|To: LoneClone who wrote (140879)||3/30/2020 6:44:19 PM|
|Tartisan Nickel Completes Spectral Analysis Survey over Kenbridge Nickel-Copper-Cobalt Deposit and Identifies New Exploration Targets |
Toronto, Ontario--(Newsfile Corp. - March 26, 2020) - Tartisan Nickel Corp. (CSE: TN) (OTC Pink: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce that the Company has completed a Spectral Analysis Survey conducted by Aster Funds Ltd. over the Kenbridge Nickel-Copper-Cobalt Deposit, Atikwa Lake Area, Ontario. The survey covered the patented and single-cell mining claims that make up the historic land position which contains the Kenbridge Deposit and the surrounding area, identifying several new exploration targets not only for nickel, copper, cobalt, but also for potential gold occurrences.
The Spectral Analysis Survey shows the distribution and intensity of up to 304 minerals, with the first pass showing up to16 minerals. Each mineral can be classified into an exploration relevance for base metals, precious metals and industrial metals.
The Spectral Analysis Survey picked up several minerals implicit in the formation of nickel sulphide deposits, and potentially other types of deposits on the Kenbridge Property. These minerals included chlorite*, muscovite, quartz, epidote*, goethite*, smectite, pyrophyllite, pyroxenite*, pyrrhotite*, hematite*, alunite, chalcopyrite*, sphalerite*, pyrite*, talc*, and kaolinite*. Starred minerals in the list are those which are seen in outcrop, surface geology, and drill logs at the Kenbridge Nickel-Copper-Cobalt Deposit.
The key benefit to the Company from the Spectral Analysis Survey is the Target Vector Minerals analysis "TVM" TM. TVM's were structured for metallic sulphides and the oxides that derive from them; gold; copper; and nickel, as well as direct indicators of Kenbridge-style mineralization in pyrrhotite and chalcopyrite. The Kenbridge Deposit was easily picked out by the survey, and shown to be some five TVM's of a possible six TVM's. The survey also picked out several other areas of five/six TVM's and one area of six/six TVM's. These areas will form the basis for a renewed surface exploration program at the Kenbridge Project in summer 2020.
Tartisan CEO Mark Appleby said, "the survey picked out the Kenbridge Deposit, and has shown the possible extension to the Kenbridge Deposit and three additional trends that relate directly to underlying geology and structure implicit in the Kenbridge Deposit. Of significant interest, the survey found two gold trends as well, which include the Violet and Nina historic gold occurrences. One of the occurrences is almost 54 hectares in size and covers almost all of three of our staked claims on the border of the Kenbridge property."
Tartisan will use the Aster Funds Ltd. Report as the basis for assessment filing over the single-cell mining claims and will form the basis of expanding the exploration potential of the Kenbridge Nickel-Copper-Cobalt Project.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns a 100% stake in the Kenbridge Nickel-Copper Project in Ontario; a 100% interest in the Sill Lake Lead-Silver property located in Vankoughnet Township, Ontario; a 100% interest in the Don Pancho Zinc-Lead-Silver Project in Peru just 9 km from Trevali's Santander mine. Tartisan also owns a 100% stake in the Ichuna Copper-Silver Project, also in Peru, contiguous to Buenaventura's San Gabriel property. Company financial strength is provided by a significant equity stake in Eloro Resources Ltd, which is exploring the low-sulphidation epithermal La Victoria Gold/Silver Project in Ancash, Peru and the Iska-Iska project in Bolivia.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE:TN) (OTC Pink: TTSRF) (FSE: 8TA). Currently, there are 100,563,550 shares outstanding (103,263,550 fully diluted).
For further information, please contact Mr. D. Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ( email@example.com). Additional information about Tartisan can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
Jim Steel MBA P.Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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|To: LoneClone who wrote (140880)||3/30/2020 6:45:52 PM|
|Benchmark Gold-Silver Exploration Update and COVID-19 Status |
Edmonton, Alberta--(Newsfile Corp. - March 26, 2020) - Benchmark Metals Inc. (TSXV: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) (the "Company" or "Benchmark") is supportive of the roles and initiatives of industry and governments to protect the health and safety of all Canadians and will implement all necessary procedures and recommendations due to COVID-19 measures. The Company recognizes that the crisis is dynamic and is monitoring the situation daily to determine the impacts that COVID-19 may have upon its 2020 exploration efforts. The Company is committed to mitigating risks to personnel, stakeholders and shareholders.
John Williamson, CEO, commented, "The well-being of our team, business partners, investors and their communities is our top priority. We have enacted a business continuity plan to safeguard the health and safety of our personnel while ensuring our operations remain unaffected. There has not been any disruption to planned work activities as yet. We are continuously monitoring the progress of COVID-19 developments and will act accordingly for the health and safety of all stakeholders."
Benchmark is in the advanced planning stages of a fully funded, expanded scope of work for the 2020 exploration program. The Program will focus on the definition and expansion of key exploration target areas within a 10km2 radiometric anomaly, including exploration drilling at new or previously untested occurrences. The Company continues contingency planning for its fully-funded 2020 work program to deliver 50,000 metres of expansion and definition drilling that will result in a NI43-101 compliant Mineral Resource Estimate. At present, the program is scheduled to begin in June and continue into September.
