Goat Industries buys mining claims in Quebec

by James · March 24, 2023

Goat Industries Ltd., (“the Company or “GOAT”) GOAT is pleased to announce that, pursuant to the Company’s press release dated March 10, 2023, the Company has completed the acquisition of certain claim blocks located in Quebec, Canada (“the “Lacana-Doran Property”) .

The company now has a 100% ownership interest in the Lacana-Doran Property which consists of 1,925 hectares of land located west of Aguanish, 100 km east of Havre St. Pierre and 320 km east of Sept Iles in Quebec, Canada. The Lacana-Doran property comprises five Quebec-designated deposits: Lacana-Doran; DMC-R01; MZX-TR-18; Ech L6-L10; and Ech CS06-G1, as well as three (3) designated rock samples with historical reported lithium values, and part of another deposit designated as “Area C” of the deposit known as Riv. Nabisipi with uranium and rare earth bastnaesite.

The Lacana-Doran property includes expressions of uranium, lithium and pegmatite mineral values, providing a broad target area for detailed follow-up geochemical sampling, geophysical survey and ultimately drilling. The occurrence of Bastnaesite is encouraging in a uranium-bearing environment. The Lacana-Doran property has potential for not only uranium but also for LCT pegmatite deposits.

In line with the company’s investment policy, GOAT does not intend to develop the Lacana-Doran property – rather the company will look to maximize the value of the property, and the corresponding return to shareholders, by positioning them for disposal to mining companies that may have an interest in to advance the Lacana-Doran property.

Dr Stewart A Jackson, P.Geo. is the company’s independent qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects who has reviewed and approved the scientific and technical content of this press release.

Transaction details

The Company purchased the Lacana-Doran Claim Blocks from certain arm’s length parties pursuant to two separate asset purchase agreements dated March 8, 2023 (the “Agreement Purchase Agreements”). Pursuant to the Asset Purchase Agreements, the Company acquired a 100% interest in the Lacana-Doran Claim Block by issuing a total of 80,000,000 common shares (the “Consideration Shares”) at an assumed issue price of $0.011 per share for a purchase price of approximately $880,000.

The consideration shares are subject to a holding period of four months and one day expiring on 24 July 2023. The acquisition of the Lacana-Doran property did not constitute a fundamental change, or a change of business for the company, nor was there a change of control over the company in accordance to applicable securities laws and the policies of the Canadian Securities Exchange. No finder’s fees or commissions were paid in connection with the acquisition of the Lacana-Doran property.