Caprock Terminates Ackley Option Agreement: A Strategic Shift Towards Gold Exploration

Caprock Mining Corp. (CSE: CAPR), a Canadian mineral exploration company, has announced the termination of its option agreement for the Ackley Lithium-Tin-Molybdenum-REE property located in south-eastern Newfoundland. This strategic move allows the company to focus its efforts on its newly optioned Destiny gold property near Val D'Or, Quebec. The termination of the Ackley option agreement, effective January 22, 2024, comes with an amended agreement that reduces the expenditure commitment on the Ackley property. Caprock will now spend a reduced amount of $31,000 plus an additional obligation of $250,000 by January 31, 2025, instead of the previously required $150,000 by January 31, 2024.

As part of the amended agreement, Caprock will issue 100,000 common shares at $0.05 each to the Optionor, subject to a hold period of four months and one day. This issuance will be completed following the required filings with the Canadian Securities Exchange.

Caprock Mining Corp. is a Canadian mineral exploration company focused on exploring battery and precious metals in Newfoundland and Ontario. The company's strategic interests in Newfoundland include the Ackley Lithium-Tin-Molybdenum-REE property in the Fortune Bay area of south-eastern Newfoundland. Additionally, Caprock holds a 100% interest in several gold exploration properties in the historical Beardmore-Geraldton Gold Belt of Ontario, which has produced over four million ounces of gold historically. The company's portfolio also includes the world-class Greenstone gold project, which is being brought to production by a joint venture partnership between Equinox Gold (TSX: EQX) and Orion Mine Finance.

The termination of the Ackley option agreement is a strategic shift for Caprock, allowing the company to focus on its gold exploration projects in Ontario and Quebec. The Destiny gold property, located near Val D'Or, Quebec, hosts a near-surface, historical NI 43-101 compliant mineral resource estimate (MRE) for the DAC deposit, which has significant potential for resource expansion. Caprock's management plans to systematically explore and develop the Destiny property in three steps, beginning with the generation of an updated MRE that incorporates current gold and exchange rate economics, as well as results from additional drilling conducted in 2020-2021.



Caprock's decision to terminate the Ackley option agreement and focus on the Destiny gold property aligns with the company's overall investment strategy, as it believes the Destiny property has significant potential for resource expansion and is a more attractive investment opportunity given the current gold price environment. The termination of the Ackley option agreement does not negatively impact Caprock's portfolio of exploration projects in the battery metals market, as the company still holds a 100% interest in several gold exploration properties in the historical Beardmore-Geraldton Gold Belt of Ontario.

In conclusion, Caprock Mining Corp.'s termination of the Ackley option agreement is a strategic move that allows the company to focus on its gold exploration projects in Ontario and Quebec. The Destiny gold property, with its significant potential for resource expansion, is a more attractive investment opportunity for Caprock given the current gold price environment. The termination of the Ackley option agreement does not negatively impact Caprock's portfolio of exploration projects in the battery metals market, as the company still holds a 100% interest in several gold exploration properties in the historical Beardmore-Geraldton Gold Belt of Ontario. Caprock's strategic shift towards gold exploration is a testament to the company's commitment to maximizing shareholder value by pursuing the most promising opportunities in the precious metals market.