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the TSX Venture Exchange in Canada, the OTCQB Venture Market in the United States, and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson, Chief Executive Officer
For further information, please contact:
Telephone: +1 604 260 6977
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 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.
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|To: LoneClone who wrote (140881)||3/30/2020 6:50:36 PM|
| Black Tusk Resources Submits Drill Permit Application for The McKenzie East Project, Quebec|
Thursday, March 26, 2020 8:00 AM
TORONTO, ON / ACCESSWIRE / March 26, 2020 / Black Tusk Resources Inc. ("Black Tusk" or the "Company) (CSE:TUSK)(OTCPINK:BTKRF)(FRANKFURT:0NB) is pleased to announce that the application for a permit to conduct exploration drilling on the McKenzie East Gold Project has been submitted to Quebec Ministry of Forests, Wildlife and Parks. The application process was prepared by Sulviculture La Verendrye of Amos, Quebec. The location of proposed drilling was determined by Black Tusk's geological team.
The McKenzie East Project permit will allow for the construction of 18 drill pads, 11 water supply stations and 3 kilometres of access trails. Black Tusk anticipates conducting this work during the 2020 exploration season.
Prior to conducting diamond drilling on the property, Black Tusk plans to undertake surface prospecting, mapping and sampling once access to the property is conducive for this work, expected to be later this spring. Areas of interest were determined from the results of the recently completed magnetic survey over the property combined with the results from historic exploration work.
The Company is looking forward to the start of the 2020 exploration season at the McKenzie East Gold Project in Val-d'Or, area, Quebec.
Figure 1 - Diamond drill hole and gold mineralized showing locations from SIGEOM database. For a more detailed picture, please click here: pr.report
The Company also announces that it has issued 2,000,000 stock options of which 1,600,000 of the issued options were issued to directors and officers of the Company. The options have an exercise price of $0.05 per share and expire on March 24, 2022.
About Black Tusk Resources Inc.
Black Tusk Resources is engaged in mineral exploration of its gold projects in world-class mining regions across Canada. The company currently owns a 100-per-cent undivided interest in 3 separate gold properties. The South Rim Gold Project, situated in the Smithers mining camp B.C., The Golden Valley Project, located 35 kilometres north of La Sarre, West Abitibi, Quebec, and Black Tusk's flagship property, The McKenzie East Gold Project, which is located 30 kilometres north of Val-d'Or, Quebec in the prolific Abitibi greenstone belt.
Perry Grunenberg, P.Geo, a "Qualified Person" as that term is defined under NI 43-101, has reviewed and approved the technical information contained in this news release. Mr. Grunenberg is also a director of the Company.
On behalf of the Board of Directors
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is 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. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which are available at www.sedar.com.
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
SOURCE: Black Tusk Resources Inc
Related Documents BLACKTUSK
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|To: LoneClone who wrote (140882)||3/30/2020 6:52:06 PM|
| Bold Ventures Signs Farwell Gold and Base Metal Option Agreement-Closes Non-Brokered Private Placement |
Thursday, March 26, 2020 8:00 AM
Not for distribution to U.S. Newswire Services or for dissemination in the United States
TORONTO, ON / ACCESSWIRE / March 26, 2020 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce it has signed the formal Option Agreement to acquire the Farwell Gold and Base Metal property ("Farwell").
The Farwell claims are located approximately 55 km northwest of Wawa, Ontario. They are road accessible and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising approximately 3993 ha or 9867 acres. Wesdome Gold Mines Mishi Open Pit operation, part of the larger Eagle River Complex that includes the Eagle River underground gold mine, lies 5 km south of the Farwell claim group. The Eagle River Mine is situated approximately 25 km to the south of the subject claims (see Bold news release dated January 6, 2020).
The Farwell Property exhibits several desirable attributes. It is a large road-accessible property in a proven gold camp with gold-bearing quartz veins in iron formation along the western extension of a major deformation zone. The presence of deformed ‘Timiskaming' style conglomerates along the gold mineralization trend (i.e. Kirkland Lake, Geraldton) is an attractive exploration target. Volcanogenic Massive Sulphide (VMS) mineralization of anomalous copper (Cu), zinc (Zn), lead (Pb) and gold (Au) is associated with a mafic to felsic volcanic sequence.
The claims are host to several gold and base metal anomalies and occurrences that have yet to be fully explored. The latest recorded exploration work on the property occurred in 2008. A report and maps describing the property, geology and historical work can be found at www.boldventuresinc.com within the Project Details section, Farwell, Ontario.
Bold has the option to earn a 100% interest in the Farwell claims by paying the aggregate sum of $225,000 in cash option payments, issuing an aggregate of 1,650,000 common shares of Bold and completing a total of $1,000,000 of exploration work on the claims over a four year period. On closing, the Company will pay the vendors $20,000 cash and 200,000 shares. The first year's exploration work expenditure is $90,000. The vendors will retain a 3% net smelter royalty in the Farwell Property. Bold will have the right to buy back a 1.5% net smelter royalty in consideration for the payment of $2 million. The Company also has the right of first refusal to purchase the remaining 1.5% NSR. The Option Agreement is subject to TSX Venture Exchange approval. Any common shares issued pursuant to the Option Agreement will be subject to a statutory four month hold period from the date of issuance.
For a full description of the Option agreement visit www.boldventuresinc.com and select the Farwell Project Details on the Farwell, Ontario projects page.
