Hybrid Acquires Rare Earth Claims in Rocky Mountain Rare Metal Belt
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HYBRID MINERALS INC.
#701 – 595 Howe Street Vancouver, British Columbia, Canada V6C 2T5
HYBRID ACQUIRES RARE EARTH CLAIMS IN ROCKY MOUNTAIN RARE METAL BELT, BRITISH COLUMBIA, CANADA
VANCOUVER, BRITISH COLUMBIA – February 19, 2019 – Hybrid Minerals Inc. (TSXV: HZ) (the “Company”
| or “Hybrid”), reports that it | has entered into an arm's-length acquisition agreement to acquire |
| approximately 560 hectares of claims in the Cariboo mining division, British Columbia, in the | |
| immediate vicinity of the well-known Wicheeda rare earth mineral project. The Wicheeda | |
| project was recently acquired by Defense Metals Corp. from Spectrum Mining Corp. that made | |
| the original REE (rare earth element) discovery from drilling in 2008 and 2009. |
The Wicheeda project
The Wicheeda project is located approximately 80 kilometres northeast of the city of Prince George, and approximately 50 km east of the community of Bear Lake, B.C., and is readily accessible by all-weather gravel roads and is close to major infrastructure including power transmission lines, railway and major highways. Geologically, it is situated in the Foreland belt and within the Rocky Mountain trench, a major continental geologic feature. The Foreland belt contains part of a large alkaline igneous province stretching from the Canadian cordillera to the southwestern United States and hosts several carbonatite and alkaline complexes among which the Aley (niobium), Rock Canyon (REE) and Wicheeda (REE) alkaline complexes contain the highest concentrations of rare earth element minerals.
According to Spectrum Mining Corp.'s paper presented at the fifth annual Minerals South Conference and Trade Show in October, 2009, Spectrum completed a total of 19 diamond drill holes in 2008 and 2009. In 2008, four BTW-size holes totalling 866 m intersected significant rare earth mineralization in the Main zone cerium soil anomaly at Wicheeda. The best drill intercept was a 48.64 m interval in hole 2008-02 that returned 3.55 per cent REE. In 2009, 15 NTW diamond drill holes totalling 1,824 m were drilled again into the Main zone from two new drilling platforms. Ten holes drilled on the Main zone intersected further intervals of REEbearing carbonatite from surface to variable depths. Significant intervals were: a 72.0 m interval that returned 2.92 per cent REE and a 144 m interval that returned 2.20 per cent REE in three separate holes (see B.C. Ministry of Energy, Mines and Petroleum Resources, AR30873). The 2009 drilling suggests that mineralization remains open in all directions.
All previous work is of a historical nature, and may not have been conducted under National Instrument 43-101 standards, therefore assay results cannot necessarily be relied upon.
Hybrid intends to confirm the reported mineralization on its claims with the Company's own sampling program.
Details of the acquisition:
Pursuant to the agreement, in order to complete the acquisition Hybrid must:
Pay the vendors an aggregate of $25,000 upon TSX Venture Exchange o approval;
Issue to the vendors an aggregate of 1.5 million units upon TSX-V o approval; each unit consists of one common share of the Company and one transferable share purchase warrant entitling the holder to acquire a further common share of the Company at a price of 10 cents for two years from issuance;
Agree to a 2-per-cent net smelter return royalty (NSR); Hybrid may o acquire one-half of the NSR for $1-million within five years of the agreement date.
Agree to pay annual pre-payment of advance royalties at the rate of o $25,000 a year commencing 24 months following execution of this agreement.
The above-mentioned transaction is subject to the approval of the regulatory authorities.
National Instrument 43-101 disclosure
Glen Macdonald, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information above in this news release.
For more information on Hybrid please visit the Company’s website at: www.hybrid-minerals.com
“Glen Macdonald”
Chief Executive Officer
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FOR ADDITIONAL INFORMATION CONTACT:
Hybrid Minerals Inc.
Office: 604-719-8129; email: [email protected]