VANCOUVER, BC / ACCESSWIRE / October 4, 2019 / PROGRESSIVE PLANET SOLUTIONS INC. (TSXV:PLAN) ("PLAN" or the "Company") is pleased to announce it has signed an option agreement with Jeremy Marlow on a zeolite property near Falkland, BC.
To maintain and exercise the option granted, the Company will pay Mr. Marlow a total amount of $26,000 over a period of 36 months, issue a total of 500,000 common shares over a period of 36 months, and incur a total of $200,000 in exploration expenditures on the zeolite property over a period of 36 months, commencing on the date that the Company receives all necessary prior approvals from the TSXV. Additionally, Mr. Marlow will retain a royalty of $8.00 per tonne of mineral products produced from the property, subject to a 50% buyback right in consideration of $75,000. All shares issued under the option agreement will be subject to a 4 month hold period.
PLAN optioned this property after conducting surface sampling which confirmed the presence of zeolite on the property through XRD analysis. In addition, engineers working with PLAN to develop supplementary cementing materials out of zeolite conducted Strength Activity Index tests (ASTM C618) on two samples taken from the property and received results of 110% and 103% versus a straight-cement control mixture. This indicates the potential for improved concrete strength when utilizing this zeolite and compares well with commercially available fly ash.
The option agreement remains subject to the Company receiving all necessary prior approvals from the TSX Venture Exchange.
"PLAN is currently seeking to increase its zeolite assets in light of the new market for zeolite to denature cannabis and hemp after cannabinoid extraction. I personally took the samples from the property which we tested, and I am keen to see this property systematically explored. We are naming this property the Z-2. We are excited about its proximity and easy access. It is approximately a 45-minute drive from our facilities in Spallumcheen, BC," stated Steve Harpur, CEO.
"It was a pleasure to work with the management team of PLAN while they did due diligence on the Z-2 before signing the option agreement. During multiple site visits by their CEO and geologist, their team was professional, and I am excited to see this property further explored," stated Jeremy Marlow.
Progressive Planet is a Canadian based mineral exploration company with its flagship Z1 Zeolite Quarry in Cache Creek, British Columbia. Progressive Planet is committed to using mineral resources to provide solutions for a livable planet.
ON BEHALF OF THE BOARD
Signed "Stephen Harpur"
Stephen Harpur, CPA, CGA, CEO
For further information or investor relations inquiries, please contact us:
1-800-910-3072
[email protected]
www.progressiveplanet.ca
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: Progressive Planet Solutions Inc.