The Company also announces the closing of the final tranche of its non-brokered private placement that was announced in a Bold news release dated February 5, 2020. The Company placed 300,000 working capital units (the "WC Units") for proceeds of $15,000. Each WC Unit was priced at $0.05 and comprises one (1) common share of the Company and one (1) common share purchase warrant (each a "WC Warrant"), with each WC Warrant entitling the holder to acquire one (1) common share at a price of $0.10 until March 25, 2022. The Company placed an aggregate of 2,745,000 WC Units pursuant to the Offering for total gross proceeds of $137,500. The securities issued pursuant to the final closing are subject to a hold period expiring on July 26, 2020. The proceeds from the Offering will be used for general working capital, property acquisitions, exploration and expenses of the Offering.
Bold management and personnel are following the mandated health advisories during the current coronavirus pandemic. The Company is currently planning the 2020 exploration program for the Farwell Project and will monitor the current Covid-19 crisis to ascertain the most appropriate schedule for field activities. The Company and its projects, including the Farwell Gold and Base Metal Project, may be viewed at www.boldventuresinc.com.
The technical information in this news release was reviewed and approved by Gerald D. White, B.Sc., P. Geo., a qualified person (QP) for the purposes of NI 43-101.
About Bold Ventures Inc.
The Company explores for Base and Precious metals in Canada. Bold has options to earn a 100% interest in the Farwell Gold Base Metals project located approx. 55km northwest of Wawa, Ontario and the Wilcorp Gold Project located 14 km east northeast of Atikokan, Ontario. Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 15 claim groups in and around the Ring of Fire area of the James Bay Lowlands. The Company has also earned a 10% carried interest in all chromite resources and a 40% working interest in all other metals at the Koper Lake Project and has the option to earn an additional 10% carried interest in chromite and 40% of all other metals. The Koper Lake Project is located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage.
For additional information about Bold Ventures and our projects please visit www.boldventuresinc.com or contact Bold Ventures Inc. at 416-864-1456.
"David B Graham"
David B. Graham
President and CEO
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.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
SOURCE: Bold Ventures Inc.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (140883)||3/30/2020 6:54:19 PM|
| Namibia Critical Metals Provides Update on Erongo Gold Project |
Thursday, March 26, 2020 11:30 AM
- Erongo gold project covers 606 km2 in the Navachab-Otjikoto gold belt in proximity to Osino Resources Twin Hills gold discovery
- Priority target area underlain by favourable stratigraphy and structures identified at Twin Hills
- Soil geochemical survey has collected 2,500 samples covering 30% of priority target area, analyses pending; additional sampling planned
HALIFAX, NS / ACCESSWIRE / March 26, 2020 / Namibia Critical Metals Inc. ("Namibia Critical Metals" or the "Company") (TSXV:NMI) today provided an update on progress of exploration on its Erongo Gold Project (EPL 6440 "Erongo") located near the town of Karibib in central Namibia. Erongo is one of three prospective gold projects in the company's portfolio within the emerging gold belt which hosts the Navachab and Otjikoto gold mines (Figure 1). The Company is undertaking a regional geochemical soil survey at Erongo to assess the potential for the discovery of orogenic/hydrothermal gold deposits similar to the nearby Navachab Gold Mine which is operated by QKR and the Twin Hills discovery of Osino Resources Corp. ("Osino").
- Company continues to monitor and manage Namibian responses to Covid-19 and announces planned changes in senior management
The Erongo Gold Project comprises 606 square kilometers situated 20 kilometers north of the Navachab gold mine and 10 kilometers northwest of the Twin Hills discovery (Figure 2). The project area is centered on the Erongo granitic intrusive complex which was emplaced into the older metasedimentary rocks of the Damaran orogeny which host the gold mineralization of interest at Navachab, Twin Hills and at the Otjikoto gold mine operated by B2 Gold which is located 230 kilometers to the northeast.
Don Burton, President of Namibia Critical Metals stated, "Most investor attention is understandably focused on our heavy rare earth project at Lofdal where we have recently entered into a joint venture with the Japan Oil, Gas and Metals National Corporation ("JOGMEC"). However, an important aspect of the Company's assets lies in the diversity of the commodities within our portfolio. Given the increasing recognition of the significance of Namibia's emerging gold belt, it is an appropriate moment to direct more attention to the gold potential in our Erongo, Otjiwarongo and Grootfontein projects."
Erongo Gold Exploration Program
The area of interest at Erongo lies along the northern limb of the Krantzberg anticline and is underlain by metasedimentary rocks equivalent to the stratigraphy noted on the southern limb of the anticline at Twin Hills, with associated structural features defined by airborne magnetics (Figure 2). The area is largely covered by aeolian sands and/or calcrete with very little outcrop. As Osino has successfully demonstrated, gold mineralization can be detected by surficial geochemical sampling (soils and calcrete) in this environment. The discovery at Twin Hills was announced in August 2019 (Osino Resources company press release August 26, 2019) and Osino is working towards development of a maiden resource estimate as part of a 20,000 meter drill program.
The Company has collected 2,500 soil samples to date on a systematic grid with a line spacing of 200 meters and sample spacing of 100 meters over the central sector of the priority area (Figure 2). These samples cover roughly 30% of the area of interest. Samples will be sieved and analyzed by handheld XRF over the next 3-4 weeks prior to submission for gold analysis. Selected samples will then be analyzed for gold using low level detection limits (down to 0.2 ppb Au) to define areas of interest. Results from gold analyzes are therefore expected in mid-May and continuing sample coverage is planned to progress to the south.
Impact of Covid-19 to Operations
The Company continues to closely monitor recommendations from Namibian health authorities and the World Health Organization concerning the mitigation of the Covid-19 pandemic. Current restrictions by the Namibian health authorities are being respected with regards to operations in the Khomas and Erongo Regions (encompassing the Windhoek-Swakopmund corridor) where travel restrictions have been implemented. This has affected continued field activity at Erongo for the time being however operations at Lofdal in the Kunene Region are continuing. The Company has completed the first four drill holes at Lofdal and expects to report on first results in April.
Planned Changes in Management
The Company also announced today that Pine van Wyk will be stepping down as CEO of the Company at the end of his current contract term on May 31, 2020. Donald Burton, the current President of the Company will assume the responsibilities previously undertaken by Mr. van Wyk. Mr. van Wyk will be available to the Company on a consultancy basis after May 31 to ensure a seamless transition of responsibilities.
Donald M. Burton, P.Geo. and President of Namibia Critical Metals Inc., is the Company's Qualified Person and has reviewed and approved this press release.
Figure 1 - Location of Namibia Critical Metals' projects highlighting position of gold projects (Erongo, Otjiwarongo and Grootfontein) in relation to important gold projects within the Navachab-Otjikoto gold belt
Figure 2 - Erongo Gold Project (EPL 6440) showing area of priority soil sampling over meta-sediments on northern flank of Krantzberg anticline. Twin Hills gold discovery in meta-sediments on southern flank of anticline. Airborne magnetics in background is analytic signal response from government survey by Geological Survey of Namibia.
About Namibia Critical Metals Inc.
Namibia Critical Metals Inc. holds a diversified portfolio of exploration and advanced stage projects in the country of Namibia focused on the development of sustainable and ethical sources of metals for the battery, electric vehicle and associated industries. The Company also has significant land positions in areas favourable for gold mineralization.
The Lofdal Heavy Rare Earth Project is the Company's most advanced project having completed a Preliminary Economic Assessment in 2014 and full Environmental Impact Assessment in 2017. An application has been made for a mining licence at Lofdal. The project is now in joint venture with JOGMEC who are funding the current $3,000,000 drilling and metallurgical program with the object of doubling the resource size and optimization of the process flow sheet.
At the Erongo Gold Project, stratigraphic equivalents to the sediments hosting the recent Osino gold discovery at Twin Hills have been identified but not yet sampled. Detailed soil surveys are planned over this highly prospective area.
The Epembe Tantalum-Niobium Project is also at an advanced stage with a well-defined, 10 km long carbonatite dyke that has been delineated by detailed mapping with over 11,000 meters of drilling. Preliminary mineralogical and metallurgical studies including sorting tests (XRT), indicate the potential for significant physical upgrading. Further work will be undertaken to advance the project to a preliminary economic assessment stage.
The Kunene Cobalt-Copper Project comprises a very large area of favorable stratigraphy ("the DOF") along strike to the west of the Opuwo Co-Cu-Zn deposit. Secondary copper mineralization over a wide area points to preliminary evidence of a regional-scale hydrothermal system. Exploration targets on EPLs held in the Kunene project comprise direct extensions of the DOF style mineralization to the west, sediment-hosted cobalt and copper, orogenic copper, and stratabound Mn and Zn-Pb mineralization.
Earlier stage projects include the Grootfontein Project which has potential for magmatic Cu-Ni mineralization, Mississippi Valley-type Zn-Pb-V mineralization and Otjikoto-style gold mineralization.
The common shares of Namibia Critical Metals Inc. trade on the TSX Venture Exchange under the symbol "NMI".
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.
For more information please contact -
Namibia Critical Metals Inc.
Don Burton, President
Tel: +01 (902) 835-8760
Fax: +01 (902) 835-8761
Web site: www.NamibiaCriticalMetals.com
The foregoing information may contain forward-looking information relating to the future performance of Namibia Rare Earths Inc. Forward-looking information, specifically, that concerning future performance, is subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.
SOURCE: Namibia Critical Metals Inc.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (140884)||3/30/2020 6:55:40 PM|
| Gratomic Receives Notice to Grant Graphite Mining License |
Thursday, March 26, 2020 1:15 PM
TORONTO, ON / ACCESSWIRE / March 26, 2020 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT)(FRANKFURT:CB81)(WKN:A143MR) is pleased to announce, supplementary to its February 21, 2020 Press Release, that it has received a Notice from the Ministry of Mines and Energy of Namibia that the Minister is prepared to grant Mining License 215 (ML215) for its Aukam Graphite Property in Namibia. The License area falls within the proximity of the Aukam Processing Plant and the Graphite bearing shear zone for a total of 5002 hectares (5002 ha). Securing the mining license is a critical step towards moving the Aukam Mine into commercial production.
The Company has completed 8 months of pilot testing on historically mined product and conducted an internal study on the efficiency of the pilot processing facility on this material. Through rigorous testing and adjustments to the plant, Gratomic can now produce a concentrate of up to 98% Cg. Management has subsequently decided to build a 20 000 tonne per annum processing plant. To date, 90% of construction is complete. Upon completion of the remaining 10%, the Company will initially start processing material from historical workings left at the surface when the mine last operated in 1974.
The Company has recently appointed Dr. Ian Flint to complete a preliminary economic assessment on the Aukam Processing plant. The study, its recommendations, and their subsequent implementation, will ensure the scale up of the existing pilot plant to a commercial scale processing facility that will provide the desired concentrate grades and production rates.
With respect to site exploration, in the coming months diamond drilling will resume at Aukam Graphite. The drilling will be conducted utilizing Company owned drilling equipment, focusing on areas proximal to graphite mineralization, depicted by previous diamond drilling, underground excavation and surface outcrop sampling. The drill targeting will be systematic with the expectation of producing an NI 43-101 resource estimate.
Arno Brand, President and CEO of the Company stated that "the Company will be able to satisfy all of the conditions in the Notice and proceed to commercialization of its Aukam Graphite Mine. This marks a significant milestone for the Company."
No mineral resources, let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam Property. The Company is not in a position to demonstrate or disclose any capital and/or operating costs that may be associated with the processing plant.
The Company advises that it has not based its production decision on even the existence of mineral resources let alone on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved.
Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
Steve Gray, P. Geo. has reviewed and approved the scientific and technical information in this press release and is the Company's "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to market commercialization of graphite products most notably high value graphene-based components for a range of mass market products. We have a Joint Venture collaboration with Perpetuus Carbon Technology, a leading European manufacturer of graphenes, to use Aukam graphite to manufacture graphene products for commercialization on an industrial scale. The Company is listed on the TSX Venture Exchange under the symbol GRAT.
For more information: visit the website at www.gratomic.ca or contact:
Arno Brand at firstname.lastname@example.org or 416 561-4095
"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."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Gratomic Inc.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (140885)||3/30/2020 6:57:52 PM|
| Gold Springs Resource Corp. files 2019 Financial Statements, MD&A, Provides Update on Gold Springs 2020 Exploration Plan and Avails of Temporary Exemption from Certain Corporate Finance Requirements|
Friday, March 27, 2020 8:00 PM
VANCOUVER, BC / ACCESSWIRE / March 27, 2020 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company" and formerly TriMetals Mining Inc.), reports the release of its audited consolidated financial statements for the year ended December 31, 2019, the related management's discussion and analysis of financial position and results of operations ("MD&A") and an update on the 2020 Exploration Plan for the Gold Springs project. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.
As at December 31, 2019, the Company had a working capital of $4.09 million including $3.83 million in cash.
On September 5, 2019 the Company's wholly-owned Bermudian subsidiary, South American Silver Limited ("SASL"), received from the Government of Bolivia ("Bolivia") US$25,588,525, being net of $209,475 for the Arbitration Tribunal's cost order, as a final settlement amount for (i) SASL's arbitration award against Bolivia and (ii) the transfer of the Malku Khota Project Data by the Company to Bolivia. During the year ended December 31, 2019, the Company paid $8,408,603 of arbitration award liabilities and on November 4, 2019 redeemed the Class B shares for $0.09827 per Class B share for total redemption proceeds of $11,436,186. These transactions resulted in a fair value income change of $3.31 million for the year ended December 31, 2019. On November 5, 2019 the Class B shared were delisted from the TSX and the OTCQB.
On September 26, 2019 the Company closed the transaction with Wealth Minerals Limited and Wealth Copper Limited ("Wealth Copper") for the sale of the Escalones Project (the "Escalones Transaction", refer to New Release of September 27, 2019) which resulted in the Company acquiring a 42.6% ownership stake (equity investment) in Wealth Copper and recognizing a non-cash loss of $13.47 million due to the write-down of the Escalones property asset. During the year ended December 31, 2019 the Company recognized a non-cash loss of $0.1 million for its proportionate share in Wealth Copper's results of operations from the date of acquisition.
During Q4 2019, the Company completed a drill program at the Homestake target located in the Nevada side of the Gold Springs project, and continued to manage its costs structure which resulted in general and administrative expenses, excluding non-cash share-based payments, remaining consistent year over year at $1.26 million compared to $1.24 million during the year ended December 31, 2018.
Exploration spending during the year ended December 31, 2019 decreased to $0.79 million from $1.20 million incurred in the year ended December 31, 2018. The 2019 costs included $0.70 million incurred at Gold Springs and $0.09 million incurred at the Escalones property in Chile, prior to the completion of the Escalones Transaction.
The Company reported a net loss of $11.80 million ($0.05 loss per share) for the year ended December 31, 2019, compared with net earnings of $2.59 million ($0.01 earnings per share) for the year ended December 31, 2018.
Exploration Plan for 2020
The Company's vision is to identify a multimillion-ounce gold resource at its Gold Springs project. Aligned with that vision, the Company's plan for 2020 was to continue to add to the existing gold resources at Gold Springs. GRC had planned approximately 8,700 meters of drilling to start in early Q2 2020, mainly focused on stepping out and testing the extensions of the existing South Jumbo and North Jumbo resources, with the goal of increasing these resources which are open in multiple directions. The plan also included other exploration activities, metallurgical test work and the publishing of a new resource estimate by the end of 2020, capturing the results of the 2017, 2019 and 2020 drill programs.
As a result of the social and economic disruption that has emerged as a result of the COVID-19 outbreak, and the impact on the industry and capital markets, the Company has decided, for the present, to defer its 2020 Exploration Plan. The Company will continue to monitor the situation and reassess this decision in the near future, in light of the market conditions at that time.
Temporary Exemption from Certain Corporate Finance Requirements
Pursuant to BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515") of the British Columbia Securities Commission ("Commission") and orders by the other Canadian securities regulatory authorities providing similar exemptions to those provided in BCI 51-515, the Commission granted exemptions from the requirements of section 85 of the Securities Act (British Columbia) to provide certain periodic disclosure about a reporting issuer's business and affairs, and variations of certain Commission rules to extend the time required to comply with such requirements (the "Exemption").
The Company announces that it will be relying on the Exemption in respect of the requirement to file its Annual Information Form for the financial year ended December 31, 2019-(the "AIF") on or before March 30, 2020, and advises that:
- management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions;
- the Company expects to file the AIF on or before May 14, 2020;
- there have been no material business developments in respect of the Company since the date of the annual financial statements for the year ended December 31, 2019.
The Company's focus is on the exploration and expansion of the mineral resources at its Gold Springs project in Nevada and Utah, USA.
About Gold Springs Resource Corp. (Formerly TriMetals Mining Inc.)
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is a growth-focused gold exploration company creating value through the exploration and development of the Gold Springs project in Nevada and Utah, U.S.A. Management has extensive experience in global exploration and the mining industry.
Gold Springs Resource Corp. Contact:
Chief Executive Officer
+1 (778) 801-1667
Forward Looking Statements
Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "creating", "view of", "intended", "plan", "believe", "vision", "would", "continue", "will", "estimate", "promising", and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.
SOURCE: Gold Springs Resources Corporation
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|To: LoneClone who wrote (140886)||3/30/2020 6:59:55 PM|
|Cardinal Resources (TSX,ASX:CDV) Company Update|
WWW: www.cardinalresources.com.au Company Overview
Perth, Mar 30, 2020 AEST (ABN Newswire) - Advanced West African gold developer, Cardinal Resources Limited ( ASX:CDV) ( FRA:C3L) ( OTCMKTS:CRDNF) ( TSE:CDV) is pleased to provide a corporate update to shareholders and commentary as to how the Company is managing the current COVID-19 pandemic.
The Company advises that further to the press release dated 16 March 2020, the Company is working constructively with Nordgold. A confidentiality agreement has been executed with Nordgold and the Company has provided Nordgold with full access to the Cardinal data room to allow Nordgold to complete its due diligence as requested.
It should be noted that whilst Nordgold has already acquired a 19.9% interest in the Company's shares, it has not made any formal offer to Cardinal. Cardinal will advise shareholders if a formal offer is received from Nordgold or there are any other material developments.
Sprott Loan Facility
On 27 February 2020, Cardinal announced that it had repaid US$8.0 million to Sprott Private Resources Lending (Collector), L.P. (Sprott). Given the unexpected downturn in global equity markets and uncertainties as a result of the COVID-19 pandemic, the Company has executed an agreement to redraw US$5.0 million from Sprott. The US$5.0 million may be redrawn by Cardinal in two equal tranches, with funding for the first tranche expected to be received imminently.
As consideration for the redraw, Cardinal has agreed to pay a redraw fee as well as apply a 5% redemption premium on all future repayments of the facility. The material terms (including interest rate) of the Credit Agreement with Sprott remain otherwise unchanged.
Upon completion of the redraw of the entire USD$5.0 million facility, the loan position will be approximately US$24 million. With current cash of AU$3.2 million, and redraw of the entire facility being approximately AU$8.4 million (US$5.0 million), Cardinal will have approximately A$11.6 million cash and facilities (excluding fees). The Company reasonably expects the Loan Facility will be fully repaid prior to the maturity date of 1 March 2021.
Personnel and Wellbeing
Following advice from the World Health Organization (WHO) and the Australian, Ghanaian and Canadian Governments, Cardinal has enacted changes to its exploration programme primarily focused on the safety and wellbeing of our workforce.
All international travel has been suspended, while on the ground in Ghana, the workforce has been reduced to key personnel only. According to WHO Situation Report 68 (28 March 2020), there had been 138 confirmed cases of Covid-19 in Ghana, including cases via local transmission. Four (4) deaths from Covid-19 have been recorded in Ghana.
While fieldwork has been scaled back for at least the next four weeks, the Namdini project team is still actively working on adding value to the project. In February, the Company was awarded key water extraction permits, while earlier this month, the Government approved our Resettlement Action Plan, which will have significant health and wellbeing benefits for our local community. Further, the company announced the approval of the Namdini Mining Licence expansion from 19km2 to 63km2 (ASX/TSX press release "26 March 2020 Cardinal Expands Namdini Mining Licence Area").
Regional Exploration Update
First pass limited drilling to test one of the newly identified targets at Ndongo was completed with no mineralisation of economic potential intersected. Even though this very limited scout drilling has not returned economic mineralisation, recognisable altered, silicified, sulphidic zones were intersected and provide confidence in the potential for additional drilling.
