iMetal Resources Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) ("iMetal" or the "Company") is pleased to announce the completion of a drone magnetics survey at its 220-hectare Ghost Mountain property, located 42 kilometres northeast of Kirkland Lake, Ontario, in the Abitibi Greenstone Gold Belt
"The recent successes at Agnico Eagle's Holt and Holloway Mine, 5 kilometres east of the Ghost Mountain property necessitates a closer look at Ghost Mountain. The Drone mag survey was the first step generating exploration targets. Upon receipt of the final report from Abitibi Geophysics, we will dispatch field crews to ground truth anomalies and prospect the ground for gold mineralization targets," commented iMetal President & CEO Saf Dhillon.
Ghost Mountain has a long, sporadic exploration history going back to the 1950's. Originally, the ground around Ghost Mountain was prospected and drilled for asbestos, with one hole completed on the current claim block. The hole appears to have been drilled perpendicular to stratigraphy, intersecting peridotite from bedrock to full depth at 695ft (211.8m). The next drilling took place in 1974, with one hole drilled within the claim block. Intermediate volcanics, rhyolite, graphitic tuff and andesite were interested, with several areas of quartz veins and sulfides noted. A further drill hole was completed in 1983, in the opposite direction to the 1974 hole, intersecting metasediments and andesites, with local areas of quartz veins and sulfides. One hole was drilled south of the claim block in 1991, with the last 75 metres underlying the current claim block, intersecting mafic and ultramafic volcanics. The ultramafic carried ankerite, sericite and fuchsite, with fracture filling pyrite. The final historic drilling was completed in 1993, with one hole lying within the current property. This hole was an extension of an earlier hole, intersecting mafic to ultramafic volcanics with strong to pervasive ankerite and local sericite and fuchsite. There were no assays filed with any of the drill logs.
The drone magnetic survey was undertaken to highlight geophysical anomalies that may be related to structural zones or corridors which may have acted as conduits and/or hosts for precious metal mineralization. While assay results from the historic drilling are not available, areas of intense alteration, quartz veining and sulfides were noted in the drill logs, supporting the potential of the Ghost Mountain property.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo (British Columbia), a director of iMetal and a qualified person as defined in National Instrument 43-101.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & CEO
iMetal Resources Inc. info@imetalresources.ca Tel. (604-484-3031) Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. https://imetalresources.ca
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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Gold is a worthy addition to your portfolio, whether through commodities or stock in mining companies. The price of gold is projected to reach US$2,500 by 2026, and mining companies are poised for both short and long-term profits as it steadily increases. Therefore, miners need to choose assets with significant deposits to capitalize on the metal’s growing value.
iMetal Resources (TSXV:IMR) has four 100% owned assets located in the Abitibi Greenstone Belt. These assets are at varying stages in the mining life cycle: exploration, discovery (KGD - 2011 43-101 resource) and development.
iMetal recently underwent a restructuring in response to investor demand under the stewardship of Saf Dhillon, the company’s President & CEO. iMetal has also just completed an oversubscribed C$3 million financing round with Sprott Asset Management as a significant investor, alongside other accredited and high net-worth investors.
One of the company’s flagship projects is Gowganda West, a gold focused project , located west of the town Gowganda and southwest of Kirkland Lake, a region known for its gold deposits. Geological data indicates similarities between the project and the adjcent prolific mining camps of Kirkland Lake, Timmins and Val D’or. Gowganda West shares multiple borders with the Juby Deposit. This 2.2 million ounce deposit is owned by Aris Gold (TSX:ARIS), and it sits less than 300 meters from the shared border with Gowganda West.
iMetal plans to continue additional exploration and development work throughout Gowganda West, towards confirming high priority targets in its efforts towards commencing a drill program that could lead to the next potential gold discovery in the Abitibi.
The gold zones that include the Juby deposit, tend to occur along and within the Tyrell Shear Zone that trends south-easterly and appears to strike onto iMetal’s property.
An experienced management team leads iMetal towards its goals. Saf Dhillon, President and CEO, has successfully financed and assisted the development of several TSXV and CSE -listed natural resource companies for approximately 20 years. R. Tim Henneberry, professional Geologist, has 40 years of experience in domestic and international exploration and production of precious and base metals. Christopher Hill, Investor Relations Manager, brings over a decade of experience in capital markets, advising and consulting private companies that wish to go public.
The Gowganda West gold project is located 17 kilometers southwest of the Ontario town of Gowganda and 90 km southwest of Kirkland Lake. The project is also a few hundred kilometers south of Aris Gold Corporation’s (TSX: ARIS) Juby gold deposit. The Gowganda West gold project is undergoing extensive technical data review by management alongside independent technical consultants.
