Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition ("Acquisition") of 6,905,369 units (the "Units") in the capital of Canex Metals Inc. (the "Company").
Prior to the completion of the Acquisition, Mr. Gentile did not beneficially own or control any of the Company's issued and outstanding common shares (the "Common Shares"). Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, an aggregate of 6,905,369 Common Shares and 3,452,684 Common Share purchase warrants, representing approximately 7.41% of the Company's issued and outstanding Common Shares an undiluted basis and approximately 10.72% of the Company's issued and outstanding Common Shares on a partially diluted basis.
The Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
For further details relating to the acquisition, please see the Report, a copy of which is available on SEDAR or from Michael Gentile at 514-591-4227.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125900
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Legendary investor Warren Buffet once suggested that when evaluating stocks, one of the key factors investors should look at is a company’s management team. He said, “Look at what they have accomplished.”
CANEX Metals (TSXV:CANX) CEO Dr. Shane Ebert has been involved in the discovery of three notable porphyry and bulk tonnage style deposits and he hasn’t stopped there: the Bahuerachi copper porphyry deposit in Chihuaua, Mexico, which lead to the takeover of Tyer Resource in 2008; the Viking project in Newfoundland, which paved the way for Northern Abitibi Mining to be awarded the Prospector/Explorer of the Year Award in 2010 by the Newfoundland Branch of the Canadian Institute of Mining, Metallurgy and Petroleum; and Surge Copper’s (TSXV:SURG) Ootsa property in British Columbia, specifically the West Seel deposit, Ootsa’s larger zone of copper-gold-molybdenum-silver mineralization.
Ebert’s newest company, CANEX Metals, is focused on identifying, acquiring and developing highly prospective explorations projects throughout North America. The company is currently developing a new gold discovery at its flagship Gold Range project in Arizona.
Arizona is currently ranked second overall in the Fraser Institute’s list of the world’s top jurisdictions for investment based on the Investment Attractiveness Index. Arizona’s favorable regulatory conditions, widespread exploratory potential and unexplored resource-rich geology combine for spectacular investment opportunities.
CANEX is in the exploration phase with ongoing work on the property already identifying a 5 kilometer long fault zone containing numerous mineralized zones and exploration targets.
Management has a good understanding of the local geology and structural controls at the Gold Range property. Of particular interest are the multiple bulk tonnage gold targets that CANEX has identified from first pass drilling and sampling on the property. Drilling into this type of target on the property is relatively low-risk and low-cost with a high reward proposition. Thus, presenting a unique opportunity for investors.
In addition, when combined, these targets have the potential to deliver an attractive project with scale that would be of interest to many. Regionally, CANEX’s Gold Range property is quickly developing into a key piece of the puzzle in what appears to be a new emerging bulk tonnage gold district in Northern Arizona.
Ebert enthusiastically discussed the next steps for the project. “The geology here is prospective for big deposits. We have multiple large mineralized footprints and indications of intrusion-related mineralization, a model that is known to host large gold deposits .”
“We are drill testing near surface bulk tonnage type targets. If successful, this type of target will be of interest to several players in the region that are looking to buy and consolidate and build these heap leach operations,” he further shared.
Northern Vertex Mining (TSXV:NEE) owns and operates the nearby Moss mine, currently the largest pure gold and silver mine in Arizona with a low cost, open pit mine and heap leach processing. On February 16 2021, Northern Vertex agreed to combine with Nevada-based exploration company Eclipse Gold Mining Corporation (TSXV:EGLD) to form an emerging mid-tier gold producer with a focus on growth through M&A.
In July 2020, Argonaut Gold (TSX:AR) acquired the Nevada-based oxide gold heap leach project Florida Canyon, through its acquisition of Alio Gold (TSX:ALO). Over the last decade, Argonaut has successfully developed and operated several open pit heap leach mines. Argonaut’s strategy involves harvesting cashflows from current operations and using them for sustainable growth and replacement of resources. Argonauts’ current operations are in Western USA, Canada and Mexico.
Other notable regional developers and operators of gold heap leach projects include:
Americas Gold and Silver (TSX:USA) is a high-growth North American focused precious metals mining company. The company’s newest asset, the Relief Canyon gold heap leach project in Nevada is expected to reach commercial production by mid 2021.
Fiore Gold (TSXV:F) is a growth-oriented US gold producer. Its flagship asset is the Pan mine, a heap leach gold project based in Nevada. Fiore’s goal is to build a mid-tier US gold mining company through internal growth and strategic M&A.
The Gold Range property is located in Mohave County, Arizona, which has seen widespread small-scale lode and placer gold production but limited modern lode gold exploration. The 1,415 hectare property consists of 192 lode mining claims and leverages great geological structuring, multiple bulk tonnages, high-grade gold targets and useful resource networks.