The first pass scout drilling programme of 23 shallow RC holes with 2 diamond tails was completed to test Target Zone 2 at Ndongo (Figure 1 & Tables 1 and 2 in Schedule 1*). Drilling comprised 1,960m of RC and 244.07m of core, totaling approximately 2,203.57m.
The drilling encountered zones of variable chlorite-silica-carbonate-sericite alteration with sulphides (mainly pyrite with very minor arsenopyrite). Results were intermittent including 3m @ 0.7g/t Au in NDRC342, 1m @ 3.2g/t Au in NDRC339, 1m @ 0.7g/t Au in NDRC329 and 1m @ 0.7g/t Au in NDRC334 (Figure 1*). Geological interpretation is ongoing and this process will incorporate all new assay results, geophysical dataset and geochemical data analysis for further targeting.
*To view tables and figures, please visit:
About Cardinal Resources Ltd
Cardinal Resources Ltd ( ASX:CDV) ( TSE:CDV) ( OTCMKTS:CRDNF) is a West African gold exploration and development Company that holds interests in tenements within Ghana, West Africa.
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
|Archie Koimtsidis |
CEO / MD
Cardinal Resources Limited
IR / Corp Dev
Cardinal Resources Limited
Link: Company Update
Cardinal Resources Ltd
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|To: LoneClone who wrote (140887)||3/30/2020 7:01:13 PM|
|Classic Minerals (ASX:CLZ) More High-Grade Gold - North Along Strike At Kat Gap|
WWW: www.classicminerals.com.au Company Overview
Perth, Mar 30, 2020 AEST (ABN Newswire) - WA-focused gold exploration and development company Classic Minerals Limited ( ASX:CLZ) is pleased to announce that it has received assays results from its most recent RC drilling program at its Forrestania Gold Project (FGP) in Western Australia. The Company completed a total of 23 holes for 1,449m at the Kat Gap project which is down from the original 48 holes for 3,200m it was planning to complete prior to the onset of COVID-19.
RC drilling at Kat Gap continued to deliver significant zones of gold mineralisation located on the granite-greenstone contact. Recent drilling at Kat Gap also showed that broader zones of flat supergene gold mineralisation project well out into the granite around 100m from the main contact south of the cross-cutting Proterozoic dyke. Kat Gap is strategically located approximately 70km south-south east of the Company's Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources.
Classic CEO Dean Goodwin said:
This latest round of drilling has shown that significant high-grade gold can still be intersected at shallow depths well north of the Proterozoic dyke. I'm very pleased with these results as it demonstrates the strength in the system to the north. It's not slowing down by any stretch. We need to keep going north obviously but drilling deeper needs to be conducted as well. It's still early days and we have a relatively broad drill spacing up the northern end but at this stage it's looking really good.
We also drilled a single line of RC holes on the southern side of the Proterozoic dyke 60m south of previous RC holes conducted by Classic over a year ago. We hit a broad 10m thick zone of supergene gold mineralisation well out into the granite which we weren't expecting. That's telling us that there's probably something substantial lurking out in the granite itself well away from the granite-greenstone contact. It's very exciting.
Classic drilled a total of 23 RC holes for 1,449m at Kat Gap and is pleased to confirm that most holes returned gold mineralisation striking in a northwest-southeast direction. The drilling has further extended the known strike extent to 600m with a combined 100m being added on either side of the Proterozoic dyke. Mineralisation is open in all directions.
This round of RC drilling was primarily focused on testing the northern and southern strike extent of high-grade gold mineralisation on the main granite-greenstone contact. The drilling also encompassed several infill RC holes in areas where previous drilling was conducted on 40m spaced sections.
A single traverse of 4 holes was completed 40m north of Classic's existing drilling. The program had originally allowed for 16 holes on 4 sections 40m apart but was cut short due to the growing concerns over the coronavirus. The best result from these holes was:
- 3m @ 62.10g/t Au from 36m including 1m @ 181g/t Au in FKGRC157.
Thirteen RC holes were drilled within the central area north of the Proterozoic dyke infilling areas previously drilled on 40m spaced sections. Several holes were also drilled to test high grade mineralisation as it projects close to the surface. These holes were completed to aid in future resource calculations (See Figure 2*).
Better results from these holes include:
- 10m @ 2.75g/t Au from 113m including 1m @ 10.80g/t Au from 113m in FKGRC153
- 3m @ 5.87g/t Au from 36m in FKGRC162
- 13m @ 2.05g/t Au from 25m in FKGRC164
- 4m @ 8.48g/t Au from 50m including 1m @ 31.20g/t Au from 50m in FKGRC165
Six RC holes were completed on the southern side of the Proterozoic dyke 60m further south of previous Classic RC drilling. The holes were designed to test the granite-greenstone contact at a shallow depth as well as testing broad supergene gold mineralisation intersected by historical RAB/RC drilling well out into the granite on the same section. Hole FKGRC172 was effectively the only hole to intersect the contact at 19m downhole. FKGRC170 intersected at 10m thick zone of supergene gold mineralisation approximately 20m vertical below surface. This is significant as the width and distance from the main contact, approximately 100m, suggests strongly that other mineralised structures out in the granite have formed this supergene horizon.
Originally Classic had planned a total of 28 holes for around 1,900m on the southern side of the dyke but cut the program short due to the growing concerns over the coronavirus.
Better results from these holes include:
- 10m @ 1.48g/t Au from 24m in FKGRC170
- 1m @ 9.64g/t Au from 19m in FKGRC172
The next few rounds of RC drilling at Kat Gap will focus mainly on testing the main granite - greenstone contact further north and south along strike from the current drilling area. The next RC drilling program will test the northerly and southerly extensions for another 100-200m along strike. RC Drilling will also test the extent of the recently discovered supergene horizon south of the Proterozoic dyke out in the granite. Further drilling will be conducted to determine the source of this new supergene zone.
RC drilling programs will also be carried out in the granite to test the large 5 km long geochemical anomaly identified in previous historical auger soil sampling. The initial program will focus around the cross-cutting Proterozoic dyke where high auger values were returned along with a dilational site located in the north-eastern most area of the geochemical anomaly.
Historical RC drilling at Kat Gap is mostly on 100m - 200m line spacings. There is strong potential for additional mineralisation to be identified up-dip, down-dip and along strike, both outside of and within the existing historical RC drill coverage.
*To view tables and figures, please visit:
About Classic Minerals Ltd
Classic Minerals Ltd ( ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
|Classic Minerals Ltd |
Link: More High-Grade Gold - North Along Strike At Kat Gap
Classic Minerals Ltd
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|To: LoneClone who wrote (140888)||3/30/2020 7:03:03 PM|
|Leocor Ventures Signs Letter of Intent to Acquire Dorset Gold Project from Nexus Gold |
Vancouver, British Columbia - TheNewswire - March 30, 2020 - Leocor Ventures Inc. (the "Company" or "Leocor") is Leocor Ventures Inc. (the "Company" or "Leocor") (CSE:LECR) (CNSX:LECR.CN) is pleased to announce that it has signed a non-binding letter of intent ("LOI") with Nexus Gold Corp. ("Nexus") regarding its Dorset gold project (the "Dorset Project") located in northern Newfoundland, Canada.
Under the terms of the LOI, Leocor has the option ("Option") to acquire a 100% interest in the Dorset Project, subject to a 2% net smelter returns royalty on commercial production from the Dorset Project granted in favour of United Gold Inc. and Margaret Duffit, 50% of which may be purchased by Leocor at any time for a cash payment of $1,000,000. In order to exercise the Option, Leocor must make cash payments to Nexus of CDN$1,250,000 over four years (CDN$100,000 due upon a definitive agreement being entered into) and incur work expenditures of CDN$1,500,000 over five years.
The proposed transaction is subject to approval of the Canadian Securities Exchange and the TSX Venture Exchange. The LOI is not binding and the parties are not bound to complete the proposed transaction on the terms set out herein or at all.
About the Dorset Project
The Dorset Project consists of a series of mineral claims comprising approximately 275 hectares of land located in the Province of Newfoundland, south of the Pine Cove Gold Mine.
The Dorset gold project is a 275-hectare land package containing multiple gold occurrences and mineralized zones. The main zone includes three historic occurrences, with up to 409 grams per tonne gold in grab samples, with channel sampling results of 177 g/t Au over 0.35 metre, 22 g/t Au over 1.5 m, 17.2 g/t Au over 1.5 m and 14.7 g/t Au over 1.5 m. Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3 m (MacDougall, 1990). The reported drill intercept is an intersected length and is not a true width.
Historic select sampling at the Braz zone returned values of 314 g/t Au, 40 g/t Au, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein returned 9.5 g/t Au over 0.4 m, 5.7 g/t Au over 0.5 m and 1.2 g/t Au over 0.65 m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9 m, 3.1 g/t Au over two m and 2.5 g/t Au over 1.5 m (MacDougall, 1990).
Other zones include: the Albatross, where historic rock sampling of mineralized zones returned values up to 9.6 g/t Au and locally up to 30.3 g/t Au. Assay results from three 1987 diamond drill holes include one g/t over 7.3 m, 1.81 g/t over 4.3 m and 1.02 g/t over 2.2 m; the Phoenix zone, where grabs of altered gabbro assayed up to 5.8 g/t Au, 5.5 g/t Au and 3.3 g/t Au, and diamond drill hole intersection of 1.07 g/t Au over 5.45 m; and the Gunshot zone, where veins contain visible gold and pyrite, returned grab samples collected from the veins have assayed up to 162 g/t Au and channel samples have assayed up to 18 g/t Au over 0.4 m (MacDougall, 1989).
Termination of Rockland Project Letter of Intent
Further to its news release dated February 11, 2020, the Company announces that, after conducting due diligence, it has decided not the pursue the acquisition of the Rockland property owned by Enigma Resources LLC ("Enigma") and has terminated its letter of intent with Enigma.
About Leocor Ventures Inc.
Leocor is a British Columbia-based company involved in the acquisition and exploration of precious metal projects, with a focus in Canada. Leocor is a reporting issuer in British Columbia, Alberta and Ontario, and has its common shares listed for trading on the Canadian Securities Exchange under the symbol "LECR".
Leocor Ventures Inc.
Zula Kropivnitski, Chief Financial Officer
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the LOI or at all; Leocor's ability to exercise the Option; the expected timing and terms of the Option; the state of the financial markets for Leocor's securities; the state of the natural resources sector in the event the Option is completed; recent market volatility; Leocor's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor's issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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