United Hunter Oil & Gas Corp. provides updates on recently completed NI 43-101 report and proposed merger with Bocana Resources Ltd., The Canadian Business Journal

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Calgary, Alberta, September 22, 2022 (GLOBE NEWSWIRE) — United Hunter Oil & Gas Corp.Uho” or “Ltd.“) (TSX Venture Exchange: UHO) (Frankfurt: 18U1) provides updates on recently completed geophysical work and National Instrument 43-101 (“technical report”), an update on the status of the previously announced merger agreement (“transaction“) Bocana Resources Limited (“bokana) (Combining Bocana and UHO, “Result issuer” Also “party”).

As a follow-up to an earlier announcement earlier this summer, Bocana completed an induced polarization (IP) geophysical survey on the Escala Project in southwestern Bolivia (SeeEscala Project”). The Escala Project consists of four concessions covering 4000 hectares with known near surface porphyry style gold/silver and silver/lead/zinc hosted veins. Historical IP surveys, although of limited regional extent, indicated the presence of extensive sulfide mineralization associated with the intrusion complex.

The Bocana IP survey involves approximately 88 line kilometers and covers all known areas of mineralization, determining the ground extent of sulfide mineralization and the spatial relationship of the various known zones to each other. did.

As a result of doing this work, the TSX Venture Exchange (“exchange”) Bocana requested to update the technical report on the Escala project. Greg Bronson (P. Geo.), author of Rae-co Consulting Ltd., incorporated the following highlights and conclusions into the report:

“The following interpretations are based on recently completed geophysical surveys and detailed geological mapping completed in spring 2022. Geophysical data interpretations are based on unedited raw data.

The induced polarization investigation, raw data interpretation and conclusions are as follows.

Claimability Findings:

• The Cerro-Galapago region exhibits a nearly circular induced polarization and the electrification anomaly is approximately 1600 mx 1700 m in area. The size and shape of the charged anomalies suggest extensive disseminated sulfides mineralized in association with the porphyry system.
• Above 1600 m, the Cerro Blanco area exhibits a northwesterly trend and an anomaly in charge rate with a width of 100–200 m. Mineralization may be more structurally controlled by subvertical structures in this region. Previous drilling programs have not adequately evaluated these targets, primarily in vertical boreholes.
• A 400 m wide and 1600 m NW-oriented electrification anomaly was identified in a historical region of known silver-based metal deposits. This subsurface anomaly is consistent with the outcrop of base metal veins, indicating a very likely continuation of the deep vein system.

Resistance findings:

• The Cerro Galapago area exhibits low resistivity values ​​around a central core surrounded by medium to high resistivity surrounding a low resistivity central core.
• The Cerro Blanco region hosts an 800 m trend of moderate to high resistivity, consistent with the above 1600 m electrification anomaly.
• The center of the historic base metal/silver region exhibits a moderate to high resistivity anomaly 1600 m in diameter.

Geomagnetic survey results:

A geomagnetic survey was also carried out as part of the geophysical survey. At the time of writing, Bocana only has access to raw magnetic field data, so it is unclear whether the geomagnetic survey represents total magnetism or has been filtered to show only the perpendicular component of the magnetic field. A high pressure system tends to pass through the study area at an azimuth of about 330 degrees.

Geological mapping results:

A recent geological map, completed in spring 2022, shows similar lithology to previous workers on the land. These latest mapping efforts show a radial fracture pattern surrounding the potential Cerro Galapago porphyry system. ”

Bocana director Tim Turner commented: Once all the data are compiled, the company plans to drill test this and several other comparable geophysical anomalies consistent with porphyrite intrusions. ”

Bocana and UHO have submitted a technical report and other supporting documents on the proposed transaction to the exchange for consideration and approval. TSXV then reviewed the technical report to determine whether it met the Tier 2 Initial Listing Requirements (ILR) and as of the date of the review, September 19, 2022, the report indicated that the property was a Tier 2 ILR. It indicates that the

In addition, TSXV will provide the Parties for consideration with any comments on the remaining materials for review prior to conditional approval and consent to proceed with the Parties’ Joint Annual and Special Meetings. increase. When that occurs, both parties will submit a joint information circular to her SEDAR (www.sedar.com). This includes details about transactions, UHOs, Bocana, and resulting issuers.