A gold system footprint has been identified and mapped over 5 kilometers by 3 kilometers. Over this mapping, the company has identified several large gold targets, including the Eldorado Zone, Central Zone and Excelsior mine. Additionally, the property’s Adit shear zone has returned 8.47 g/t gold grade over 5.6 meters from a favorably large quartz vein.
In January 2021, CANEX Metals signed a letter of intent to option the Excelsior Mine property, which adds three historic past producing gold mines to the Gold Range property and provides multiple drill ready targets. In a recent interview, Ebert shared, “There’s a zone at Excelsior that’s seen historic underground mining and then some more recent open pit mining. It’s got a beautifully exposed high-grade vein with a 20 to 50 meter wide halo of veining and good alteration and mineralization that could really have some bulk tonnage potential, as well as that high-grade element.” He further stressed, “We’re not just a high-grade target, we’re really a high value, heap leach type, low-cost mining target.”
In March 2021, the company completed Phase Two of the project’s drill program with 34 holes. The project’s next steps include additional testing of the Excelsior mine and developing a larger deposit definition program.
Dr. Shane W. Ebert has 30 years of gold, copper and base metal exploration experience in North America, South America, Australia and Europe. Dr. Ebert was involved in discovering a large copper deposit in Mexico, a gold deposit in eastern Canada and copper-gold porphyry in British Columbia and has worked with numerous major and junior exploration companies. His experience includes exploration and research on epithermal and porphyry deposits in Canada, the USA, Mexico and Europe, reduced intrusion-related gold deposits in Yukon and Alaska and polymetallic carbonate-hosted deposits in Peru. Dr. Ebert is also president and director of Surge Copper Corp. and a director of Jade Leader Corp. Dr. Ebert was VP of Exploration and a director of Tyler Resources Inc. until March 2008, when the company was sold to a large multinational mining consortium. He is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia.
Jean Pierre Jutras is a professional mineral exploration geologist with 30 years of experience in the exploration industry. He has worked in over 15 countries on four continents, with numerous public companies, including Placer dome, Prism Resources, Golden Star Resources and Jade Leader Corp. He was the president and director of Tyler Resources Inc. from 2001 until March 2008, when Jinchuan Group Ltd. of China took over Tyler for C$214 million. Jutras then remained as Feasibility Study coordinator from 2008 to 2010 for Tyler Resources Inc., post-takeover transaction. He is also currently a president and director of Jade Leader Corp.
Barbara O’Neill has been corporate secretary for several TSX and TSX Venture corporations, primarily in the mining industry, both nationally and internationally, for the last 30 years. She has extensive experience in public offerings, public listings and Exchange matters, share and asset acquisitions and dispositions, restructurings, securities regulatory requirements for public issuers and other related business transactions. She is currently corporate secretary of Jade Leader Corp., Canex Metals Inc. and CanadaBis Capital Inc.
Chantelle Collins holds a Bachelor’s degree in Accounting and is a member of the Chartered Professional Accountants Association of BC (CPA, CGA). Collins has over 12 years of experience working in the public sector and is well versed in the financial reporting requirements of public companies and currently serves as an officer for three other public companies.
Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce that it has closed it's previously announced C$2.5 million private placement
The Company welcomes Mr. Michael Gentile, CFA, as a key shareholder and new insider of the Company with 10.7% ownership. Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies. Michael is currently a strategic advisor to Arizona Metals (TSXV:AMC) and a director of Northern Superior Resources (TSXV:SUP), Roscan Gold (TSXV:ROS), Radisson Mining Resources (TSXV:RDS) and Solstice Gold (TSXV:SGC). Michael recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited.
Mr. Blair Schultz, recently appointed to the board of Directors of CANEX, also participated in the financing and currently owns 5.3% of the Company. Mr. Schultz has over 25 years of capital markets and financial experience including several mining senior executive roles and brings significant merger and acquisition experience to the board. Among his successes includes time spent at Klondex Mines (TSX: KDX) where he played an active role with the Board and Management orchestrating a recapitalization from an insolvent explorer into a producer, concluding with the sale of Klondex to Hecla Mining Company (NYSE: HL) and is a founder and principal in Arizona Metals Corp. (TSXV: AMC).
With this financing completed, CANEX will be fully funded to drill test the continuity of the 3.2 kilometer long by up to 500 meter-wide oxide gold mineralized corridor at Gold Range. To date results from 68 drill holes have been received from the Gold Range project confirming oxide gold mineralization at 3 zones along the corridor. Recent soil and rock sampling has further expanded the target zones and has identified several parallel zones that remain to be drill tested. CANEX is waiting on the results of 28 reverse circulation drill holes.
The non-brokered private placement consisted of 19,230,927 Units ("Common Units") at a price of $0.13 per Common Unit for gross proceeds of $2,500,020.51.
