VANCOUVER, BC, CANADA – January 6, 2021 – Geologica Resource Corp. (the “Company”) has issued 50,000 common shares (the “Shares’) for the initial payment of $5,000 under the Property Purchase Agreement for the TAC claims.
On March 30, 2021 the Company entered into the Property Purchase agreement for the TAC Claims. The agreement called for the Company to issue $5,000 of shares to the vendor by December 31, 2021. The value of the Shares to be issued as consideration was be calculated based on the average closing price of the Common Shares on the Exchange over the 10 trading days prior to the delivery of notice to the Vendor of the issuance of the Shares. Under the amendment the vendor agreed to be issued 50,000 shares at a deemed value of $0.10 to settle the $5,000 payment that was due by December 31, 2021.
The Property Purchase Agreement between the Company and the vendor provides for the transfer of ownership of 100% of the TAC Claims to the Company. The TAC Claims consists of two cells totaling approximately 37.34 Ha, which are located in central British Columbia, in the Omineca Mining Division and make up a portion of the Topley Property.
The Topley Property
The Topley property is located in central British Columbia near Babine lake and is road accessible with power lines running through the property making the property very cost effective to explore. The region near Babine Lake is known for its large porphyry, copper/gold, and copper/molybdenum deposits including past producing copper mines, Granisle and Bell. Porphyries contain the largest reserves of Cu and close to 50% of Au reserves in BC. The Topley Property consists of 7 mineral claims totaling 2,669 Ha with known prospects and showings.
The Company conducted SGH soil geochemistry survey in the fall of 2020 which identified a possible 2,000 metre diameter VMS anomaly located in the southwest section of the sample grid plus 2 Gold and 4 Copper anomalies on the Topley Property. The possible VMS and Gold anomalies strongly suggest the SGH anomaly is reflecting a VMS deposit consisting of copper and gold. Occurring within the center of this VMS anomaly is a copper anomaly correlating almost directly with a gold anomaly. This is highly suggestive of this anomaly reflecting a VMS-type deposit that contains gold and silver mineralization. This is supported by the historical airborne magnetic survey, which shows the VMS anomaly occurs within a magnetic high which is likely due to the Takla volcanics.
VHMS deposits occur within the area including Topley-Richfield-10 kilometres north of Topley, the Red prospect-5 kilometres northeast of the dormant Granisle Mine, and the Fireweed silver-lead-zinc prospect-12 kilometres west of the dormant Bell Copper mine. One of the best examples of a VHMS deposit is the Eskay Creek Mine which is a world class gold-silver-copper-lead-zinc deposit occurring within Hazelton Group rocks which also occur on the Topley Property. These deposits and prospects do not indicate any mineralization is present on the Topley Property.
Additional mineral potential in the area has been ranked extremely high, as the Babine Lake area is the fourth most prospective in the entire Skeena- Nass mineral potential project area (MacIntyre et al. 1995). A rock sample from the Topley Property yielded 6.84 grams/ton Gold (Carter, 1992). The technical content of this summary has been reviewed by John Buckle P.Geo., who is a Qualified Person as defined under NI 43-101.
About Geologica Resource Corp.
Geologica Resource Corp. is a mineral explorer, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement for 100% of the mineral claims known as the Topley Project. The Company is a reporting issuer in British Columbia.
Further information on Geologica Resource Corp. formerly Cabbay Holdings Corp. can be found on SEDAR at
For the Board of Directors
Douglas H. Unwin,
President & CEO
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
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