The recently acquired Kerrs Gold Project covers 665 hectares and is entirely road accessible. The asset is located 90 kilometers away from Timmins. The asset is contiguous to the west and south of Newmont Mining.
The Kerrs Gold Deposit is comprised of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging 10 metres in thickness. The deposit hosts a historical resource estimate of 7,041,460 tonnes grading 1.71 g/t gold yielding 386,467 ounces at a 0.5 g/t gold cut-off. Drilling subsequent to the historic estimate appears to have extended the mineralized zone along strike and down dip.
“The Kerrs Gold Deposit is the perfect complement to Gowganda West, giving iMetal multiple highly prospective projects in the prolific producing Abitibi Greenstone Gold Belt. The Company’s focus will be on finalizing a sufficient diamond drilling program to both bring the Kerrs 386,467 ounce historic resource current and build upon it,” commented iMetal President & CEO, Saf Dhillon.
The Kerrs gold historical resources estimate was disclosed in “NI 43-101 Resource Estimation on the Kerrs Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd., and dated June 10, 2011. The Company considers the resource estimate relevant as it will drive further exploration by the Company and reliable, as it was completed by a competent Qualified Person to the standards of the day. The resource estimation methods and parameters were as follows:
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The company is not aware of any more recent resource estimates, though there was further drilling completed after the historic estimate was released. The company will need to review the historical drilling and analyses and will need to twin a number of the historic holes to bring the historic estimate current. The company’s qualified person has not done sufficient work to classify the historic estimate as a current mineral resource.
iMetal is not treating the historical estimate as a current mineral resource.
The Ghost Mountain project covers 11 square kilometers in Kirkland Lake proximal to the productive Destor-Porcupine Fault within the Abitibi Belt. Gold was first discovered in the area in 1901 and has since proven itself as one of the most prolific gold mining districts in North America. The project is currently in the pre-discovery phase.
Mr. Dhillon has been involved in the development of companies primarily listed on the TSX Venture Exchange for about 20 years. He has held a variety of positions including investor relations, business development, senior management as well as board directorships.
He was part of the management team that orchestrated the growth of the Idaho based company, U.S. Geothermal Inc. During his 12-year tenure the team grew from being an approximate USD$2 million startup to becoming a successful USD$300 million Renewable Energy Independent Power Producer with 3 new power plants operating in the Pacific Northwest and it also successfully transitioned onto both the TSX as well as the NYSE MKT.
Saf is also a Founding Director of Torrent Gold Inc. (CSE: TGLD) that had its successful IPO in 2020; is President & CEO of iMetals Resources Inc. (TSXV: IMR); is a Board Member of Lake Winn Resources Corp. (TSXV: LWR), as well as providing his skills and knowledge to several other private and public companies. Saf’s involvement in the development of the various companies over the years has enabled him to build an extensive worldwide list of contacts.
Timothy Henneberry, a Dalhousie University graduate, is a Professional Geoscientist registered in British Columbia with over 40 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He was a founding Director, President and Chief Executive Officer of Phenom Resources Corp. from 2006 to 2011, founding Director, President and Chief Executive Officer of Indigo Exploration Inc. from 2009 to 2011 and a founding Director, President and Chief Executive Officer of Pike Mountain Exploration Inc, (now Carebook Technologies Inc.) from 2018 to 2020. He was a former Director and Interim Chief Executive Officer of Arcwest Exploration Inc. and a former Director of Broadway Gold Mining Ltd. Currently, Timothy serves as President and a Director of Golden Independence Mining Corp., and a Director of Silver Sands Resources Corp., Hilo Mining Ltd., Treviso Capital Corp. and J4 Ventures Inc. He sits on the Advisory Boards of Max Resource Corp., Atomic Minerals Corporation. and Universal Copper Ltd.
Joyce Liu joins the Company from Corex Management Inc. This full-service accounting group provides financial and support services for public companies, including accounting, regulatory compliance, audit management and financial reporting. Ms. Liu is a Chartered Professional Accountant (CPA) with more than nine years of financial reporting and accounting experience. She has served in a senior accounting capacity for a number of publicly traded companies on the TSX Venture Exchange including Riverside Resources Inc. (RRI) and Capitan Mining Inc. (CAPT), with a focus on the resource sector. She has an extensive background in financial management, reporting, corporate transactions and has worked with international jurisdictions including the U.S. and Mexico
Scott Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, a firm focused on providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange and his past experience consists of senior management positions, including four years at Appleby as an Assistant Financial Controller. Prior to that, he spent two years at Davidson & Company LLP Chartered Professional Accountants as an Auditor and five years with Pacific Opportunity Capital Ltd. as an Accounting Manager.
Johan Grandin is an experienced mineral exploration financier and exploration company executive. Having worked with public companies for over 25 years, he has a proven track record of raising venture capital and offers extensive expertise in corporate financial restructuring and capital markets. In addition, he has the industry expertise required to streamline growth initiatives and increase shareholder value through his past positions as an officer and director for various public issuers. Johan holds an M.Sc. degree in Business Economics and Engineering Physics from Uppsala University, Sweden.
Christopher W. Hill is an investor and entrepreneur with over a decade of experience in the capital markets. He began his career as an Investment advisor and then began to consult and advise private companies on their path to becoming a publicly traded entity. Christopher specializes in corporate development and strategic financing utilizing his large network in the capital markets.
iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V) ("iMetal" or the "Company") is pleased to announce receipt of a three-year drill and exploration permit to carry out the next phase of exploration at its 100% owned Gowganda West gold property. The property is located in the Shining Tree District of the Abitibi Greenstone Gold Belt in Northern Ontario. The permit includes
"The 3-year permit renewal at Gowganda is a significant milestone for the Company as we prepare for the fully funded 2022 follow-up drill program of 2,500 metres," commented iMetal President & CEO Saf Dhillon. "I recently visited our priority gold targets at Gowganda West with Tim Henneberry our Q.P and director along with Brian Madill our Mining Land Management Consultant and we are very excited to commence the 2022 exploration program.
iMetal has completed a series of exploration programs at Gowganda West since acquisition in 2016, including prospecting, grab and channel sampling and preliminary diamond drilling, along with airborne VTEM and magnetics and ground IP. These programs defined a 6 kilometre north-south trending zone of anomalous gold mineralization and alteration, highlighted by Zone 1 in the north and Zone 3 in the south.
Zone 1 has excellent access and is located 500 metres south of the Juby gold deposit. Zone 1 is showcased by two distinct outcrop areas and consists of a prominent alteration zone up to 10 metres wide and shearing carrying quartz veinlets. Grab sampling highlights include 27.2 g/t Au and 16.4 g/t Au (see press release dated June 10, 2021). Five diamond drill holes over 150 metres of strike length were subsequently drilled in 2019. Drill highlights included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres (see press release dated, April 20, 2020).
Zone 3, located 6 km south of Zone 1, consists of two distinct gold target areas (Zone 3A and Zone 3B) separated by 225 metres.. Grab samples at the target include 67.9 g/t Au, 29.6 g/t Au and 11.3 g/t Au (see press release dated June 10, 2021). Both zones have gold hosted in near north striking, sub-vertical quartz-carbonate veins with associated disseminated sulphides (pyrite and chalcopyrite). Both targets are yet to be drill tested and are a priority target for the 2022 drill program.
Connecting Zone 1 and 3, located at either end of a 6 km long gold trend identified through systematic mapping and sampling in 2019 and 2021, will be a 2022 priority. The 2022 exploration program will include refined mapping and drill target identification along this trend. New targets will be assessed and considered for the 2022 drill program.
The Company's technical team is now finalizing drill targets for the upcoming drill program.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (British Columbia), a director of iMetal and a qualified person as defined in National Instrument 43-101.
iMetal is a Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship properties Gowganda West, is an advanced exploration-stage gold project that borders the Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665 hectare Kerrs Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres ENE of Timmins. The 220 hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and Holloway Mine.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & CEO iMetal Resources Inc. saf@imetalresources.ca Tel. (604-484-3031) Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. https://imetalresources.ca
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include but, are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company's geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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iMetal Resources Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRA:A7V2) ("iMetal" or the "Company") is pleased to announce that it has received the approval of the TSX Venture Exchange (the "Exchange") for the option to acquire 100% of the 665 hectare Kerrs Gold Deposit, located 90 kilometres east-northeast of Timmins, Ontario, in the Abitibi Greenstone Gold Belt
The Kerrs Gold Deposit is comprised of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging 10 metres in thickness. The deposit hosts a historical resource estimate of 7,041,460 tonnes grading 1.71 g/t gold yielding 386,467 ounces at a 0.5 g/t gold cut-off. Drilling subsequent to the historic estimate appears to have extended the mineralized zone along strike and down dip.
"The Kerrs Gold Deposit is the perfect complement to Gowganda West, giving iMetal multiple highly prospective projects in the prolific producing Abitibi Greenstone Gold Belt. The Company's focus remains on closing its up-sized financing to fund sufficient diamond drilling to both bring the Kerrs 386,467 ounce historic resource current and build upon it, as well as undertake follow-up drilling at Gowganda West," commented iMetal CEO Saf Dhillon. "The Company has come a long way under the new management team, continuing to build value for iMetal shareholders and we look forward to a successful 2022," he concluded.
The Kerrs Gold historical resources estimate was disclosed in "NI 43-101 Resource Estimation on the Kerrs Gold Deposit, Matheson, Ontario" prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd., and dated June 10, 2011. The Company considers the resource estimate relevant as it will drive further exploration by the Company and reliable, as it was completed by a competent Qualified Person to the standards of the day. The resource estimation methods and parameters were as follows:
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The Company is not aware of any more recent resource estimates, though there was further drilling completed after the historic estimate was released. The Company will need to review the historical drilling and analyses and will need to twin a number of the historic holes to bring the historic estimate current. The Company's Qualified Person has not done sufficient work to classify the historic estimate as a current mineral resource. iMetal is not treating the historical estimate as a current mineral resource.
The road accessible Kerrs Gold Deposit consists of 36 units totaling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, Ontario in the Abitibi Greenstone Gold Belt.
The Deposit was discovered by Noranda in the late 1970's early 1980's by following glacial dispersion trains up-ice to the source. Drilling continued into the late 1980's, with further drilling in the early to late-2000's and early 2011's. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed subsequent to the release of the estimate. The Kerrs Gold Deposit consists of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10 metres and alteration envelopes varying up to 40 metres in thickness. Gold is directly related to pyrite content which ranges to 10% and is commonly found as disseminations and crystal aggregates in the sheeted, quartz vein replacement breccias. These breccias, averaging 31% quartz, exhibit reasonable correlation conforming to volcano-stratigraphic contacts as well as moderate to good continuity in grade correlations at the lower and upper boundaries of the vein breccia and alteration envelope assemblages.
The Kerrs Gold Deposit is stratabound, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Quartz feldspar porphyry sills are spatially located above and below the breccia zones. This stratigraphy is synclinally folded with the deposit lying 350 m to 425 m below surface. Drilling has traced the main zone 800 metres and remains open in both directions and at depth.
The Company continues to review the historical database to define target areas to both significantly expand the historic resource and to test for additional structures. The Company has yet to verify the historical data.
iMetal entered into a purchase option agreement (the "Option Agreement"), dated January 24th, 2022, with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (collectively, the "Vendors") pursuant to which was granted the right to acquire the Kerrs Gold Deposit.
To acquire the Deposit, the Company is required to issue 3,500,000 common shares (the "Consideration Shares") and complete a series of four cash payments totaling $210,000 to the Vendors as follows:
Following completion of the above cash payments and share issuances, the Company will acquire the Deposit and will grant to the Vendors a three percent royalty (the "Royalty") on net smelter returns from the Deposit. The Company may acquire two percent of the Royalty from the Vendors at any time by completing a one-time cash payment of $2,000,000.
The Company is at arms-length from each of the Vendors. No finders' fees or commissions are payable in connection with the Option Agreement. The Consideration Shares are subject to a statutory hold period until August 2, 2022, in accordance with applicable securities laws.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo (British Columbia), a director of iMetal and a qualified person as defined in National Instrument 43-101.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
CONTACT: iMetal Resources Inc. saf@imetalresources.ca Tel. (604-484-3031) Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. https://imetalresources.ca
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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iMetal Resources Inc. (TSXV:IMR) (OTC PINK:ADTFF) (FRA:A7V2) ("iMetal" or the "Company") announces that as a result of market interest it has elected to increase the size of its previously announced non-brokered private placement (the "Placement"). The Company will continue to offer up to 16,666,667 units (each, a "Unit") at a price of $0.12 per Unit for gross proceeds of up to $2,000,000. Each "Unit" will consist of one common share of the Company and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months (each, a "Warrant
The Company will also offer up to 6,666,667 flow-through units (each, an "FT Unit") at a price of $0.15 per FT Unit for further gross proceeds of up to $1,000,000. Each "FT Unit" will also consist of one common share (each, an "FT Share") of the Company and one Warrant. The FT Shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
Proceeds from the Placement will be used for the development of the Company's Gowganda West Project, as well as development of the Kerrs Gold Deposit in the event the previously announced property option is consummated and for general working capital purposes. Completion of the Placement is not contingent on the acquisition of rights to the Kerrs Gold Deposit, and the Company will proceed with the Placement even if the acquisition is not consummated.
In connection with the Placement, the Company may pay finders' fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the TSX Venture Exchange.
About iMetal Resources Inc. A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & CEO iMetal Resources Inc. saf@imetalresources.ca Tel. (604-484-3031) Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6. https://imetalresources.ca
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRA:A7V2) ("iMetal" or the "Company") is pleased to announce that (as per the original news release dated January 25th, 2022 & the follow up news release dated February 2nd, 2022) it will conduct a non-brokered private placement (the "Placement") of up to 16,666,667 units (each, a "Unit") at a price of $0.12 per Unit for gross proceeds of up to $2,000,000. Each "Unit" will consist of one common share of the Company and one common share purchase (each, a "Warrant") warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months
The Company also announces that it will conduct a portion of the placement through issuance of units on a flow-through basis (each, an "FT Unit") at a price of $0.15 per FT Unit. Each "FT Unit" will consist of one common share (each, an "FT Share") of the Company and one Warrant. The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use net proceeds from the Placement towards exploration activities at the Company's Gowganda West property that is located in the Abitibi Greenstone Gold Belt; exploration activities at the 665 hectares road accessible Kerrs Gold Deposit that lies about 90 kilometres east-northeast of Timmins, Ontario in the Abitibi Greenstone Gold Belt, in the event the previously announced property option is consummated; and for general working capital.
In connection with the Placement, the Company may pay finders' fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the Exchange.
The Company also announces that, subject to regulatory approval, it has engaged the services of Independent Trading Group ("ITG") to provide market-making services . ITG will trade shares of the Company with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.
ITG will receive compensation of CAD$5,000 per month, payable monthly. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days' notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.
ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. With its head office in Toronto, ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp. Gowganda West shares a border with both Aris Gold Corp.'s (TSX:ARIS) multi-million oz Juby Deposit as well with Orefinders Resources Inc. (TSX-V:ORX) & Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) Knight Property.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & Chief Executive Officer iMetal Resources Inc. 800 West Pender St. - Suite 550 Vancouver, B.C. V6C 2V6 Office: 604-484-3031 saf@imetalresources.ca www.imetalresources.ca
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, but are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the Placement, use of proceeds and regulatory approval of the Placement; and statements with respect to the Company's geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) ("iMetal" or the "Company") announces that effective at the close of business on January 13, 2022, it will consolidate its common share capital on a five-for-one basis (the "Consolidation"). Effective at the opening of markets on January 14, 2022, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbol "IMR
The Company currently has 51,730,372 common shares outstanding. Following completion of the Consolidation, it is expected to have approximately 10,346,075 shares outstanding.
No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. Registered holders of common shares of the Company will receive a letter of transmittal from Computershare Investor Services Inc. with instructions on how to exchange existing share certificates for new post-Consolidation share certificates.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon President & CEO iMetal Resources Inc. saf@imetalresources.ca Tel. (604-484-3031) Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
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 release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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Aben Resources Ltd. (TSX-V: ABN ) (OTC QB : ABNAF ) (Frankfurt: E2L2 ) ("Aben" or "the Company") announces that, further to its news release dated July 11, 2022, it has increased the unit portion of the non-brokered private placement to up to 7,000,000 units of the Company (the "Units") at a price of CAD $0.035 per Unit.
Each Unit will be comprised of one common share and one transferable warrant, entitling the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.05 per share.
The Company intends to use the proceeds from this private placement for exploration and for general working capital purposes. The private placement is subject to TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period. Finder's fees may be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange
The Company will not be proceeding on the flow-through portion of the private placement, as previously announced.
Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty ("NPR") in the road-accessible Slocan Graphite Project located 34km northwest of Castlegar, British Columbia. The 2,826 hectare Slocan Graphite Property hosts several flake graphite-bearing outcrops (high values of 3.36 and 4.43 % organic Carbon) at the Tedesco Zone, which is coincident with a strong conductive anomaly identified in 2010 that is interpreted to extend up to 2.0km from the known surficial occurrences.
The Project benefits from excellent infrastructure including forestry road access to the property, high-voltage transmission line within 1.2 km of the property boundaries and an existing graphite processing plant and facilities within 1.5 km west of the property (owned by Eagle Graphite Corporation, one of only two natural flake graphite production facilities in North America).
Initial field work has begun on the Slocan Graphite Project. Field reconnaissance, mapping, rock sampling, and evaluation of prospective drill sites for a potential fall drill program are the focus of this phase of exploration. Aben has sourced a drill contractor and the requisite personnel to facilitate drill-testing of the Slocan Graphite Property pending successful receipt of their Multi Year Area Based exploration permit currently under review by the provincial government.
The Company recently announced that it has added to the Slocan Graphite land package by staking a new 439.4 hectare claim along the northeastern boundary of the property. This action was taken after initial evaluation of the Property by Aben geologists revealed excellent potential for an extension of the mineralized trend in that direction. Aben will continue to systematically explore the Slocan Graphite Property with the aim to unlock the full mineralized potential contained within the current tenure.
Natural flake graphite is the fastest-growing product type and will continue to lead with a healthy growth rate of 9.5% in terms of value between 2021 and 2025.
In value and volume, batteries to exhibit the fastest-growth of 17.9% between 2021 and 2025. An average HEV contains up to 10 kgs of graphite, where in EVs it is up to 70 kgs.
Currently, synthetic graphite is the preferred material for battery anode materials. However, in the past few years, a significant shift towards natural flake graphite has been observed due to its cost-competitiveness and performance.
Graphite is the most preferred battery anode material for rechargeable batteries and the battery segment is anticipated to create an incremental opportunity worth US$4.6 Bn between 2020 and 2025.
In 2019, Asia Pacific was the largest consumer of graphite and is expected to grow 9.1% in terms of value between 2021 and 2025.
China graphite production is anticipated to consolidate owing to environmental issues. New companies are entering into the graphite space, especially in the processing of natural flake graphite. Graphite is considered as a material of green energy and technology.
https://abenresources.com/projects/slocan/about-graphite/
Aben Resources is a diversified Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
For further information on Aben Resources Ltd. (TSX-V: ABN ), visit our Company's website at www.aben resources. com .
"Jim Pettit" ______________________ JAMES G. PETTIT President & CEO
For further information contact: Aben Resources Ltd. Riley Trimble, Corporate Communications Telephone: 604-416-2978 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@abenre sources.com
Neither 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 release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) (the " Company " or " Puma ") is pleased to announce that the distribution of common shares of Canadian Copper Inc. (" Canadian Copper ") (formerly Melius Metals Corp.) occurred as planned on June 30, 2022.
More particularly, in connection with a reduction of its stated capital in an amount of CAD$1.5M, which is based on the anticipated listing price of CAD$0.25 of Canadian Copper on the Canadian Stock Exchange (the " CSE ") and was approved by the shareholders of the Company at a special meeting held on March 9, 2022 ( see News Release dated March 10, 2022 ), the Company has:
The final exchange ratio (0.053897) related to the Distribution was defined using the number of Canadian Copper shares to be distributed (6,000,000) divided by the total of Puma's share outstanding after the Record Date (111,322,658).
Following the Distribution, Canadian Copper expects to meet the CSE public distribution requirements and be in a position for final approval for listing on the CSE. Canadian Copper has received conditional approval from the CSE to list its common shares on the CSE under the ticker "CCI", subject to the satisfaction of the public distribution requirements and final approval from the CSE. The listing price of CCI is expected to be CAD$0.25. A date for trading will be determined upon confirmation of the conditions being met by the CSE.
Puma has also received the "Listing" shares certificate for 6,000,000 Canadian Copper shares. The shares are held in escrow and will be delivered over three (3) years until July 12, 2025. Puma's total current Canadian Copper holding of 6,364,095 CCI shares represents 9.58% of Canadian Copper Inc.
As per the Option Agreement, Puma granted Canadian Copper the option to acquire 100% of its Copper Projects in consideration of CAD$3.5M payable by issuing an initial 12M Canadian Copper shares at a deemed value of CAD$0.10. The remaining CAD$2.3M is payable in cash or Canadian Copper shares over 3 years.
ABOUT CANADIAN COPPER INC. Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Company is focused on the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada.
For more information, please contact:
Simon Quick, Director and CEO, (905) 220-6661 simon@canadiancopper.com ir@canadiancopper.com
ABOUT Puma Exploration Puma Exploration is a Canadian-based mineral exploration company with precious metals projects located near the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share dilution.
Connect with us on Facebook / Twitter / LinkedIn
Visit www.explorationpuma.com for more information or contact:
Marcel Robillard , President, (418) 750-8510; president@explorationpuma.com
Mia Boiridy , Head of Investor Relations and Corporate Development, (250) 575-3305; mboiridy@explorationpuma.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
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RooGold Inc. ("RooGold" or the "Company") is pleased to announce the appointment of Daniel Cohen to the Company's board of directors, effective July 14, 2022
Daniel Cohen, CFA is presently Chairman and CEO of PharmaDrug Inc (CSE:PHRX), a Canadian
listed biotech company. He is also the Chairman and co-founder of Caprock Mining Corp. (CSE:CAPR), a Canadian listed gold exploration company. Before taking on his role at PharmaDrug, Daniel spent nearly 20 years working in the Canadian capital markets. His most recent role was as Principal and Head of Institutional Sales at Beacon Securities. Prior to his role at Beacon Securities, Mr. Cohen was a partner and Director of Institutional Sales at Wellington West Capital Markets. He began his career in equity research at RBC Capital Markets and HSBC Securities.
"We're excited to welcome Daniel to our team at this time," said Carlos Espinosa, President and CEO of RooGold. "We look forward to his diverse skills, perspectives and expertise contributing to the ongoing success of RooGold."
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 14 high-grade potential gold (10) and silver (4) concessions covering 2,696 km 2 which have 139 historic mines and prospects.
For further information please contact:
Carlos Espinosa, CEO cespinosa@roogoldinc.com
Ryan Bilodeau (416) 910-1440 info@roogoldinc.com
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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American Pacific Mining Corp (CSE: USGD OTCQX: USGDF FWB: 1QC) ("American Pacific" or the "Company") is pleased to provide an update on drilling and report new results from the CSAMT survey conducted at the Tuscarora Project located in Elko County, Nevada.
Approximately 21 drillholes (~4,000 metres) of reverse circulation (" RC ") drilling has been completed to-date and up to five additional holes will be completed in the coming weeks, including multiple holes to test newly defined vein targets generated from the recently completed CSAMT survey. Additional assay results will be released once received and interpreted.
The CSAMT survey was commissioned to identify sub-surface and hidden silica bodies and quartz vein occurrences throughout the previously untested, newly acquired land package. The survey has identified numerous untested vein occurrences, but two anomalies stand out as very strong quartz responses. Neither of these anomalies has been previously drill-tested in these areas.
Figure 1. 2022 Tuscarora CSAMT Survey Lines with Vein Interpretations and Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/68d8de34-6171-4497-a604-2e808fd26e3e
Figure 2. King's Vein Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/7ba27b3b-e685-44e5-b342-6809b4c55bc1
Figure 3. Grand Prize and East Pediment Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/f920da9e-cfbe-4439-a71e-30e41a23c5bd
"The King's Vein and the Grand Prize Vein Intersection with the East Pediment Vein system present us with very strong quartz responses. This is exciting from an exploration standpoint since these are the strongest indicators of untested veins within the entire land package. The Grand Prize/East Pediment is covered with a thin gravel veneer and is reminiscent of the South Navajo Vein response, although much stronger," stated American Pacific President Eric Saderholm. "Our drill plans are currently being adjusted to test these strong anomalies which do not have surface expressions. The Grand Prize Vein has yielded up to 21,032 grams per tonne (" g/t ") gold (" Au ") and 38,820 g/t Au from surface samples. The East Pediment Vein returned a 1.52 metre intercept of 52.37 g/t Au in historic drilling and no drilling has been done at East Pediment since 1998."
Technical aspects of this press release have been reviewed and approved by Eric Saderholm, P.Geo., the designated Qualified Persons (QP) under National Instrument 43-101.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a precious metals explorer focused on opportunities in the Western United States. The Company's flagship asset is the high-grade, past-producing Madison Copper-Gold project in Montana, under option to joint venture with Kennecott Exploration Company, a division of the Rio Tinto Group, which the Company acquired in 2020. For this transaction, American Pacific was selected as a finalist in the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories, including 'Deal of the Year,' the category in which American Pacific Mining competed. The awards program is hosted by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets. Also in the American Pacific's asset portfolio are the Gooseberry Silver-Gold project and the Tuscarora Gold-Silver project: two high-grade, precious metals projects located in key mining districts of Nevada, USA. The Company's mission is to grow by the drill bit and by acquisition.
On Behalf of the Board of American Pacific Mining Corp.
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Investor Relations Contact: Kristina Pillon, High Tide Consulting Corp., 604.908.1695 / kristina@americanpacific.ca
Media Relations Contact: Adam Bello, Primoris Group Inc. 416.489.0092 / media@primorisgroup.com
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the "Company" or "Silver Hammer" ) is pleased to announce that it has commenced an induced polarization (" IP ") resistivity survey at its past-producing Silver Strand Project in Idaho.
The IP/Resistivity technology can identify silicified quartz-hosted, sulfide-rich silver and gold mineralization up to 200 metres depth. The survey is intended to track the known mineralized zone laterally, as well as to search for parallel mineralized zones and will run concurrent with the upcoming drill program, which is expected to commence before the end of July.
The survey lines will extend 1.3 kilometres in length and data will be collected at 100 metre spaced stations with survey lines spaced 200 metres apart.
The survey will be conducted by Big Sky Geophysics, and the data collected from the survey will be used in concert with data collected from a recent drone-supported magnetic survey to assess and enhance both underground and surface targets.
"The IP survey is yet another low-cost surface exploration method we are using to better understand the potential for a district-scale mineralized system at Silver Strand," stated President and CEO Morgan Lekstrom. "The IP survey results will be analyzed together with our magnetics data to further refine surface drill targets as we work to ascertain the potential for mineralization along the 5.5 kilometre strike extent of the prospective Revett formation on the property, which is located within Idaho's Silver Valley."
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company's portfolio also provides exposure to copper and gold discoveries.
Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For investor relations inquiries, contact:
Kristina Pillon, High Tide Consulting Corp. T: 604.908.1695 E: investors@silverhammermining.com
Adam Bello, Primoris Group Inc. T: 416.489.0092 E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad8e0454-d4ee-4f3a-a1f4-d252a5c6ecd5
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Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report on new results from its 2022 Phase 1 exploration program. Red Pine drilling has intersected high-grade gold mineralization in the Minto Mine Shear Zone. We have confirmed gold mineralization in the extension of the Jubilee Shear south of the Parkhill Fault adding over 2.5kms in strike length of known continuous gold mineralization to the Wawa Gold Corridor.
"We know that the historic high grade mines; Minto, Parkhill and Darwin Grace; have produced spectacular gold intersections throughout their operational history and it is understandable that we are now intersecting similar high-grade as we work to expand our resources into these areas. Red Pine is making excellent progress as we expand the footprint of our current resource," - Quentin Yarie, President and CEO of Red Pine Exploration.
High-grade gold in the Minto Mine Deposit
As part of its on-going drilling in the Surluga South exploration target, Red Pine is testing strategic gaps in the resource of the Minto Mine Deposit. In hole SD-22-373, located within an approximately 25 meters-wide gap in the current resource of the Minto Deposit, we discovered additional high-grade gold mineralization in the Minto Mine shear zone. The results from SD-22-373, combined with those of SD-21-298A (announced September 2, 2021), indicate that the Minto Mine deposit has the potential to host zones of high-grade gold mineralization.
Table 1 – Minto Mine Shear Zone (refer to Figure1)
Figure 1 – Minto Mine South Cross Section .
Discovery of gold mineralization in the Jubilee Shear Zone south of the Parkhill Fault – Figure 2
"As we continue to focus on the expansion of the Surluga and Minto Mine South resources, a third drill has been conducting further regional exploration of the property, particularly south of the Parkhill Fault (Figure xx). We have successfully demonstrated that a large orogenic gold system exists at the Wawa Gold Project now extending over a >6km strike length. Gold mineralization exists across multiple structures south of the Parkhill fault and we will now utilize what we have learned from the Surluga resource to identify zones of material gold grades and thicknesses. As an example, visible gold has been intersected in the Jubilee shear south of the Parkhill fault in hole JS-22-368 proving our teams understanding of this large gold system (assays pending)," - Quentin Yarie, President and CEO of Red Pine Exploration.
Figure 2 – Plan Map Of Wawa Gold Corridor – Extending the Jubilee Shear.
Red Pine's drilling confirmed the presence of gold mineralization in some of the deformation domains that are forming the Jubilee Shear Zone south of the Parkhill fault thereby opening this underexplored segment of the structure for additional exploration (Table 2).
Table 2– Jubilee Shear Zone south of the Parkhill Fault (refer to Figure 2)
* Assay results presented over core length are estimated to represent over 75% true width
Darwin Grace-Nyman Gold System: Confirmation of mineralization in the Grace Shear Zone 300 meters south of the vertical shaft of the Darwin-Grace Mine
In the Darwin-Grace area, hole DG-22-349 extends gold mineralization in the Grace Shear Zone 300 m southeast of the vertical shaft of the Darwin-Grace Mine (Table 3). Being the southernmost drill hole ever completed in the Grace Shear Zone, DG-22-349 shows that mineralization in the Grace Shear System remains open to the south. Red Pine's 2022 Phase 1 exploration program has confirmed the presence of gold mineralization along the Grace Shear Zone over a total strike length of 650 meters ( announced March 16 th , 2022 ).
Table 3 – Expansion of gold mineralization in the Darwin-Grace mineralized system*
Assay results presented over core length and are estimated to represent > 75% true width in the Grace Shear Zone and the Nyman Shear Zone.
Hole SD-22-352 and SD-22-330 extended the footprints of the Surluga North Vein Network (Table 4). The intersection in SD-22-352 is located 120 meters east of the intersection of the Surluga North Vein network in SD-22-326 (refer to press release dated April 19th, 2022).
Table 4 – Surluga North Vein Network above the Jubilee Shear Zone*
Assay results presented over core length and are estimated to represent > 35% true width in the Surluga North Vein Network.
Drilling in the Surluga South and the Surluga North zones in the Jubilee Shear Zone demonstrate that the structure and gold mineralization are persisting at depth (Table 5).
Table 5 – Jubilee Shear Zone (refer to Figure 2)
Assay results presented over core length and are estimated to represent > 75% true width in the Jubilee Shear Zone.
Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security sealed bags for analyses at Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and then shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.
Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees' and contractors' safety, thereby reducing the potential for community contact and spreading of the virus.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com
Carrie Howes, Director Corporate Communications, (416) 644-7375, chowes@redpineexp.com
1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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