Each Common Unit consisted of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.18 per share for a period of two years following closing or until May 27, 2024. After a 6 month, non-callable period the warrants will be subject to acceleration at the Company's discretion if at any time the Company's 20 day volume-weighted average share price trades above 25 cents.
The Units were offered to accredited investors and all securities issued under the offering will be subject to a hold period of four months plus one day or until September 28, 2022. No finder fees were paid in connection with the financing. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.
Proceeds of the financing will be used to drill test and further explore the Gold Range Property and for general working capital.
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.
Canex Metals (TSXV:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high silver and gold mineralization at the Gibson property in British Columbia. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder.
Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.
For Further Information Contact: Shane Ebert at 1.250.964.2699 or Jean Pierre Jutras at 1.403.233.2636 Web: http://www.canexmetals.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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
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Canex Metals Inc. (TSXV:CANX)(OTC PINK:NOMNF)(FRA:NJM1) ("CANEX" or the "Company") is pleased to announce exploration results for 670 soil samples and 42 rock samples from the Gold Range Project, Arizona. These surface sampling results combined with geologic mapping have added new exploration targets and increased our understanding of, and confidence in, the 3-kilometre-long oxide gold exploration target at Eldorado-Malco-Excelsior
Assay results for 670 soil samples and 42 rock samples are presented in this release. Rock samples include a mix of chip and grab samples with grades ranging from below detection to 66.6 g/t gold, with an average from all 42 samples of 2.8 g/t gold. Assay results for a further 169 rock samples are pending. Soil anomalies and rock sample locations are shown on the map below. Of note is the large gold in soil anomaly extending from Eldorado to the southwest through Malco and to Excelsior in the northeast, a strike length of 3.2 kilometres.
The Excelsior soil anomaly is defined by a low-level gold in soil anomaly 1000 metres long by 250 to 500 metres wide that overlaps and extends from the known zone of mineralization at Excelsior. Prospecting within the Excelsior soil anomaly has discovered multiple mineralized outcrops with chip samples returning 8.06 g/t gold over 0.6 metres and 0.71 g/t gold over 0.7 metres. The majority of the Excelsior soil anomaly remains unexplored and the zone trends under cover to the northeast. Forty lode mining claims have recently been staked to cover the projected strike of the zone along with a second area of open ground to the south.
Surface sampling at the Malco Zone has defined a gold in soil anomaly up to 750 metres long by up to 350 metres wide within the central part of the larger Excelsior-Malco-Eldorado trend. Previous sampling has identified multiple high-grade gold veins within this zone, and recent surface work identified two more veins which returned 29.6 g/t and 5.44 g/t gold in grab samples. Malco contains multiple historic underground workings along a 500 metre strike length. The drill is currently focused on drill testing Malco over 300 metres of strike length.
Sampling at the Lillian Zone has expanded the Central Zone gold in soil anomaly to the northwest connecting it to Lillian. This combined Central-Lillian soil anomaly now covers an area 1100 metres long by up to 200 metres wide. New rock sampling within this anomaly have identified a mineralized outcrop which returned 1.15 g/t gold in a grab sample. Multiple old workings and prospect pits occur through the Central-Lillian soil anomaly and 2 recent drill holes have tested the zone, with results pending.
Highlights of Gold Range Rock Samples in this release.
NE part of claim block
NE part of claim block
E part of claim block
E part of claim block
*All grab and chip samples reported here were taken by CANEX personnel with all chip samples taken perpendicular to the strike of the structures sampled. Grab samples are selective in nature and are not necessarily representative of mineralization on the property.
Dr. Shane Ebert. President of the Company stated, "We are very pleased to see our surface exploration efforts increasing the size of our exploration targets and giving us multiple new target areas for drill testing. Surface mapping and sampling have identified additional zones of mineralized quartz stockwork veining that run parallel to the known Excelsior zone on the east side. The identification of multiple subparallel mineralized zones within the Excelsior soil anomaly certainly increase the near surface tonnage potential of the zone."
Figure 1. Soil anomaly and rock sample map for the Gold Range Property.
Forty seven holes have been completed during the ongoing drill program (holes GR21-49 to GR21-95) and the drill is currently on the 48th hole (GR22-96). Over 5216 metres (17,110 feet) have been drilled exceeding the planned program total of 5000 metres.
The drill has completed 12 step out holes around GR21-57 located on the southern end of the Excelsior zone and which recently intersected 1.0 g/t gold over 59.45 metres starting from surface (previously released, see December 16, 2021 news release). There is now sufficient drilling in this zone to determine if mineralization continues and widens to the south.
