Berkwood Resources buys back its position from Progressive Planet Solutions on the Lac Gueret South Graphite Project
VANCOUVER, January 29, 2019 - Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2, WKN: A110N3) ("Berkwood" or the "Company") is pleased to announce that it has exercised its right to buy-back the 5% interest acquired by Progressive Planet Solutions Inc. (PLAN-TSX:V) ("Progressive") in October, 2018. Berkwood issued 1,750,000 units to Progressive, each unit consisted of one common one share and one-half warrant, with a whole warrant exercisable into an additional common share at an exercise price of $0.15 per share for two years. (Berkwood is currently trading at $0.75 to $0.09 Cents.) The securities have been issued with the required four month plus one day hold period. The Lac Gueret South project is located directly south of Mason Graphite's (TSX-LLG) advanced Lac Gueret Project. With a market capitalisation of over $120 million Mason owns one of the largest high grade graphite deposits in the world, and is planning on building a new graphite mine and processing plant. The Berkwood Lac Gueret South project is broadly analogous to the Mason Graphite deposit. The project comprises 288 Claims which cover a total area of 15,552 hectares. During the Phase 4 program Berkwood drilled sixteen (16) new NQ diameter diamond core holes for 2,078 m of newly acquired, to bring the total drilling at Zone 1 to 5,940 m over 43 drill holes. While moving the drill from one drill pad to another, three large Graphitic outcrops were discovered, one of them over 60 meters in length. The Company collected saw-cut surface channel samples on two of these outcrops to enhance the geological model. (refer to the Company's press release dated January 16, 2019 filed on SEDAR). Prior to commencement of the current phase 4 campaign, the Company has drilled 27 holes on Zone 1 that totals 4,006m. The Company is pleased to announce it has intersected visual Graphite in every hole drilled to date. Success in these drill programs confirms that a significant component of the distinct electromagnetic conductors that occur over a two kilometer strike length and 50 meters to 600 meters in width as defined by airborne EM geophysics (see the Berkwood news release dated February 10, 2015) that includes graphite mineralization.
PLAN's Stephen Harpur comments. "We are looking forward to being shareholders of Berkwood. Our company is currently doing research and development in developing cement blends using both zeolite and graphite as additives to make stronger cement while reducing its overall carbon footprint. Our dealings with Berkwood have been excellent and we look forward to watching this project progress."
Tom Yingling, President and CEO. States: "PLAN is a good strategic partner and we are also very happy to exchange at a price that is over market, giving our shareholder added value."
Edward Lyons PGeo (BC, QC, NL) is a Qualified Person under the definition of Canadian National Instrument 43-101, and has approved the technical information in this news release. Ed has worked extensively on the Lac Gueret Property, now owned by Mason, and neighbouring graphite properties since 2000.
About the Company - Berkwood is engaged in exploration for the commodities that enable the modern revolution in essential technologies. These technologies are dependent upon the ethical mining and supply of naturally occurring elements and minerals that enhance the performance of energy storage systems and permit the development and miniaturization of new electronics and structural components for the new suite of innovative tools. The Company is led by a team with collectively over 100 years experience and whose members have been involved with the discovery of several producing mines. The Company is particularly pleased to have partnered with QC-focussed entities for the financial support of the Lac Gueret South Project.
On Behalf of the Board of Directors
'Thomas Yingling'
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
info@berkwoodresources.com or 1-604-343-7740 www.berkwoodresources.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
