Vancouver, British Columbia (FSCwire) – Tasca Resources Ltd. (TSXV – TAC) (“Tasca” or “the Company”) is pleased to announce the signing of the definitive agreement (the “Agreement”) between Tasca and Samarium Borealis Corp. (“Samarium”) whereby Tasca has the option to acquire up to a 100% undivided interest (the “Option”) in and to 116 mineral concessions known as the Bleiberg Project (the “Property”), located in the land registry municipalities of Bad Bleiberg, Nötsch im Gailtal, St. Stefan im Gailtal and Paternion in southwestern Austria as referred to in the Company’s press releases dated October 18, 2016 and November 7, 2016.
Under the terms of the Agreement, Tasca may earn a 100% undivided interest in the Property by paying to Samarium an aggregate of $120,000, with $60,000 payable upon the acceptance of the Agreement by the TSX Venture Exchange (the “Effective Date”) and an additional $60,000 payable within two years from the Effective Date of the Agreement. Upon the completion of the above payments, Tasca will hold a 100% undivided interest in the Property.
About the Bleiberg Project
The Bleiberg Property hosts an extensive mining infrastructure with more than 1150 kilometres of tunnels and 3 mine shafts. Historic production was about 500,000 tons per year, and it was one of the 6 largest Germanium producers in the world while it was in production. Average grades were 6 percent zinc, 1 percent lead and 200 parts per million (ppm) germanium.
Source: ARCHIV FÜR LAGERSTÄTTENFORSCHUNG DER GEOLOGISCHEN BUNDESANSTALT, Arch. f. Lagerst.forsch. Geol. B.-A. ISSN 0253-097X Band 18 S. 5–33 Wien, Juni 1995, Austrian Resource Potential of Specialty Metals (Ga, In, Tl, Se, Te, Cd) in Lead-Zinc and Other Ores.
Finder’s fees of 10% (cash) will be paid in connection with the transaction.
The closing of this transaction and the payment of the finder’s fees are subject to the approval of the TSX Venture Exchange (“TSXV”).