Primary Hydrogen Expands BC Project Portfolio
CALGARY, AB / ACCESS Newswire / May 22, 2025 / Primary Hydrogen Corp. (TSXV:HDRO)(FRA:83W0)(OTCQB:HNATF) (“Primary” or the “Company“) is pleased to announce execution of an Option Agreement (the “Option Agreement“) with Power One Resources Corp. (“Power One“) to acquire a 75% interest in the Wicheeda North project (the “Project“) in British Columbia. Primary intends to evaluate the natural hydrogen potential of the Project, given the presence of deep-seated faults, in addition to the potential to host significant rare earth mineralization.
Benjamin Asuncion, CEO of Primary Hydrogen Corp, commented:
The Wicheeda North project expands Primary’s footprint in BC in addition to presenting significant potential for both natural hydrogen and rare earth minerals
“The Project lies within a Tier 1 mining jurisdiction with significant logistical and infrastructure advantages, as well as being on strike of a number of significant REE discoveries and projects.”
Wicheeda North Project, BC
The Wicheeda North project is comprised of nine contiguous mineral claims covering an area of 2,138 hectares (21.1 km2) in the northern Cariboo Mining Division. The Project is located 80km due north of the city of Prince George, 60km east of the community of Bear Lake, and 10km northwest and along trend from the Wicheeda Rare Earth Element deposit of Defense Metals Corp. The Project has been subject to several exploration programs including a total of 693 line-kilometres of airborne electromagnetic, magnetic and radiometric geophysical surveys in addition to grid-based soil geochemical sampling totalling 870 samples. Despite only a small fraction of the property having been systematically explored, three areas of anomalous Rare Earth Element (REE) mineralization in the soils have been identified which remain open to expansion and ultimately drilling. The property has the potential to host REE mineralization because it occurs within a favourable geological belt known to contain carbonatite-hosted REE mineralization such as the Main Zone on the Wicheeda property located approximately 10km to the southeast. The Wicheeda Rare Earths Project, which is owned by Defense Metals Corp., adjoins the Project to the southwest and is host to a February 2025 NI 43-101 Pre Feasibility Study[1] (PFS) outlining a pre-tax NPV at 8% of US$1.8 billion and IRR of 24.6%.
Peter Lauder, P.Geo. (ON, QC, NFLD), VP Exploration at Primary Hydrogen Corp., is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.
Transaction Terms
The Option Agreement provides for Primary to earn a 75% interest in the Project through staged cash, share and work commitments comprised of: (i) C$50,000 in cash, (ii) the issuance of 1.0 million shares (“Common Shares“) and 1.0 million share purchase warrants (“Common Share Purchase Warrants”), and (iii) incur C$1.5 million in exploration expenditures over an 18-month term. Upon completion of the Option Agreement, the parties will be deemed to have entered into a Joint Venture arrangement whereby both parties will fund expenditures on a pro-rata basis. The Common Share Purchase Warrants will exercisable into one Common Share at an exercise price of C$0.90 for three years following the date of the Option Agreement. The Option Agreement remains subject to the approval of the TSX Venture Exchange (the “TSXV“) and all Common Shares and Common Share Purchase Warrants issued under the Option Agreement will be issued in accordance with TSXV policies and will be subject to a statutory 4-month hold from the time of issuance.
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