Meryllion Resources Corp. Options Western Australian Base and Battery Metal Exploration Property
Toronto, July 26, 2021 - Meryllion Resources Corp. (CSE: MYR.X) ("MYR "or the "Corporation") wishes to announce that it has signed an option to acquire a 100% interest in the Oldham Range base and battery metal exploration property (the "Property") in Western Australia.
Figure 1: Location Plan of Oldham Range Licence in Western Australia
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Highlights
• The Property comprises a 14,700 ha granted exploration licence, 320km northeast of Wiluna, Western Australia.
• Soil sampling and an airborne geophysical survey of the Property has identified several drill-ready targets for base and battery metal mineralization - copper, nickel, cobalt, PGEs and zinc - characterized by the coincidence of geochemical anomalies with high priority VTEM conductors.
• The Corporation intends to commence an initial drill program in the current quarter, subject to all relevant Authorities and Stakeholder approval.
• Major mining companies - Fortescue Metals and Rio Tinto - are significant property holders adjacent to or near the Oldham Range Property. In addition, Rumble Resources Limited (ASX: RTR, Market capitalisation of approx. AUD$300m) has announced in April 2021 a new major zinc-lead- silver discovery in 2 areas approx. 110km north of Wiluna, Western Australia. This discovery is some 120 km from the Property. A large 30,000 metre drill program is underway by RTR.
• The Corporation can earn a 100% interest in the Property by AUD $300,000 expenditure based on an agreed budget on or before 31 December 2021. Following the minimum expenditure being met, MYR will have an exclusive right to acquire the Property at any time subject to:
1. Issuing 2,000,000 MYR shares;
2. Payment of AUD$50,000; and
3. Granting a 1% Net Smelter Royalty for all metals produced from the Property.
The Chief Executive Officer of MYR, Mr. Jeremy Edelman, said: "We are delighted to have optioned the drill-ready Oldham Range Property which gives shareholders the opportunity to be quickly drilling a number of targets with the potential to host increasingly valuable base and battery minerals."
Figure 2: Major Mining Companies Proximity to Oldham Range Project
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Oldham Range Property
The Oldham Inlier forms part of a basement high in the north-western part of the Officer Basin. Initial exploration work was completed by the Geological Survey of Western Australia followed by initial soil and geophysical surveys by several operators between 2001 and 2014. The MYR drill program will be the first drilling ever undertaken on the Property.
Figure 3
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About Meryllion Resources Corp.
Meryllion Resources Corp. is a junior exploration company listed on the Canadian Securities Exchange. The Corporation undertook a corporate re-structuring and financing in early 2021 and is now investigating a number of exploration opportunities with drill-ready targets.
For further information please contact:
Mr. Jeremy Edelman
Director and Chief Executive Officer
Meryllion Resources Corp.
E: meryllion@outlook.com
Qualified Person
The technical disclosure in this release is based on information prepared by Dr. Simon Dorling. Dr. Dorling is a member of the Australasian Institute of Geoscientists (Member Number: 31021). Dr. Dorling has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Dorling consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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