Vancouver, B.C.: Homerun Resources Inc. (“Homerun” or the “Company”) (TSXV: HMR) (OTCQB: HMRFF) is pleased to announce that the Company has executed a Binding Letter Agreement dated November 01, 2023, between Homerun and Aristóteles Chaves da Silva (ACS), for the conditional purchase of the Belmonte Silica Concession in Belmonte, Bahia, Brazil, near the Port of Ilheus.
The Belmonte Silica Concession comprises 69.4 hectares in the Belmonte Silica District and is contiguous to concessions that are known to contain district quality silica sand. The purchase is another step in the Company’s continuing strategy to expand its presence within the Belmonte Silica Sand District.
The proposed terms and conditions of the agreement, between the parties, are as follows.
- HMR will make a cash payment to ACS of US$10,000 within 10 days of the execution date.
- HMR will have until March 31, 2024, to evaluate the concession and that evaluation will consist of a 200-metre percussion drill program to be conducted within the boundaries of the concession.
- If the evaluation drilling confirms that 99.5% or higher quality silica is contained in over twenty-five percent (25%) of the concession, HMR will make a second payment to ACS of US$40,000 and ACS will transfer one hundred percent (100%) of the concession to HMR.
- If the evaluation drilling does not confirm that 99.5% or higher quality silica is contained in over twenty-five percent (25%) of the area of the concession, HMR will make no further payment to ACS and ACS will transfer one hundred percent (100%) of the concession to HMR.
About Homerun Resources
Homerun Resources is focused on the development of its business within the critical and energy materials sectors. With a steadfast commitment to operational excellence, sustainability, and building shareholder value, Homerun Resources Inc. is poised to make a lasting impact in these industries.
On behalf of the Board of Directors of
Homerun Resources Inc.
Brian Leeners, CEO & Director
[email protected] / +1 604-862-4184 (WhatsApp)
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