Two holes have recently been completed on new exploration targets, one testing a large gold in soil anomaly in the Central Zone and one testing multiple mineralized zone exposed at the historic Lillian Mine. The drill is currently focused on testing the Malco Zone in 4 deep holes testing about 300 metres of strike length.
For the current program results for 12 holes have been received and released, an additional 34 holes are in the process of being analyzed and will be released in batches as they are complete.
Quality Control and Assay Procedures
Soil and rock samples were taken by Company personnel and analysed by Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). Soil samples were screened to minus 80 mesh and analysed for gold by fire assay with an atomic absorption finish (method FA-01). The 670 soil samples reported here had gold results ranging from
Rock samples were prepared using a 1000g pulp and assayed by a 50g fire assay with an atomic absorption finish (method FA-01-50g). Standards and blanks were included with select surface sample batches.
Canex Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. CANEX is led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder. CANEX has identified several bulk tonnage oxide gold targets at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold zones along a 3 km long highly prospective trend that has seen limited modern exploration. The Company's current focus is on step out drilling along strike and to depth to demonstrate the scale of the project.
Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.
Shane Ebert at 1.250.964.2699 or Jean Pierre Jutras at 1.403.233.2636 Web: http://www.canexmetals.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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
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Canex Metals Inc. (TSXV:CANX)(OTC PINK:NOMNF)(FRA:NJM1) ("CANEX" or the "Company") is pleased to announce that reverse circulation drilling has resumed at the Gold Range Project, Arizona, after a scheduled holiday break. The drill is set up at the Excelsior Zone where several new holes have been added to the program to delineate the mineralized zone encountered in hole GR21-57, which intersected 1.0 gt gold over 59.45 metres starting from surface and ending in mineralization (previously released see December 16, 2021 news release). Hole GR21-57 intersected the longest continuous zone of mineralization encountered at Gold Range to date and represents a compelling target for the Company
The ongoing drill program is anticipated to consist of around 50 holes and 5000 metres of drilling and could be expanded with continued success. To date 30 holes have been completed and sent for assay. Results for 4 holes have been released and assays for the remaining 26 holes are pending and will be released in batches as they are received and processed. The Company anticipates steady news flow through Q1 of 2022.
Over the holiday break, the Company was able to both redesign its ongoing program to follow up on the GR21-57 wide intersection, as well as secure additional drill pipe in order to test the system to greater depths. Systematic soil sampling data over the Excelsior-Malco-Eldorado corridor has been received and is being compiled to guide drill targeting over this large bulk tonnage target.
Dr. Shane Ebert, President of the Company stated, "We are excited to resume drilling at Gold Range and will initially focus on expanding the wide mineralized intercept encountered in hole GR21-57 with 8 or 9 additional holes. Hole GR21-57 was basically mineralized from top to bottom and the mineralized zone at Excelsior could be getting significantly wider toward the south, where the zone approaches a key structural intersection which conceptually is a great target for larger and/or higher-grade zones of mineralization. The southern projection of the zone is within a flat covered area that has not been systematically tested previously".
Figure 1. Cross section D - D' through the Excelsior Mine showing new planned test holes. See Figure 2 for section location.
Since assembling the Gold Range property as a grass roots exploration target, CANEX has conducted extensive surface mapping, flown a drone magnetic survey, collected 692 surface rock samples, 3078 surface soil samples, conducted positive bottle roll metallurgical test work, and drilled 6853 metres in 78 holes. Ongoing surface exploration is adding to the understanding of existing targets and continually identifying new ones which will be systematically advanced, prioritized and drill tested.
To date, multiple large gold exploration targets have been identified highlighted by the 3 kilometre long mineralized corridor stretching from the Eldorado to the Excelsior Zones. This mineralized corridor hosts structurally controlled high grade and bulk tonnage style gold mineralization and initial drill testing has returned multiple intercepts of oxide gold mineralization starting at surface.
Select previously released drill intercepts by zone include:
1.0 g/t Au over 59.5 metres
1.6 g/t Au over 35.1 metres
2.2 g/t Au over 24.4 metres
1.8 g/t Au over 19.8 metres
2.2 g/t Au over 18.3 metres
8.2 g/t Au over 4.6 metres
0.9 g/t Au over 27.4 metres
0.5 g/t Au over 24.5 metres
0.6 g/t Au over 22.9 metres
1.3 g/t Au over 21.3 metres
5.1 g/t Au over 4.6 metres
0.2 g/t Au over 164.6 metres
0.7 g/t Au over 16.8 metres
0.9 g/t Au over 10.7 metres
0.3 g/t Au over 62.5 metres
1.0 g/t Au over 9.1 metres
5.9 g/t Au over 4.6 metres
10.0 g/t Au over 1.5 metres
A drill hole location map summarizing key intercepts from the southern part of the Gold Range property and showing the current area of drilling focus is shown below.
Once expansion drilling is completed at the Excelsior zone, the drill will continue at the Eldorado and Malco zones, testing a large portion of the 3 kilometre long mineralized corridor from Eldorado to Excelsior. Additional targets in the northern part of the property are also scheduled for drill testing during the current program.
Figure 2. Drill hole location map for the Gold Range Property summarizing select drill hole intercepts and showing the area of current drilling.
Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot (1.52m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). A 1000g pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay method with a gravimetric finish (method FA-02 50g). Twenty-four additional elements were analyzed using a multi acid digestion and inductively coupled plasma (method TE-4). The Company included certified reference standards, blanks, and duplicates in every sample batch and then checked to ensure proper quality assurance and quality control prior to releasing the data. Reported drill hole intercepts are down hole intercepts and true widths have not been determined. Grades have not been capped in the averaging and some short weakly anomalous intervals have been included in some composites.
Canex Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. CANEX is led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder. CANEX has identified several bulk tonnage oxide gold targets at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold zones along a 3 km long highly prospective trend that has seen limited modern exploration. The Company's current focus is on step out drilling along strike and to depth to demonstrate the scale of the project.
Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.
Shane Ebert at 1.250.964.2699 or Jean Pierre Jutras at 1.403.233.2636 Web: http://www.canexmetals.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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
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Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce that a reverse circulation drill program is underway at the Gold Range Project, Arizona. Three holes have been completed at the Excelsior Zone and a fourth is in progress. The Company plans to drill up to 50 holes during the current drilling program
Dr. Shane Ebert, President of the Company stated, "We are very pleased to have started our third drill program at Gold Range and are excited to follow up our recent bulk tonnage discoveries and work to expand the zones and further test the underexplored mineralized trend that hosts mineralization. With continued success this program could provide a solid foundation for a larger resource definition program".
The current reverse circulation drill program will consist of up to 50 drill holes and a minimum of 3000 metres of drilling. The program will initially focus on expanding high grade near surface mineralization identified at the Excelsior Zone before expanding outward along the 3 kilometre long mineralized trend linking the historical Excelsior, Malco, and Eldorado Mines. The Excelsior Zone was first drill tested by the Company in February of this year and returned very strong grades such as 1.6 g/t gold over 35.1 metres including 2.2 g/t gold over 24.4 metres (previously released see June 14, 2021 news release). The program will also look to expand mineralization at the Eldorado and Malco zones and test multiple areas along the known trend. A few holes are planned to test larger targets in the central and northern part of the claim block. The drill program is expected to run into late October with assay results released in several batches as they become available.
The main exploration targets at Gold Range are near surface bulk tonnage gold zones hosted in metamorphic rocks and cretaceous intrusive dikes. Mineralization contains disseminated stockwork style quartz veinlets surrounding high grade gold veins. Free gold has been observed within high grade veins and within stockwork veinlets. Eight bottle roll samples from across the system achieved final cyanide soluble gold recoveries ranging from 94 to 99%, averaging 97% (previously released see September 8, 2021 news release). These exceptional cyanide soluble recoveries confirm the project as a valid heap leach type target. Numerous heap leach style mining operations are currently active in the Western United States and Northern Mexico, and these deposit types are sought after by mining companies as they are low cost to build and can be operated highly profitably at very low average gold grades.
Figure 1. Simplified target and drill hole location map, Gold Range Project.
Figure 2. Left, drill rig set up on the Excelsior Zone. Right, close up of track mounted drill rig drilling hole GR21-50.
Canex Metals (TSXV:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. Led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, CANEX has identified and tested several targets which host the potential for bulk tonnage oxide gold mineralization at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold potential along a recently identified trend extending from the Eldorado to Excelsior Zones. Hole GR21-37 from Excelsior returned 1.6 g/t gold over 35.1 metres including 8.2 g/t gold over 4.6 metres. These new discoveries occur along a 3 kilometre long highly prospective mineralized trend that has seen limited modern exploration.
The Company remains focused on testing and advancing key exploration targets on the Gold Range Property through continued exploration and drilling.
Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.
Shane Ebert at 1.250.964.2699 or Jean Pierre Jutras at 1.403.233.2636 Web: http://www.canexmetals.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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
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Canex Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to announce exceptional cyanide soluble gold recoveries from bottle roll test work on mineralized samples from the Gold Range Project, Arizona
Dr. Shane Ebert, President of the Company stated, "The bottle roll samples were mainly taken from the Eldorado and Excelsior Zones and represent a range of gold grades from varying depths in the system. We are very encouraged to see exceptional recoveries from throughout the mineralized zone, demonstrating the system could be amenable to heap leach processing and significantly de-risking the bulk tonnage heap-leach exploration concept at Gold Range."
Eight samples of mineralized reverse circulation drill cuttings from the Gold Range Project were submitted to SGS Laboratories in Burnaby British Columbia for bottle roll testing to better understand the cyanide soluble gold recovery and leach characteristics of the Gold Range mineralization. Four of the samples were from the Eldorado zone, three samples were from the Excelsior zone, and one sample was from the Contact Zone located between Eldorado and Excelsior. The samples represent low grade gold mineralization (0.2 g/t gold), intermediate grade mineralization (0.5 to 0.8 g/t gold), and higher-grade zones (2 to 3.4 g/t gold) and were from a range of depths from 7 to 64 metres down hole.
Each sample was air-dried then crushed to 100% passing 10 mesh. A 1 kg charge from each sample was subject to standard leach conditions (cyanide concentration of 0.5 g/L NaCN with 48 hour retention time) and assayed at 0, 2, 6, 24, and 48 hours.
Summary of bottle roll test results from Gold Range
Sodium cyanide and lime consumption where well within acceptable levels at 0.24 to 0.32 kg/t and 0.7 to 1.5 kg/t, respectively. All of the samples were found to be non-refractory and appear to contain fee milling gold. The samples display rapid leach kinetics, with the majority of gold extracted within the first 6 hours and maximum extraction almost complete within 24 hours.
Gold leach kinetics from Gold Range samples
The results confirm that the mineralized zones recently discovered at the Gold Range project are well suited to heap leach extraction methods and reinforces the Company's objective of exploring for and defining zones of bulk tonnage gold mineralization.
Drill Program Update - RC Drilling About to Commence
A track mounted reverse circulation drill rig is currently being mobilized to the Gold Range Project. An announcement will be made once drilling has commenced. This third round of drilling will consist of approximately 50 drill holes and in excess of 3000 metres and will focus on stepping out and expanding new gold discoveries and testing new targets.
Canex Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. Led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, CANEX has identified and tested several targets which host the potential for bulk tonnage oxide gold mineralization at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold potential along a recently identified trend extending from the Eldorado to Excelsior Zones. Hole GR21-37 from Excelsior returned 1.6 g/t gold over 35.1 metres including 8.2 g/t gold over 4.6 metres. These new discoveries occur along a 3 kilometre long highly prospective mineralized trend that has seen limited modern exploration.
The Company remains focused on testing and advancing key exploration targets on the Gold Range Property through continued exploration and drilling.
Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.
Shane Ebert at 1.250.964.2699 or Jean Pierre Jutras at 1.403.233.2636 Web: http://www.canexmetals.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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
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Satori Resources Inc. (TSXV: BUD) (OTCQB: STRRF They're currently focused on a dual track program of evaluating the former operating high-grade gold mine. BTV chats with President & CEO, Jennifer Boyle to learn more.
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Satori Resources Inc.(TSXV: BUD) (OTCQB: STRRF)
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Contact: Trina Schlingmann (604) 664-7401 x 5 trina@b-tv.com
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Orefinders Resources Inc. (" Orefinders " or the " Company ") (TSXV: ORX) is pleased to announce that it will be featured at Ore Day which will be broadcast today June 10 th at 9 am ET at www.Oreday.com
Ore Day is a conference hosted by the Ore Group of Companies who focus on gold, copper, nickel, and uranium development projects.
Ore Day will also feature keynote talks and interview with industry experts, including:
Register Here: www.OreDay.com
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's expectations regarding future operations and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the application of the proceeds of the Offering as anticipated by management and the inability to obtain the necessary TSX Venture Exchange approval to complete the Offering. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to close the Offering, that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, TSX Venture Exchange approval, for the Offering.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.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.
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TSX.V: VIPR, OTC: VIPRF
Silver Viper Minerals Corp. (the " Company " or " Silver Viper ") (TSXV: VIPR) (OTC: VIPRF) is pleased to announce that it has closed the first tranche (the " First Tranche ") of its $3 million private placement announced on June 6, 2022 (the " Offering "), issuing 5,566,666 units of the Company (the " Units ") at a price of $0.20 per Unit for aggregate gross proceeds of $1,113,333 .
Each Unit consists of one common share (each, a " Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder thereof to acquire one Share at the price of $0.30 per Share until June 9, 2024 . The Shares and Warrants comprising the Units and any Shares issued upon the exercise of the Warrants are subject to a statutory hold period which expires on October 10, 2022 .
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes. The Company anticipates closing the second and final tranche of the Offering on or about June 23, 2022.
