Buchans Resources Limited (the “Company” or “Buchans”), a Canadian base metal mineral exploration and development company, reports that it held its Annual Meeting of Shareholders today in Toronto.
At the meeting, John Kearney, Chairman and Chief Executive Officer, provided shareholders with a review of the current position and outlook for the Company.
“Buchans’ flagship project is the historic, high-grade Buchans VMS base metal mining camp in central Newfoundland.
Recognized internationally as one of the world’s richest and highest grade VMS-camps, the Company remains committed to advancing this project through exploration for new high-grade orebodies as well as advancing the project’s large, lower grade, Lundberg stockwork base metal sulphide deposit, as a possible open pit resource development.
The Company’s projects are in keeping with it’s strategy of exploring districts and opportunities with demonstrated potential for exceptional mines and the Company advances its projects both on its own and in joint venture with partners who fund ongoing exploration.
In Newfoundland, during our 18 month collaboration work with Boliden in 2021 and 2022, technical advances were made on several fronts. Among these are reprocessing and modeling of historic geophysical data, various geological investigations, including creation of a digital 3D geological model, and identification of several targets for new buried high-grade orebodies.
Encouraged by these advancements, Buchans remains committed to application of these concepts and technologies to conduct further exploration on the Buchans project, and continues to seek other possible financing opportunities, or a qualified joint venture partner to advance its exploration within this exceptionally high-grade, world-renowned VMS base metal mining camp.
Located within the Buchans project, the Lundberg deposit is the largest and most advanced base metal deposit in the Buchans district and has been the subject of multiple technical evaluations undertaken by the Company to advance the deposit towards open pit mine development. Lundberg’s current In-pit resource estimate contains more than 1.25 billion pounds Zinc Equivalent.
Encouraged by the positive outlook for metal prices, and particularly copper which makes up a significant component of the Lundberg resource, Buchans remains optimistic that Lundberg represents an important resource asset and intends to continue to advance the assessment of Lundberg as a potential open pit mine development.”
ELECTION OF DIRECTORS AT AGM
All of the nominees for re-election as director were re-elected, to serve until the next annual general meeting of shareholders. The results were as follows:
| Director | For | Withhold |
| John F. Kearney | 6,497,878 | — |
| Patrick Downey | 6,497,878 | — |
| Terence McKillen | 6,497,878 | — |
| Peter McParland | 6,497,878 | — |
| Michael Power | 6,497,878 | — |
| Danesh Varma | 6,497,878 | — |
RATIFICATION OF NEW BY-LAW
At the meeting, Shareholders ratified a new by-law amending existing by-laws to provide authority for the holding of director and shareholder meetings by electronic means or by hybrid, partly in person, and partly electronically.
RE-APPOINTMENT OF AUDITORS
McGovern Hurley LLP Chartered Professional Accountants were re-appointed as Auditors for the current year and the directors were authorized to fix the remuneration of the Auditors with 3,164,545 shares voted in favour and 3,333,333 shares withheld.