METALORE TO ACQUIRE REMAINING 48% INTEREST IN GAS PROPERTIES
March 31, 2023, Press Release, SIMCOE, ONTARIO - Metalore Resources Limited (MET/TSXV) (“Metalore” or the “Company”) is pleased to announce that it has entered into an agreement to acquire the remaining 48% interest in Houghton Township, Southwestern Ontario natural gas properties from Southern Ontario Natural Gas Limited (“SONG”).
In lieu of cash, the Company has agreed to exchange a 100 acre mineral property in Greenstone, Ontario for the 48% interest in the natural gas properties of SONG that Metalore does not already own. SONG has agreed to pay Metalore $167,500 (the average of all real estate opinions received in Q1 2023 regarding the Greenstone mineral property) should an agreement not be signed to produce one or more of the Houghton Township natural gas wells by the end of 2023. (SONG is a private company, wholly owned by the Chilian Family).
This transaction is subject to approval by the TSX Venture Exchange.
About Metalore Resources Limited
For almost 60 years Metalore has produced natural gas from wells in Southwestern Ontario. Revenues generated from natural gas sales have enabled the Company to explore Northwestern Ontario for gold, copper, zinc, lithium, PGE’s and diamonds without dilution to its share structure (currently 1,775,035 shares outstanding). The Company remains actively involved in joint venture exploration with Greenstone Gold Mines (Equinox Gold Corp (60%) and Orion Mine Finance Group (40%)) on the Brookbank gold properties, Thunder Bay mining district.
For further information contact:
Armen Chilian P.Geo. President /CEO
(519) 428 – 2464 www.metaloreresources.ca/contact