Strategic Resource Acquisition Corporation ("SRA") (TSX VENTURE:SRZ.H) is
pleased to announce that its bid to acquire Redcorp Ventures Ltd. ("Redcorp")
Portugal subsidiary Redcorp Empreendimentos Mineiros Unipessoal, Lda, ("REM")
pursuant to an asset sale process managed by the Trustee in bankruptcy of
Redcorp, has been accepted and the transaction to acquire the shares of REM is
being reviewed in accordance with Portuguese requirements. The acquisition is
subject to a number of conditions, which may include approval by the Supreme
Court of BC. Once the final purchase terms are completed, including
restructuring intercompany debt in REM, a follow up press release announcing the
final deal structure will be issued.


The assets of the Acquisition include two exploration projects in Portugal
covering gold prospects at the Vila de Rei concession and polymetallic massive
sulphide mineralization at the 208 km2 Lagoa Salgada Concession. The Lagoa
Salgada concession covers a partially defined massive sulphide deposit which was
subject of a 43-101 compliant resource estimate prepared by Wardrop Engineering
Inc. for Redcorp. Redcorp disclosed the estimate on August 21, 2007 and filed
the technical report on SEDAR on October 1, 2007. The technical report estimated
an inferred resource totalling 2,017,000 tonnes grading 0.35% copper, 4.83%
lead, 5.13% zinc, 1.29 g/t gold and 85.35 g/t silver. The deposit remains open
to expansion. In addition, Redcorp discovered a second polymetallic mineralized
horizon on the Lagoa Salgada concession, at Rio de Moinhos, approximately 11 km
southeast of the Lagoa Salgada deposit. Intercepts at Rio de Moinhos are
interpreted to be lateral fringe mineralization of a separate massive sulphide
zone.


The Lagoa Salgada property is located at the northwest extension of the Iberian
Pyrite belt, which hosts numerous past and current producing mines in both Spain
and Portugal. Lagoa Salgada is located approximately 60 km northwest of the
large Aljustrel mining complex and 80 km northwest of the producing Neves-Corvo
mine of Lundin Mining. The major connecting highway to the Algarve and rail line
for transporting mine concentrates pass adjacent to the Lagoa Salgada project. 


Gold mineralization at the Vila de Rei property in central Portugal occurs in
persistent quartz vein systems up to 15m in width and in breccia zones
associated with late granitic intrusives. The concession covers sites of
Roman-era placer gold mining operations.


SRA is a Toronto-based mineral development company, focused on acquisition and
development of base and precious metal properties in Canada and in low-risk
foreign locations. 


The Qualified Person for SRA, as defined by National Instrument 43-101, is
Terence Chandler, P.Geo, Executive Vice President, with more than 35 years
experience in the minerals industry. 


Victor Wyprysky, President and Chief Executive Officer

This news release contains "forward-looking information" which may include, but
is not limited to, statements with respect to the future financial or operating
performance of the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Forward-looking statements contained herein are made as of the date
of this press release and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future
events or results or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as required by
securities legislation. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
Stria Lithium (TSXV:SRA)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Stria Lithium Charts.
Stria Lithium (TSXV:SRA)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Stria Lithium Charts.