Progressive Planet Solutions Inc (CVE:PLAN) (OTCMKTS:ASHXF) announced Friday that it has signed an option agreement with Jeremy Marlow on a second zeolite property near Falkland, British Columbia.
In a statement, the company said that, to maintain and exercise the option granted, it will pay Marlow a total amount of $26,000 over a period of 36 months, issue a total of 500,000 common shares and incur a total of $200,000 in exploration expenditures on the zeolite property over the same time period once the agreement is approved by regulators.
Additionally, Marlow will retain a royalty of $8.00 per tonne of mineral products produced from the property, subject to a 50% buyback right in consideration of $75,000. All shares issued under the option agreement will be subject to a four-month hold period.
READ: Progressive Planet Solutions receives its largest order ever for its mineral-rich glacial rock dust
Progressive Plant said it optioned this property after conducting surface sampling which confirmed the presence of zeolite on the property through XRD analysis.
In addition, engineers working with the company to develop supplementary cementing materials out of zeolite conducted Strength Activity Index tests on two samples taken from the property and received results of 110% and 103% versus a straight-cement control mixture. This indicates the potential for improved concrete strength when utilizing this zeolite and compares well with commercially available fly ash.
"PLAN is currently seeking to increase its zeolite assets in light of the new market for zeolite to denature cannabis and hemp after cannabinoid extraction," said the company's CEO Steve Harpur.
“I personally took the samples from the property which we tested, and I am keen to see this property systematically explored. We are naming this property the Z-2. We are excited about its proximity and easy access. It is approximately a 45-minute drive from our facilities in Spallumcheen, BC.”
Jeremy Marlow also said he was “excited to see this property further explored."
Progressive Planet, based in Vancouver, is a Canadian based mineral exploration company with a flagship Z1 Zeolite Quarry in Cache Creek, British Columbia.
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham