CBGB is a privately held company incorporated in
Through the Transaction, Troy would acquire two highly prospective high purity silica assets, further diversifying and strengthening its critical mineral asset portfolio. The Company anticipates an aggressive campaign of exploration and development across both properties, subject to completion of the Transaction.
Silica, a vital component in everyday products including microchips and emerging green technologies, particularly solar photovoltaics (PV), continues to grow in demand and has become of particular concern to European and North American governments as world tensions rise and
With the permitting of silica projects being significantly simpler than traditional mines, the synergy of these efforts will position Troy as an emerging leader in the critical minerals market. The near-term prospect of production and the objective to become a cash-flowing mining company sets up
Project Highlights
High-purity quartzite of the Mount Wilson Formation with up to 10 km of regionally mapped strike length on the property and up to 300 to 1,400 metres apparent width at surface.
2017 sampling in the northern area of the property conducted by
2023 surface sampling in the centre of the property yielded up to 99.24% SiO2 with an average of 98.62% SiO2 from 9 grab samples taken across a traverse of over 180 metres of apparent thickness.
On the same lithological unit and close to both the Sinova Quartz quarry (6 km to SW) and
The nearby Sinova Quartz quarry will export silica to supply its own silicon plant in
Ability to tap into the North American push for securing critical minerals. Over
Quick to cashflow potential.
To support the execution of the Company's plans, Troy will engage
Mine Plus's breadth of experience includes projects in
Transaction Terms
The Transaction is currently contemplated to proceed by way of share purchase, share exchange, amalgamation or other similar type of transaction, pursuant to which shareholders of CBGB will exchange all of their shares of CBGB in consideration for a total of 6,488,303 common shares and 6,488,303 special warrants of the Company (the 'Consideration Securities').
All shares are subject to voluntary hold and escrow provisions, as detailed below, with 50% of the total shares being issued on the Company achieving key milestones, including production.
The special warrants of the Company will automatically convert into common shares of the Company as follows: a. 1,601,328 special warrants held by CBGB shareholders, excluding the Restricted Shareholders, will automatically convert into 1,601,328 common shares of the Company on that date which is 30 days of the earlier of the date of
Upon completion of the Transaction, CBGB will have the right to nominate a director to the board of directors of the Company for a period of 24 months or upon commencement of commercial production at either of the
The final structure of the Transaction will be determined by the parties based on corporate, tax, securities and other legal considerations. The closing of the Transaction is subject to CSE approval, the parties negotiating and executing definitive documentation, the satisfactory completion of due diligence by the Company and the receipt of all other necessary consents and approvals, among other conditions that are typical for a transaction of this nature.
Additional Technical Details on the
The property is underlain by thick sequences of extremely pure quartzite of the Ordovician Mount Wilson Formation, occurring as north-northwest striking, usually steeply east-dipping thrust panels.
Locally, quartzite of the Mount Wilson Formation occurs as friable sandstone, grading deeper to well cemented quartzite. One structurally repeated exposure of
The quartzite can be described as frosty white, sedimentary quartzite with a clastic texture containing fine, well-rounded polished grains 1/8- 1/4 mm in diameter. Very competent bonding allows breaking to occur through the quartz grains.
The silica-hosting formation on the property measures up to 10 kilometres in strike length with a regionally mapped surface exposure ranging from 300 to 1,400 metres apparent width at surface.
Additional Technical Details on the
Mineralization at the property consists of almost pure, monomineralic quartz veins. Vein deposits are formed through a variety of processes, including hydrothermal activity, metamorphism, and weathering. The minerals that make up vein deposits are typically deposited from hydrothermal fluids that have migrated through the rock depth.
At the
During
Initial drilling of 400 metres was conducted from July to
A 10-tonne bulk sample was sold to a Chinese offtaker at
Cautionary Note
The reader is cautioned that grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
Forward-looking Statements
Certain information contained herein constitutes 'forward-looking information' under Canadian securities legislation. Forward-looking information includes, but is not limited to, the Transaction and the completion of the Transaction on the terms and timing described herein. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'will' or variations of such words and phrases or statements that certain actions, events or results 'will' occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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