Calgary, October 30, 2024 – Record Resources Inc. (TSX-V: REC) reports it is acquiring a 100 percent interest in 27 mineral claims in the Timiskaming area of Ontario near recent hydrogen discoveries.
it is acquiring a 100 percent interest in 27 mineral claims in the Timiskaming area of Ontario near recent hydrogen discoveries. The claims are being acquired in an arms-length transaction with a private exploration company.
Edward Procyshyn, VP Exploration in an internal report writes:
“The discovery of natural hydrogen gas seeps in the Lake Timiskaming area located on the border of Ontario and Quebec. 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 claim blocks recently acquired by Record Resources Inc. are located along the eastward dipping Lake Timiskaming West Shore Fault system. In this area the sedimentary and volcanic formations dip westward and potentially create structural and hydrological conditions that can trap the accumulation of gases that contain hydrogen.”
“The Timiskaming Graben Rift System is a long lived pre-existing basement structure associated with crustal extension over the past 700 million years. Down-dropped outlier blocks of Ordovician-Silurian limestone are preserved within the graben at the northern and eastern margin of Lake Timiskaming.”
“Seismic reflection data within the area of Lake Timiskaming graben indicate that sedimentary formations even as young as the glacially deposited units are now deformed to form narrow horst and graben structures and a general subsidence over the adjacent area bounded by parallel faults now expressed on land as topographic scraps.”
“A preliminary examination of the geological, structural and tectonic setting of the Lake Timiskaming claims indicates that the area of the claims may satisfy all parameters required to contain economic native hydrogen reservoirs.”
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.
Due to the issuance of shares, this transaction is subject to TSXV approval.
Qualified Person:
Edward Procyshyn, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.