VANCOUVER, BC / ACCESSWIRE / February 24, 2020 / 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 natural pozzolan property in Heffley Creek, BC.
To maintain and exercise the option granted, the Company will pay Mr. Marlow a total amount of $55,000 over a period of 48 months and incur a total of $275,000 in exploration expenditures on the property over a period of 48 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 industrial mineral products produced from the property, subject to a 75% buyback right in consideration of $150,000. Mr. Marlow will also retain a 3% NSR Precious Metals Royalty subject to a 50% buyback right in consideration of $1,500,000. No shares will be issued under the option agreement.
PLAN optioned this property after conducting surface sampling which confirmed the presence of alumino-silicates (natural pozzolans), magnesium, and anomalous gold and silver. Five rock samples were taken and one soil sample. PLAN's original interest in the property was for its potential as a further source of natural pozzolans near Kamloops, BC. When surface sampling was done to confirm the presence of natural pozzolans, it revealed the presence of anomalous gold and silver in the soil (0.28 g/tonne gold and 1.6 g/tonne silver). PLAN thus requested the precious metal rights to the property in addition to the industrial mineral rights originally sought. The vendor agreed to option the precious metals rights.
All testing was completed by the Kamloops office of the Metallurgy Division of ALS Global. Whole Rock Analysis was completed on four samples using borate fusion. The Precious Metals Analysis was completed on five samples using fire assay to measure gold, platinum, and palladium. Silver was measured using aqua regia digestion.
All samples were grab samples and are not necessarily representative of the mineralization hosted on the property. PLAN intends to complete more comprehensive soil sampling on the property in the second quarter of 2020 once the snow in the area is melted.
Dwayne Melrose, P. GEO, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the contents of this news release.
In conjunction with the option agreement, PLAN also signed a consulting agreement with Mr. Marlow whereby Mr. Marlow will assist with exploration work conducted on the property in the first two years of the option agreement. Terms of the consulting agreement including paying Mr. Marlow a minimum of $9,800 in 2020 and an additional $9,800 in 2021 to assist with exploring the Heffley Creek property. In addition, the Consultant will receive 50,000 stock options of PLAN in 2020 and an additional 50,000 stock options in 2021, subject to PLAN's stock option plan and the policies of the TSX Venture Exchange.
Mr. Marlow is an arm's length party to the Company.
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 natural pozzolan assets in the Kamloops area of BC. Pozzolans are receiving more interest from the cement industry as the commercial supply of fly ash is diminishing with the continued closure of coal fired power plants in Alberta and Saskatchewan. Our permitted mine, the Z1 Zeolite Quarry, is located within a one-hour drive of Kamloops and the Z2 Natural Pozzolan Property near Falkland, BC is also approximately a one-
hour drive from Kamloops. Kamloops offer railway access and the ability to serve both the local market, the Lower Mainland of BC and the Calgary to Lethbridge corridor of Alberta.
"I am keen to see this Heffley Creek Property systematically explored. We are excited about its proximity and easy access. It is approximately a 25-minute drive from Kamloops, BC. This property was explored by LaFarge Canada in 1999 where they drilled an alumino-silicate rich area (natural pozzolan) of the property. While our primary interest is the natural pozzolans, we intend to conduct further soil sampling at the property in the Spring of 2020 in search of gold and silver," stated Steve Harpur, CEO.
"It was a pleasure to work again with Steve and the team at PLAN while they did due diligence on the Heffley Creek Property before signing the option agreement. I am excited to see this property further explored for both its industrial mineral content as well as for gold and silver. I am also pleased to be part of the team which will conduct exploration on the property over the next two years," 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.