The Company has agreed to pay a finder's fee to certain finders in respect of those purchasers under the Offering introduced to the Company by such finder. In connection with the closing of the First Tranche, Silver Viper paid finder's fees of $23,700 to Red Cloud Securities Inc., $16,800 to Haywood Securities Inc., $6,000 to Canaccord Genuity Corp., and $1,500 to PI Financial Corp.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release is not an offer or a solicitation of an offer of securities for sale in the United States , nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Silver Viper Minerals Corp. is a Canadian-based junior mineral exploration company focused on precious metals exploration in the northwestern Mexican state of Sonora . The Company currently operates the La Virginia Gold-Silver Project. Silver Viper has 100% ownership of the La Virginia concessions acquired from the most recent operator, Pan American Silver Corp., and has an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to those concessions. Silver Viper is under management provided by the Belcarra Group, which is comprised of highly qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS,
Steve Cope President and CEO
This news release may contain forward-looking statements, including statements with respect to the terms of the Offering, closing of the second and final tranche Offering and use of proceeds of the Offering. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company's financial statements, management discussion and analysis and/or annual information form available on www.sedar.com . The risk factors identified in such documents are not intended to represent a complete list of factors that could affect the Company. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law.
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.
SOURCE Silver Viper Minerals Corp.
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SKRR Exploration Inc. ("SKRR" or the "Company") (TSXV: SKRR) (OTC Pink: SKKRF) (FSE: B04Q) is pleased to announce it has received TSX Venture Exchange approval of the previously announced share purchase agreement to acquire all of the issued and outstanding shares of 1364991 BC Ltd., an arm's length private B.C. Company that holds an undivided 100% interest in the Nickel Peak 1 and Nickel Peak 2 claim blocks.
SKRR's 100% owned Nickel Peak claims span 3874.5 acres (1568 hectares) and is approximately 110 kilometres northwest of Fort St. James, B.C. , in the Omineca mining district. Metallic mineralization includes nickel, cobalt and chromium with the documented presence of awaruite. Assays by Acme Analytical Laboratories Ltd. in 2005 returned up to 1826 ppm 1734 ppm Nickel with 1113 ppm Chromium. The good to date of the Nickel Peak claims is October 20, 2022 .
SKRR entered into a share purchase agreement dated as of June 6, 2022 , under which SKRR has purchased all of the issued and outstanding shares of 1364991 BC Ltd., an arm's length private B.C. company that holds an undivided 100% interest in the Nickel Peak 1 and Nickel Peak 2 claim blocks. As consideration for SKRR's purchase of all of the shares of 1364991 B .C. Ltd., SKRR issued three (3) million common shares, on a pro rata basis, to the shareholders of 1364991 B .C. Ltd. All SKRR common shares issued pursuant to the share purchase agreement are subject to a voluntary hold period of four months. The news release dated June 7, 2022 , erroneously referenced that the share purchase agreement and 1364991 B .C. Ltd. were non-arm's length parties (the parties are arm's length). The shareholders (vendors) of 1364991 B .C. Ltd. are: (i) 1274596 B .C. Ltd. ( Robert Nicholas Horsley ), (ii) 1170147 B .C. Ltd. (Hani El Rayess), and (iii) 1335527 B .C. Ltd. ( Daniel Terrett ).
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol , a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects . Mr. McElroy verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
SKRR is a Canadian-based precious metal explorer with properties in British Columbia and Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan . SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
Sherman Dahl President & CEO Tel: 250-558-8340
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 contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the Nickel Peak claims, and the expected outcomes, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. 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 may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, the interpretation of technical and scientific data, risks related to the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and including those filed under the Company's profile on SEDAR at www.sedar.com . There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, decrease in the price of nickel, gold and other metals, equipment failures or failure to obtain the necessary equipment, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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Falcon Gold Corp. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon Gold" or the "Company") is pleased to announce the completion of the option and work requirements on the Central Canada project to earn its 100% interest in the project located in the Hutchinson Township, Ontario
Falcon has completed all its cash share and exploration expenditures over the 4-year option. Falcon has the right to purchase half of the 2% NSR (Net Smelter Royalty) for a payment of $ 1,000,000, leaving the vendors with 1%. With annual production pre-payments of $ 10,000 which will be deducted against future royalty payments.
The Company previously announced February 2, 2022, and April 4, 2022, the planning and expansion of phase 3 drilling to commence early March however due to drill crew delay and availability we had to push back the start date. Currently, due to increased water levels in rivers in the area the Ministry of Northern Development, Mines, Natural Resources, and Forestry issued a flood warning late May as water levels had increased blocking access to the project. The Company is monitoring the situation and will report back when the situation clears.
The Company has decided for the near term to focus on its Central Newfoundland project portfolio and is pleased to report crews have been mobilized at our Gander North and South projects and at our Golden Brook project with Joint Venture partner Marvel Discovery Corp. (TSX.V MARV). The Company will be following up with a more detailed news release on the exploration underway in Newfoundland in the coming days.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.
The Company holds 9 additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina, The Viernes Gold/Silver/Copper project in Antofagasta Chile, The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.
