QCX Gold to increase land package by acquiring Olsen

Executive Summary

• QCX Gold Corp. has entered into agreements to acquire 100% of the Olsen Project, a 3,715-hectare land package in Northwestern Ontario, expanding its Batchawana Project footprint.
• The acquisition places QCX directly adjacent to Sterling Metals Corp.'s Soo copper discovery, sharing over 6.6 km of common boundary with the core of that high-grade copper-gold discovery.
• The transaction involves cash payments totaling $114,000, the issuance of 800,000 common shares, and the granting of a 1.5% Net Smelter Return (NSR) royalty, with an option to reduce the royalty to 1.0% for $500,000.

Key Details

• Asset Acquired: 100% interest in the Olsen Project, consisting of 3,715 hectares located in the Batchawana Bay area, Northwestern Ontario.
• Strategic Context: The acquisition consolidates QCX's Batchawana project to a total of 30 multicell claims and 39 single-cell claims. The new land package shares more than 6.6 kilometers of common boundary with the core of Sterling Metals Corp.'s Soo copper project.
• Sterling Metals Discovery Reference: The release highlights Sterling's discovery of 262.5m at 1.05% CuEq (0.52% Cu, 0.005% Mo, 0.49 g/t Au, 3.15 g/t Ag), including higher-grade intervals of 68.3m at 3.25% CuEq and 9.2m at 19.8% CuEq.
• Historic Data: The Olsen claims contain five documented mineral occurrences supported by historic drilling, mapping, and geochemistry. Historic highlights include a 1.98 g/t Au surface grab sample and 0.03% Cu over 1.18m from historical drilling.
• Geological Setting: Located within the Precambrian Batchawana greenstone belt and associated metasedimentary sequences along the eastern margin of the Mid-Continent Rift. The property lies along strike of the past-producing Tribag mine.
• Transaction Consideration (Cash):
  • $28,000 payable upon TSX Venture Exchange approval.
  • $36,000 payable on the first anniversary of the effective date.
  • $50,000 payable on the second anniversary of the effective date.
  • Final cash payment (amount not explicitly stated in text, implied to be part of the aggregate structure or remaining balance) on the third anniversary.
• Transaction Consideration (Equity):
  • 500,000 common shares issued on the effective date.
  • 300,000 common shares issued on or before the second anniversary of the effective date.
  • Total equity consideration: 800,000 common shares.
• Royalty Terms:
  • Vendors entitled to a 1.5% Net Smelter Return (NSR) royalty.
  • QCX has the option to purchase 0.5% of the royalty (reducing it to 1.0%) for a cash payment of $500,000.
• Regulatory Conditions: Completion is subject to regulatory approvals, including TSX Venture Exchange approval.
• Share Restrictions: All securities issued are subject to a statutory hold period of four months and one day.
• Future Exploration: QCX intends to commence a target generation and delineation program, followed by prospecting and mapping, prioritizing porphyry-style targets and multielement anomalism.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.