VANCOUVER, BC – TheNewswire – (September 19, 2022) Gama Explorations Inc. (CSE:GAMA) (“Gama” or the “Company”) is pleased to announce, further to its news release dated September 12, 2022, that it has entered into a definitive agreement dated September 16, 2022 with Tyee Nickel Corp. (“Tyee”) and the shareholders of Tyee (the “Shareholders”) regarding the acquisition of the issued and outstanding shares of Tyee (the “Agreement”).
Pursuant to the Agreement the Company will purchase all of the issued and outstanding common shares of Tyee (the “Shares”) from the Shareholders in exchange for 9,000,000 common shares of the Company.
Tyee is a British Columbia incorporated company and the owner of the Tyee Nickel-Copper Project (the “Property”), which is located 130 km north of Havre St. Pierre, Quebec and approximately 12 km north of the Romaine IV Hydroelectric Dam. The claims comprise of a single claim block of 81.46 square kilometers prospective for nickel, copper and platinum group elements. The project contains geochemical anomalies that overlie geophysical anomalies, which may represent mafic to ultramafic feeders to the surrounding Havre St. Pierre anorthosite complex.
The anorthosite complex is in an underexplored region that hosts known nickel-copper-PGE occurrences. Occurrences have been found 20 km to the west of the Tyee Nickel-Copper Project in an area with geophysical and lithological similarity.
Mineralization in areas outside of GAMA’s tenure is not indicative of mineralization on GAMA’s tenure.
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Figure 1. Mineral claims in the region.
GAMA now holds the 81.46 square kilometers project shown in green.
In connection with the Agreement, the Company is also pleased to announce the appointment of Dr. Mick Carew to its board of directors. A PhD geologist with over 25 years of experience in the mining industry, Dr. Carew has both regional and near-mine mineral exploration experience working for several major and junior mining / exploration companies. He has worked on a variety of uranium, base and precious metal ore deposits in three continents including Australia, North America and Asia.
Dr. Carew has corporate management experience at the executive level and was previously a research analyst at Haywood Securities, where he used his technical expertise to evaluate companies and projects ranging from early and advanced stage exploration, resource and development to production.
The Company further announces the grant of 3,100,000 options granted to directors, officers and consultants of the Company. The options are exercisable at a price of $0.30 per share for a period of 5 years and are subject to vesting in four equal installments over two years.
In connection with the Agreement, the Company will issue a finder’s fee of 400,000 common shares to an arm’s length party.
Qualified Person
Norman Brewster, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information provided in this release.
About Gama Explorations Inc.
Gama is a Canadian company listed on the Canadian Stock Exchange (CSE: GAMA). The Company is a mineral exploration company focused on the acquisition, exploration and advancement of high quality prospective mining projects. The company currently has the right to acquire 100% interest in the Big Onion Project located a short 20-minute drive from the town of Smithers in northern British Columbia.
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ON BEHALF OF THE BOARD,
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Allan Larmour | President and Director |
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. Forward-looking statements include, but are not limited to the closing of the proposed acquisition of Tyee. The words “expected”, “will” and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
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