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Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Transforma Resources Corporation (the "Company" or "Transforma") (TSX-V: TFM) is pleased to report that it has recently completed an initial sampling program on the MAC Nickel Property, the results of which are currently pending. The Company intends to provide results after completion of testing and review by a qualified person.

Separately, the Company is announcing its intention to raise funds for further exploration through the sale of flow-through common shares (the “FT Shares”). The Company intends to sell up to 5,000,000 FT Shares at an offering price of $0.05 per FT Share, to raise gross proceeds of up to $250,000 (the “Offering”). The gross proceeds of the Offering will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures”, as such terms are defined in the Income Tax Act (Canada), and will also qualify for the federal government’s 30% Critical Mineral Exploration Tax Credit announced in the Federal Budget on April 7, 2022 (collectively, the “Qualifying Expenditures”) related to the Company’s MAC Nickel Property, located in British Columbia. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2022. Subscribers resident in the Province of British Columbia may also qualify for additional provincial tax credits.

Transforma is focused on advancing battery metal quality nickel deposits within its flagship MAC Property. Nickel-iron (Ni-Fe) alloy awaruite mineralization is hosted in serpentinized ultramafic rocks located to the west of FPX Nickel’s mineral claims which host the Decar/Baptiste Nickel Deposit. The Decar/Baptiste Deposit was ranked the 7th largest nickel resource in the world in May 2023, based on projects actively being explored (https://www.mining.com/featured-article/ranked-worlds-biggest-nickel-projects/). Mineralization on the Decar/Baptiste Deposit is not indicative of potential mineralization that may be on the MAC Property.

In 2012, highly anomalous levels of nickel and chrome, hosted in ultramafic rocks were discovered on the MAC Property. In 2021, multiple nickel-bearing zones were explored throughout the property along a northwest-trending magnetic feature in ultramafic rocks covering an area of approximately 5800 ha (14,332 acres) and a strike length of over 16 km. Rock samples have returned values up to 0.37% nickel, 0.32% chromium, and 150 ppm cobalt with 138 of the 177 samples returning over 0.1% nickel and 123 of the 177 samples returning over 0.1% chromium.

Transforma plans to execute, subject to available financing, an advanced mapping, soil and rock sampling work program over select areas of the claims. Additional work could include a detailed reassessment of the data from a 2012 airborne ZTEM aeromagnetic survey on the MAC Property. Geotech Airborne Geophysical Surveys flew the survey which was later reviewed by Condor Consulting Inc. and reported on the magnetic and ZTEM inversion data obtained. Transforma intends to establish high-quality drill targets, with confidence, in search of the next major nickel deposit in BC.

All FT Shares will be subject to a four-month hold period. The Offering will be subject to the acceptance of the TSX Venture Exchange. Arm’s length finder’s fees or commissions may be paid by the Company in connection with the Offering, as may be negotiated by the Company and permitted under the policies of the Exchange.

Corporate Website

The Company is also pleased to announce it has launched a new corporate website which can be viewed at https://transformaresources.com. Detailed and technical information on the MAC Property, as well as Transforma’s 100% owned Thunder Copper Property can be found on the new website.

Technical information on the MAC Property contained in this press release has been reviewed and approved by Mr. Jeremy Hanson P.Geo., as the qualified person for the Company.

About Transforma

Transforma is a junior exploration company with the option to acquire a 100% interest in the MAC Property, and owns a 100% undivided interest in its Thunder Copper Property. The projects are respectively situated in mining-friendly north-central and southwestern British Columbia.

ON BEHALF OF THE BOARD OF DIRECTORS

Kelly Funk
Director
Phone: (403) 348-1093
E-Mail: kelly@transformaresources.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities in any jurisdiction where such offer or solicitation is prohibited.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking statements: This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.