The consummation of the proposed transaction is subject to a number of conditions precedent, including, but not limited to: (ii) receipt of exchange approvals and other applicable regulatory approvals; There is no guarantee that the transaction will be completed as proposed or not completed at all.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

qualified person

Mr. Greg Bronson, P. Gio. Qualified Person as defined in NI 43-101, Author of Technical Reports and He is Lorne Warner of P. Geo. Both Bocana have reviewed and approved the scientific and technical disclosures in this news release.

For more information, please contact:

Securities referred to herein have not been registered under the United States Securities Act of 1933 (the “1933 Act”) and may not be offered in the United States or in the absence of such registration or to persons in the United States. or never sold. Registration requirements of the 1933 Act.

Not intended for distribution to US Newswire services or for distribution within the United States. Failure to comply with this limitation may violate US securities laws.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release. The exchange has never waived the merits of this transaction and has neither approved nor denied the content of this press release.

The information contained in or referred to in this press release relating to Bocana is provided by Bocana. United Hunter has no knowledge that any statements regarding Bocana contained herein are false or incomplete, but neither United Hunter nor its directors or officers make any representations regarding the accuracy or completeness of such information. is not responsible for

Completion of the transaction is subject to a number of conditions, including, but not limited to, exchange approvals, receipt of required regulatory approvals and, where applicable, majority approval of minority shareholders pursuant to exchange requirements. If applicable, the transaction cannot be closed until the necessary shareholder approvals and matters ancillary thereto have been obtained. There is no guarantee that the transaction will be completed as proposed or not completed at all.

INVESTORS SHOULD NOT RELY ON ANY INFORMATION PUBLISHED OR Received IN Note that there is no

This forward-looking information about United Hunter and Bocana reflects the current beliefs of United Hunter or Bocana, is based on information currently available to United Hunter and Bocana, respectively, and is based on United Hunter’s and Bocana’s assumptions. Based on Maybe so, but I believe it is reasonable. These assumptions include, but are not limited to, management’s assumptions regarding the exchange’s approval of the transaction, the closing of the private placement, the closing of the business combination announced above, and Bocana’s assumptions regarding business objectives. Hmm.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements regarding United Hunter, Bocana, the resulting issuer, and their respective businesses. This includes the completion of the transaction, the ability to obtain regulatory and shareholder approval, and other factors and the timing and outcome of technical reports. Often, but not always, forward-looking statements use words such as “plans,” “anticipates,” “will”, “believe”, “suggest”, “estimate” or variations of such words or phrases or that a particular action, event or outcome “could” or “could” , “could”, “could” or “could” be stated or achieved. Such statements are based on the current expectations of each entity’s management. Future events and circumstances discussed in this release, including the completion of transactions, may not occur by any particular date or may not occur at all and involve risks known and unknown affecting the Company. may vary significantly as a result of risk factors and uncertainties. Bocana and United Hunter may not obtain all necessary approvals for the transaction, including Exchange approval of the transaction (which may be subject to amendments to the terms of the transaction), shareholder approval of the transaction, and resource industry risk. there is. , failure to obtain regulatory or shareholder approval, economic factors, estimates, stock markets generally and risks associated with growth, exploration and development. United Hunter and Bocana have attempted to identify important factors that could cause actual actions, events or results to differ materially from those set forth in the forward-looking statements, but United Hunter and Bocana have There may be other factors that cause different than expected. presumed or intended. Forward-looking statements cannot be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date they are made, and United Hunter and Bocana do not warrant that they are the result of new information. Regardless, we undertake no obligation to publicly update or revise any forward-looking statements. upcoming events, or otherwise.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.

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