Vancouver, British Columbia / August 29, 2023 – Xander Resources Inc. (“Xander” or the “Company”) (TSXV: XND) (OTCPK: XNDRF) (FSX: 1XI) is pleased to announce it has completed the 2023 geological mapping and soil sampling program at the Company’s Senneville Project...
Xander Resources Appoints New Director and Grants Options, Increases Previously Announced Financing, and Provides Exploration Update
Xander Resources Inc. (TSXV: XND) (FSE:1XI) (OTCQB: XNDRF) (“Xander” or the “Company”) is pleased to announce the appointment of James Walker as a member of its board of directors, effective immediately.
James Walker has extensive experience in engineering and project management; particularly within mining engineering, mechanical engineering, construction, manufacturing, engineering design, infrastructure, safety management, and nuclear engineering. He is currently the CEO and President and Director of Ares Strategic Mining and a Director of Bayhorse Silver Inc., both TSX Venture Exchange listed issuers, and a director of Orcus Resources Ltd. His previous experience includes his time at Lithium Energy Products where he oversaw the exploration of multiple lithium projects.
James’ professional experience includes designing nuclear reactors, submarines, chemical plants, factories, mine processing facilities, infrastructure, automotive machinery, and testing rigs.
Mr. Walker holds degrees in Mechanical Engineering, Mining Engineering, and Nuclear Engineering, as well as qualifications in Project Management and Accountancy, and is a Chartered Engineer with the IMechE, and registered as a Project Manager Professional with the APM.
The Company also announces that it has granted 150,000 incentive stock options to a director exercisable at $0.13 for a period of 5 years, in accordance with its stock option plan.
Deepak Varshney, P.Geo., President and CEO, commented, “We are thrilled to welcome James to our board as an independent director. He brings a wealth of knowledge with extensive mining industry and capital markets experience. We believe his skill set complements those of our existing board members and that he will be a tremendous resource for Xander as we continue to execute on our strategy, drive growth and build long-term shareholder value for the Company.”
Non-Brokered Private Placement
The Company also announces it has increased the previously announced financing (the “Offering”) (see new release of September 1, 2021) wherein the Company has increased the Offering to include up to 3,000,000 units of the Company issued on a non-flow-through basis (the “Units”) at a price of $0.10 for gross proceeds of up to $300,000 (the “Proceeds”).
Each Unit will consist of one common share (a “Share”) and one transferable share purchase warrant exercisable at $0.20 per Share for a period of two (2) years from the date of closing.
Finder’s fees may be paid in accordance with applicable securities laws. The Proceeds from the Offering will be used for exploration on the Company’s portfolio of properties and working capital and general corporate purposes.
The Company is pleased to announce that it has mobilized its geological team to its Senneville Project located in Quebec for the execution of an outcrops sampling and mapping program as part of its strategy to pursue the lithium potential on the western part of its claims, in particular where volcanosedimentary rocks are in contact with the La Corne Batholith.
This area is of particular interest as it is in close proximity to the North American Lithium deposit which has proven and probable reserve of 17.06 Mt grading 0.94% Li2O and measured and indicated resources of 33.24 Mt grading 1.19% Li2O (http://na-lithium.com/projects) and near an area undergoing intense exploration by many other juniors including Great Thunder Gold, which recently reported 1.48% Li2O over 12.7 metres and 1.16% Li2O over 9.8 metres in drilling completed earlier this year.
The program will build on the recently completed Beep Mat survey that was carried out by Magnor Exploration Inc. Beep Mat Surveys are a geophysical method used to detect the magnetic susceptibility and relative Electromagnetic (EM) conductivity along with GPS location in order to identify potential underlying conductors.
Deepak Varshney, P.Geo., President and CEO, commented, “We are very excited to commence exploration on our western claims as we move forward as a battery-metals focused explorer. We see a tremendous opportunity at Senneville West and this sampling program is only our initial step as we move towards a drilling campaign in 2022 that will be guided by a systematic approach following extensive mapping and sampling to maximize value for our shareholders.”
About Xander Resources Inc.
Xander Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d’Or, Quebec, including the Senneville Claim Group which comprises over 100 sq. km and is contiguous in the South to Probe Metals’ new discovery, and contiguous in the North to Monarch Mining and in close proximity to Eldorado Gold’s (formerly QMX Gold) projects in the Val-d’Or Mining Camp.
ON BEHALF OF THE BOARD OF DIRECTORS
Deepak Varshney, P.Geo., President and CEO
Telephone: (236) 607-5490
For more information please visit our website: www.xanderresources.ca
Investor Relations: [email protected] Dan Samartino
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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