Xplore Resources Secures Lithium Properties in Ontario for Root Project Area

Xplore Resources is excited to share news of its recent venture, having entered into option agreements with independent parties to secure a 100% interest in five promising lithium properties within the Root project area in northwest Ontario. This strategic move is aligned with the company's ongoing commitment to exploration and expansion. The acquisition of these additional properties significantly bolsters Xplore's land position in Ontario, expanding it by an impressive 11,000 hectares and bringing the total to 18,800 hectares.

The newly acquired Root North and Root Falls Properties represent a noteworthy addition, encompassing a total of 14 unpatented mineral claims and extending the land coverage of the Surge Project by 2,600 hectares.

The Cathy Creek Property, consisting of six unpatented mineral claims covering 2,600 hectares, holds unique geological characteristics. Positioned 1.5 kilometers from the boundary of the Rooth South Pluton, an influential peraluminous S-type fertile granite, the property is underlain by metasediments.

Moving forward, the Raggy Creek and Aerial Lake Properties, each comprised of six unpatented mineral claims, add a substantial 5,800 hectares to Xplore's portfolio. Situated in the English Rivier Subprovince, these properties are characterized by metasediments and peraluminous S-type granites. Notably, the Raggy Creek property stands 10 kilometers from the terrain boundary between the Uchi Subprovince and the English River Subprovince.

In terms of the financial aspects of these acquisitions, under the option agreement for the Cathy Creek, Raggy Creek, and Aerial Lake properties, Xplore is obligated to make payments totaling $204,000 over a span of three years. Additionally, the company will issue 900,000 common shares upon the TSX Venture Exchange's acceptance of the agreement.

For the Root North property, under a similar option agreement, Xplore commits to payments amounting to $75,000 over three years and the issuance of 300,000 common shares upon the TSX Venture Exchange's approval. The net smelter returns royalty stands at 1.5%, with a potential purchase of 0.5% for a cash consideration of $500,000.

Similarly, under the option agreement for the Root Falls property, Xplore is set to make payments totaling $87,000 over three years and issue 600,000 common shares upon the TSX Venture Exchange's acceptance. The net smelter returns royalty is fixed at 1.5%, with the opportunity to buy 0.5% for a cash sum of $500,000.

This strategic expansion through property acquisitions aligns with Xplore Resources Corp.'s vision for growth and diversification within the lithium sector. The company's commitment to exploration and resource development is evident in these strategic moves, positioning Xplore as a key player in the dynamic landscape of mineral exploration and development in northwest Ontario. As the projects progress, Xplore Resources aims to unlock the full potential of these lithium properties, contributing to the sustainable development of the region's mineral resources.