Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) (‘Quimbaya Gold’ or the ‘Company’) is pleased to announce that the Company has executed the final payment of 4 contract concessions totalling 1624 hectares in the Tahami project area. The company was able to amend the last payment terms of these concessions from $200,000 USD to $135,000 USD.

‘We are pleased that we were able to secure these important land packages with the final payments on our highly prospective Tahami area on amended terms that represented a 30% savings from the original last payments’, stated Alexandre P. Boivin, President and CEO.

The company also announces that it has extended the expiry date of an aggregate of 1,589,344 outstanding warrants of which 1,241,070 warrants were issued in connection with the closing of a non-brokered private placement on June 5, 2024 (the ‘June Warrants‘) and 348,274 warrants were issued in connection with the closing of a non-brokered private placement on November 1, 2024 (the ‘November Warrants‘).

The initial exercise price of the June Warrants and the November Warrants is $0.75 and remains unchanged. The June Warrants have an original expiration date of June 5, 2025 and the November Warrants have an original expiration date of November 1, 2025. The Company proposes to extend the expiration date of the June Warrants and November Warrants by one additional year to June 5, 2026 and November 1, 2026, respectively (the ‘Amendment’). All other terms and conditions of the June Warrants and the November Warrants will remain unchanged.

The Amendment is subject to final Canadian Securities Exchange (the ‘CSE‘) approval, as applicable. No action will be required on the part of the holders of the June Warrants and the November Warrants to give effect to the Amendment. In accordance with the requirements of the CSE, the terms of any warrants issued as compensation warrants or as finder warrants are not eligible for amendment.

528,570 of the June Warrants and 153,600 of the November Warrants are owned by insiders of the Company, representing 42.6% and 44.1%, respectively, of the aggregate number of warrants. As a portion of the June Warrants and the November Warrants are held by insiders of the Company, the Amendment may constitute a ‘related party transaction’ as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). A material change report will be filed with respect to the Amendment as it pertains to insiders. The Amendment are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the June Warrants and the November Warrants issued to insiders nor the cash consideration paid for such June Warrants and November Warrants exceeds 25% of the market capitalization of the Company.

About Quimbaya Gold

Quimbaya is active in the exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Department, Colombia.

Contact Information

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Cautionary Statements

This news release contains forward-looking statements and/or forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable securities laws. When used in this release, such words as ‘would’, ‘will’, ‘anticipates’, believes’, ‘estimates’, ‘potential’, ‘explores’ ‘expects’ and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of the Company with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects the Company’s current expectations regarding future events, including but not limited: the initial depth of the Initial Drilling Campaign, if any; the successful completion of the Initial Drilling Campaign program and any future drilling under the initial contract, should they proceed, if at all; the ability of the Company to finance and execute its planned and future exploration activities; the quality of service and reputation of the Drilling Providers; the effectiveness of any potential drilling results in defining mineral resources or leading to a commercial discovery; the timing and process for the release of escrowed Consideration Units to the Drilling Providers; the anticipated cost of the Initial Drilling Campaign, if any, which may be subject to overruns; the receipt of regulatory approvals; the obligation for future updates as it relates to the Initial Drilling Campaign or future campaigns; and the initial and the overall success and advancement of the Company’s projects.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; the quality of word provided by the Drilling Providers, if any; the receipt of necessary approvals; availability of financing; uncertainties and risks with respect to exploration and drilling; general business, economic, competitive, political and social uncertainties; certainty that finalized the commercial agreements will be successfully executed; risk of costs overruns with the Initial Drilling Campaign or future campaigns, if any, assurance that the final terms will align with those initially agreed upon or that the Initial Drilling Campaign will proceed as anticipated; timelines for drilling, if at all; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources; any assurances that the Company’s stock price will appreciate or maintain its current value; and the fact that the transaction will result in dilution to the Company’s existing shareholders, which may impact the market value of their holdings. The Company cautions that there is no guarantee that the planned Initial Drilling Campaign, if commenced, will yield successful results, identify mineral resources, or lead to further exploration or development. Exploration activities are inherently speculative, and drilling results may be inconclusive, insufficient, or unfeasible for further development. The cost estimates provided are subject to change, and the ability of the Company to continue exploration depends on factors such as market conditions, commodity prices, regulatory approvals, and access to additional funding. Additionally, the issuance of Consideration Units as compensation may remain subject to regulatory and exchange final approval, and there is no assurance that such approval will be obtained. The securities issued in connection with this transaction may be subject to resale restrictions under applicable securities laws and CSE policies. For a more fulsome additional list of risk factors please see the Company’s December 31, 2023, year-end Management Discussion and Analysis (‘MD&A’), 2024 third-quarter MD&A, available of SEDAR+ at www.sedarplus.ca.

Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

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Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) (‘Red Metal’ or the ‘Company’)  is pleased to announce it has now commenced an extensive sampling and mapping work program to follow-up on and extend previously identified veins that make up approximately 15km of veining extending along strike from the historic Carrizal Alto mine.

This active 2025 work program will continue work delineating the vast vein system on Carrizal property and aid in refining future drill targets. All samples will be sent for assay and the Company expects a steady stream of assay results shortly.

Figure 1: Brecciated vein from Level 7 of artisanal workings

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Red Metal Resources President and CEO, Caitlin Jeffs stated,‘We are now underway with our 2025 work program and are excited to build on our previous discoveries of up to 5.77% Copper. We believe we are in the top of a large IOCG system and that we are in the early stages of showing its full potential.’

Figure 2: Overview of Farellon Project, Carrizal, Chile

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⁽¹⁾Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

A 2022 work program focused on mapping veins along strike of, and to the east of the main Farellon structure with the goal of developing new drill targets. New veins mapped and sampled include the Gorda vein which was drilled in Hole FAR-22-020. The Gorda vein lies 250 metres east of the Farellon structure which was mapped and sampled along strike for a full kilometre. A further five veins were identified and sampled in detail to develop 2025 and future drill targets throughout the property.

Highlights

• A high sample return of 5.77% Cu, 1.55% Co and 0.11 g/t Au two kilometres along strike to the north of the recent drilling on the Farellon structure
• Three veins mapped, each demonstrating over a kilometre of prospective strike length with mineralized grab samples

Table 1: Grab Sample Highlights ⁽¹⁾⁽²⁾

⁽¹⁾Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.
⁽²⁾This table represents a selection of highlights including 41 samples out of 102 samples taken

Qualified Person

The technical content of this news release has been reviewed and approved by Caitlin Jeffs, P. Geo, who is a Qualified Person (‘QP’) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Red Metal Resources Ltd.

Red Metal Resources is a mineral exploration company focused on growth through acquiring, exploring and developing clean energy and strategic minerals projects. The Company’s portfolio of projects include seven separate mineral claim blocks and mineral claim applications, highly prospective for Hydrogen, covering 172 mineral claims and totaling over 4,546 hectares, located in Ville Marie, Quebec and Larder Lake, Ontario, Canada. As well, the Company has a Chilean copper project, located in the prolific Candelaria iron oxide copper-gold (IOCG) belt of Chile’s coastal Cordillera. Red Metal is quoted on the Canadian Securities Exchange under the symbol RMES, on OTC Link alternative trading system on the OTC Pink marketplace under the symbol RMESF and on the Frankfurt Stock Exchange under the symbol I660.

For more information, visit www.redmetalresources.com

Forward-Looking Statements – All statements in this press release, other than statements of historical fact, are ‘forward-looking information’ within the meaning of applicable securities laws. Red Metal provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to the ability to raise adequate financing, receipt of required approvals, as well as those risks and uncertainties identified and reported in Red Metal’s public filings under its SEDAR+ profile at www.sedarplus.ca. Although Red Metal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Red Metal disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244415