Homerun Resources Inc. Signs Exclusivity Agreement for the Acquisition of Silica Mineral Rights

Source: www.gulfoilandgas.com 6/13/2024, Location: South America

Homerun Resources Inc. ("Homerun" or the "Company") is pleased to announce that the Company has signed an exclusivity agreement dated June 10th, 2024, for the acquisition of silica sand mineral rights in the municipality of Taperoá, Bahia, Brazil.

The agreement comprises the mining rights 870.335/2022, 871.743/2016, 872.794/2015 and 870.051/2024 before the ANM (National Mining Agency, currently held by a local citizen, directly and through an individual legal entity fully owned by this person) (the "Property").

An assay performed on a representative bulk sample from the deposit by the current owner returned a value of 99.68% SiO2, while a historical report produced on the Property in 2022 interpreted the entire mountain range as having the potential to host commercial grade high purity silica sand.

Exclusivity Agreement
According to the agreement, HMR will have a 90-day exclusivity period for the performance of a due diligence in the areas, and if the results are satisfactory, the parties may enter into a contract for the total assignment of mining rights, the basis of which will be the payment of royalties at R$ 30.00 (thirty reais) per ton of material extracted, until the exhaustion of the deposit, with monthly payments according to the actual production.

The Company is engaging Dr. Roque Yuri Tandel, to perform a physical visit to the areas and complete a review and confirmation of the legal standing of the mineral rights. Dr. Roque Yuri Tandel is a Technical Consultant with more than 30 years of experience, and he is a Qualified Person registered by the CBRR (registration no. 017015) in the specialties of Mineral Exploration and Estimation of Mineral Resources. Dr. Roque Yuri Tandel, was previously Geologist / Systems and Quality Manager for Sibelco Mineraçăo Ltda.

The Company will also engage a local auditing firm to assess the legal and financial status of the current owner of the mineral rights and once the due diligence is complete a more comprehensive press release will be issued.

Brian Leeners, CEO of Homerun stated, "Securing this exclusivity agreement and adding this exceptional silica sand deposit with very favourable logistics to our portfolio, represents another step forward in positioning Homerun as a leading supplier for the growing global demand for high-purity silica. The Property will compliment our asset base in Belmonte in servicing bulk HPQ industrial markets, while the higher purity Belmonte silica is delivered into HPQ Energy Verticals."

"Geologically, this asset seems to have many similarities with the Company's flagship Belmonte asset. By assuming control of this ground, HMR aims to become the largest silica sands powerhouse in the Americas," says Armando Farhate, COO of Homerun.

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