Karim Rayani Chief Executive Officer, Director Telephone: (604) 716-0551 Email: k@r7.capital
Cautionary Language and Forward-Looking Statements
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, 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.
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, 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.
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.
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Airborne geophysics, soil and till geochemistry, and drilling to be completed by end of Q4 2022
MLK Gold Ltd. (CSE: MLK) ("MLK" or "MLK Gold" or the " Company "), a growth-oriented gold exploration company headquartered in Windsor, Nova Scotia is pleased to report that after an initial data mining compilation of public government databases, the Company has added 104 lithium claims covering 2,600 hectares on its 360 Lithium Property located on the south coast of Newfoundland .
Company President and CEO, Paul Smith (P. Geo.) and Executive Chairman, Bill Fleming , noted significant pegmatite development on the property following an initial reconnaissance visit to the area late last month.
"We know from previous government and academic research that pegmatite veins have been noted in previous mapping of the area and contain sub-ore grades of elemental lithium in addition to numerous quartz-tourmaline veins," said Smith. "What we were surprised to observe was the abundance of veining and the variation in textures and mineralogy. Our plan is to complete a full assessment of these claims as part of our Q3 exploration program which includes our Caledonia Brook Gold Property," he added.
Exploration is set to begin at the end of July and will coincide with the Company's plan to release its airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey and soil data collected by Geotech Ltd. and Overburden Drilling Management (ODM).
The Company's flagship Caledonia Brook Gold Project is targeting lode and intrusive-hosted styles of gold mineralization through a planned initial drill program of 1,200 metres in 12 proposed holes to be collared on the Mustang66, Maverick, and Charlie Zones.
"The commencement of our Q4 drilling will represent the first diamond drill holes ever undertaken on the property," added Smith. "We have two additional holes being considered on the Slider Zone which will be conditional on results of a detailed soil sample survey in this area."
A total of 662 line-kilometres (representing ~62% of the property) has been covered by an airborne Versatile Time-Domain Electromagnetic (VTEM™ Plus) geophysical survey. Survey highlights include:
All data is currently under review and results will be released in the Company's next update.
Phase I of the Company's glacial till sampling program in the northern portion of the property has been completed with 111 samples being processed by Overburden Drilling Management (ODM). A summary of the results from the samples include:
All heavy mineral concentrates from ODM's mineral separation work are currently being analyzed at Activation Laboratories Ltd. in Ancaster, ON , and results will be released once they have been received.
Additional glacial till sampling will be carried out over the southern part of the property in Q3-Q4.
The Company's 2022 soil sampling process will take place over five separate grids on the property. Gold assay grades in soil from last summer's exploration have shown elevated gold content up to 192 ppb. Further work will target the Mustang66, Maverick, Cougar, Charlie, and Slider Zones.
Rock geochemistry has indicated four areas of elevated gold, silver, zinc, or lead content. These occur along the Mustang66, Viper, and Maverick Zones with gold assays up to 2.38 g/t Au and with silver up to 71.1 g/t Ag, 4.03 % Zn, and 1.07 % Pb.
All work will focus on areas where either known structural faults occur or where the Company has evidence of either shear zones or faulting being present based on its previous exploration in the area.
MLK Executive Chairman, William (Bill) Fleming , says the Company's commitment to the area's high potential is driving their exploration program.
"We have a pretty good idea of the geological similarities we share with other major stakeholders in the area, and we are encouraged by some of the results we have recorded to date," said Fleming. "Keeping that in mind, our primary focus right now is to accelerate the implementation of our strategic exploration initiatives, and if that requires more investment capital then we'll execute that action."
MLK's Caledonia Brook property is situated in central Newfoundland west of New Found Gold Corporation, northeast of the Valentine Lake deposit property, and southwest of Sokoman Minerals Moosehead gold property, and shares geological and structural similarities to Marathon Gold's (4.14 million ounces; 3.14 Moz. M&I, 56.7 Mt @ 1.72 g/t Au; 1.00 Moz. Inferred; 18.2 Mt @ 1.70 g/t Au) Valentine Lake deposit with both properties lying along the Victoria Lake – Grand Falls Shear Zone System. The Company's qualified person has not verified data from Marathon Gold's Valentine Lake project and similarities are not indicative of mineralization on the Company's properties.
Source : N.I. 43 Technical Report & FEASIBILITY STUDY ON THE VALENTINE GOLD PROJECT, Newfoundland and Labrador, Canada ; Prepared for, Marathon Gold Corporation, 36 Lombard Street, Suite 600, Toronto, ON , M5C 2X3; by Ausenco. Effective date: April 15, 2021 .
MLK's corporate update can be viewed here .
Paul K. Smith (P. Geo.), President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's premiere resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland , MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com .
To view the Company's recent promotional video, please click HERE .
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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