
Independent Technical Report for African Thunder Platinum Limited.
The historical mineral estimate across the known deposits contained
Measured and Indicated resources totaling 69.91 Mt grading at
1.48g/t 3E and Inferred Mineral resources of 56.68 Mt grading 1.62
g/t 3E.
The Company is not treating this historical estimate as current
and has not completed sufficient work to classify this historical
estimate as a current mineral resource. While the Company is not
treating the historical estimate as current, it does believe the
work conducted by Coffey Mining Consultants Limited is reliable and
may be of assistance to readers.
In connection with the Transaction, the Company previously
entered into a definitive share purchase agreement, dated
November 15, 2021, with African
Thunder Platinum Limited and Fanosi Holdings (Pty) Ltd., pursuant
to which the Company proposes to acquire a controlling interest in
Stella Platinum (Pty) Ltd. and Greenstone Platinum (Pty) Ltd.
(collectively, the "Owners"). The Owners control the
prospecting rights for KalPlats located in the Magisterial District
of Vryburg in North West South
Africa.
Completion of the Transaction is subject to a number of
conditions, which include the Company completing a financing of at
least Cdn$15,000,000 (the
"Concurrent Financing") and receipt of any required
regulatory approvals, including the approval of the TSX Venture
Exchange and consent of the South African Minister of Mineral
Resources and Energy (the "MRE"). The Company is currently
working with the Owners to secure the necessary consent with the
MRE. In order to ensure sufficient time to obtain the consent, the
Owners have agreed to extend the outside date for completion of the
Transaction through until April 30,
2022.
The Transaction cannot be completed until these conditions have
been satisfied, and there can be no assurance that the Transaction
will be completed in a timely fashion, or at all. The Company has
not yet determined the final terms for the Concurrent Financing and
will issue a further news release with information regarding the
Concurrent Financing as soon as it becomes available.
For further information concerning the Transaction, readers are
encouraged to review the news release issued by the Company on
November 17, 2021.
Dr. Nathan Chutas, Ph.D., CPG, is
the Chief Executive Officer of the Company and is a qualified
person for the purposes of National Instrument 43-101. Dr. Chutas
has reviewed and approved the technical content in this news
release.
Completion of the Transaction is subject to a number of
conditions, including Exchange acceptance. The Transaction cannot
close until the required approvals are obtained, and the
outstanding conditions are satisfied. There can be no assurance
that the Transaction will be completed as proposed or at
all.
Investors are cautioned that any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of the Company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the
proposed Transaction and has neither approved nor disapproved the
contents of this press release. Neither the Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Information
Information set forth in this document may include
forward-looking statements. While these statements reflect
management's current plans, projections and intents, by their
nature, forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond the control of the
Company. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on these forward-looking
statements. There is no assurance the transactions noted above will
be completed on the terms as contemplated, or at all. The Company's
actual results, programs, activities and financial position could
differ materially from those expressed in or implied by these
forward-looking statements.
SOURCE Glacier Lake Resources Inc.