VAL D'OR, QUEBEC--(Marketwired - April 28, 2016) - Active Growth Capital Inc. (TSX VENTURE:ACK) ("ACK" or the "Corporation") is pleased to announce it has entered into an exploration and option to joint venture agreement on of a group of claims located on past producing muscovite mines, located in the Province of Québec (the "Muscov Project"), with St-Georges Platinum Ltd. ("St-Georges") and two prospectors (the "Option Agreement").
The Option Agreement grants ACK an option to earn an undivided 50% interest in the Muscov Project, in consideration for ACK issuing 1,500,00 common shares and granting a 2% production royalty interest.
In addition, ACK has the option to increase its interest by an additional 25% for an aggregate undivided 75% interest by and incurring $200,000 in exploration expenditures over a two year period (the "Expenditures"). The Option Agreement also provides that upon ACK exercising its option, a 50%/50% or a 75%/25% joint venture with St-Georges will be established in order to further explore the Muscov Property.
The Muscov Project
The project is comprised of 95 mineral claims covering 4 blocks of mapped and worked pegmatites over 5435 hectares, of which 10 pegmatites were partially mined for muscovite between 1900 and 1940.
The 4 blocks comprising the Muscov Project are:
The Mine du Lac à la Mine and Mine du Lac Jacques block is constituted of 2 past producing claims and 9 additional claims acquired by staking. The main minerals identified by the Québec Government Ministry of Natural Resources on the projects are about 1 kilometer apart are Mica (Muscovite and Lepidolite), Apatite, Garnet and Tourmaline. Limited production was conducted in open pits. The mines are about 12 km north-east of Tadoussac on the Quebec North-Shore.
The Mine Imbeault, Mine du Lac Castor, Mine du Ruisseau and Mine du Lac Sirois block is constituted of 3 past producing claims and 26 additional claims acquired by staking. The former mines are along the same 3km Pegmatite trend and the central point lays 16km north-west of Les Escoumins on the Québec North-Shore. Minerals identified are Mica (Muscovite and Lepidolite), Quartz, Feldspath, Garnet (Beryllium), Tourmaline and Apatite. The Mine du lac Castor section has a 1.6 km by 120 meters pegmatite outcrop on a North-West orientation. Historical grades of 10 to 30% pink/ruby micas in multiple drilling intersections of 5 to 15meters. These results are historical in nature and cannot be rely upon and are only mentioned has a reference. There is no NI 43-101 technical report or known resources on these projects.
The Mine Xavier block is located 8 km to the east of Ville de Saguenay and is made up of 2 past producing claims that produced 14,000 kg of muscovite that yielded 909 kg of commercial mica sold to markets in 1940 according to the Quebec Government data. The minerals identified are mica (Muscovite and Lepidolite), Garnet and Beryllium in Pegmatites.
The Mine Roberval and Mine du Lac M block is made up 4 past producing claims and 37 claims acquired by staking, located 18 km east of Alma in Québec Lac-St-Jean region. Beryllium, Topaz and some LRE are found in Pegmatite that contains Lepidolite and Muscovite.
All blocks are close to all infrastructures and have an easy access.
Staking of Lepidolite and Pegmatite Claims
ACK also acquired jointly with St-Georges 22 prospective claims by staking in 2 separated blocks in northern Quebec.
A 4.5 milometers Lepidolite containing' pegmatite corridor was identified by the Ministry of Natural Resources of Quebec (MNRQ) on the southern block of the acquisition (15 claims) located 91 km south of the village of Kujjuaq while a chosen sample (MNRQ #2011054043) taken in 2011 and reported recently yielded 4,307 ppm of Beryllium (4,3 kg/tonne) and 2,008 ppm (2kg/tonne) of Tantalum on the northern block (7 claims) located about 32km south of Kujjuaq. The company has acquired the project in order to review its prospective opportunities.
Under the Option Agreement ACK has the option to increase its interest in these claims by acquiring a 25% from St-Georges for an aggregate undivided 75% interest by incurring the Expenditures.
Technological JV
Under the Option Agreement St-Georges granted ACK a right of first refusal to acquire a 25% interest in St-Georges R&D program, aimed at finding new extraction technologies and solutions in regards to muscovite minerals, and the intellectual property generated, in exchange for ACK contributing 25% of program financing.
Private Placement
ACK also announces a non-brokered private placement financing of a minimum of 3,000,000 and a maximum up to 7,000,000 Units (the "Units") of the Company at a price of $0.05 per Unit for maximum gross proceeds of $350,000 (the "Private Placement"). Each Unit will consist of one common share and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable into one common share at $0.10 for a period of 24 month from closing.
Proceeds from the private Placements will be used to conduct exploration on the Corporation' properties and for general working capital.
Condition and Finder's Fee
The Option Agreement is conditional upon the completion of the minimum Private Placement within 45 days.
A finder fee of 150,000 common shares of the Corporation will be payable to the 9248-7792 Québec Inc. in connection with the Option Agreement when the Company has acquired the initial 50% interest in the Muscov Property.
The Option Agreement and Private Placement are subject to the approval of the TSX Venture Exchange.
All securities issued will be subject to a four-month hold period.
Qualified Person
Joel Scodnick, P.Geo. (CPG # 11498) St-Georges Platinum's vice-president exploration, a Qualified Person under the National Instrument 43-101 has reviewed and approved the geological content of the current press release.
About Active Growth Capital
Active Growth is a TSX listed junior mineral exploration issuer whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Corporation is available on SEDAR at www.sedar.com.
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 of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Neither 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. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Except as required by law, the Company does not assume the obligation to update any forward-looking statement. You can find further information with respect to these and other risks in ACK's filings made with Canadian securities regulatory authorities and available at www.sedar.com. ACK disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Contact Information:
Marc Labrecque
CEO and President
(819) 856-3598