3 hours Ago By itaizul0011
Record Resources Pursues Natural Hydrogen Calgary, Alberta–(Newsfile Corp. – October 30, 2024) – Record Resources Inc. (TSXV: REC) reports it is acquiring a 100 percent interest in 27 mineral claims in the Timiskaming area of Ontario near recent hydrogen discoveries.
The claims, known as the Paradis Bay claims, are located five kilometres west of the town of Ville Marie, Quebec, near the claims held by Quebec Innovative Materials Corp and border the town of Paradis Bay, Ontario. The claims are being acquired in an arms-length transaction with a private exploration company. VP Exploration in an internal report writes: “Lake Timiskaming is located on the eastern boundary of a rift zone approximately 50 kilometres wide bounded by a series of northwest-southeast trending faults.
Being a young active tectonic system reactivated during the Mesozoic Ottawa- St. Lawrence rifting episode, it is probable that temperatures at the base of the Timiskaming graben will be substantial, enough to promote the production of hydrogen at the required rates.” The private exploration company, the vendor, will receive 2,000,000 common shares of Record Resources over a two-year period (1,000,000 share per year) and a one-time cash payment of $50,000 payable in six months.
The company’s shares are presently trading at $0.01 per share giving them a present aggregate value of $20,000. There was no finder’s fee paid in this transaction.
This agreement was signed on October 28, 2024. The vendor holds a one percent gross revenue royalty agreement on the properties. Half of the gross revenue royalty can be purchased by Record by paying $1,000,000.
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