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CAT Strategic Metals Signs Agreement with Geological and Mining Consulting Firm to Advance South Preston Uranium Project in Canada’s Prolific Athabasca Basin

VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / CAT Strategic Metals Corporation (CSE:CAT) ("CAT" or the "Company") announces that it has engaged Watt,…

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VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / CAT [nxtlink id="269551"]Strategic Metals Corporation[/nxtlink] (CSE:CAT) (“CAT” or the “Company“) announces that it has engaged Watt, Griffis and McOuat Limited, Geological and Mining Consultants (“WGM“), for the purpose of discovering economically viable uranium mineralization on CAT’s South Preston uranium property.

Discussions with WGM began in earnest in September in order to determine the best and most productive methods to advance the South Preston Uranium Project in the most desirable and expeditious manner possible. After an initial review of the available project data, WGM expressed significant interest in pursuing the project with CAT and provided a proposal to the Company outlining the scope of work required to ascertain uranium mineralization that is consistent with unconformity-type deposits that have been confirmed to exist in the Athabasca Basin. These types of deposits are the highest-grade uranium deposits known.

The location of the South Preston property is outside the area currently covered by the Athabasca Formation sandstone, and therefore has certain advantages with respect to the ‘visibility’ of uranium mineralization versus other areas where many hundreds of metres of sandstone cover the potential uranium host rocks.

Particular interest in the South Preston property occurred as a result of CAT’s neighbour, Azincourt Energy, discovering a conductive zone on its East Preston property a short distance to the north of CAT’s dispositions; Azincourt’s SSW-trending zones project directly onto CAT’s exploration property.

WGM will begin immediately to assemble and review all of the compiled data and information base that is composed of reports previously filed with the Saskatchewan regulators for assessment purposes. This will also include the results of previous historical exploration programs on, or near, the South Preston property. As this review progresses, WGM will design the exploration plan to identify the primary work elements required to move the project forward.

Once the initial exploration plan has been determined from all the available data and surveys that are recent and/or cover portions of the South Preston property, it is expected that specialized technical surveys can be initiated as early as the end of October or early November of 2021. This exploration plan will include geological mapping, radioactivity measurements, geochemical and geophysical (EM) surveys and radon-in-water sampling.

About WGM

Established in 1962, WGM is Canada’s longest running independent firm of geological and mining consultants providing professional services of the highest standards to the global mineral resource industry. The professional staff and associates have amassed decades of experience in areas ranging from grassroots exploration – design, management and implementation – to mine planning, including processing and recovery options. Significant mineral discoveries and new mines have been developed as a result of WGM’s expertise and exploration efforts, notably the Mary River iron deposits on Baffin Island and Asbestos Hill in Quebec as well as the Greens Greek silver-gold-zinc mine and the Pogo gold mine, both in Alaska. According to Cominco, owner of the massive Red Dog zinc mine, WGM played a major role in its recognition as high-priority exploration target.

The project will be directed by Senior Geologist and WGM Vice President Al Workman, P.Geo, SEG., F.AusIMM. Mr. Workman’s experience as an exploration geologist included 6 years working for Gulf Minerals Canada Ltd., the company whose landmark Rabbit Lake discovery opened the Athabasca Basin to the existence of unconformity-type uranium deposits. In addition to having worked in the eastern Athabasca Basin, he has significant additional uranium exploration experience including;

  • Exploration for sandstone-hosted and/or unconformity-type deposits in the Hornby Basin of the NWT;
  • Reviewing exploration programs for structurally-controlled uranium mineralization in the Beaverlodge area in northern Saskatchewan;
  • Exploring for paleo-placer (conglomerate-hosted) uranium deposits in the Elliot Lake area;
  • Exploration and diamond drilling black-shale hosted uranium in the Albert Fm., Moncton Sub-Basin, New Brunswick
  • Mapping and drilling high-grade uranium mineralization hosted in ignimbrites and rhyolites in the Cobequid Highlands, Nova Scotia.

CAT’s Chairman & CEO, Robert Rosner, stated “We have been looking for the best fit to tackle the South Preston Uranium Project since we acquired it some months ago. It has been a challenge to put together the right people with the right skill-set, but now we are extremely happy that WGM has the confidence in the property, based on their initial review of the data, to come on board as the project leader and designer. If you look at their track record, the board of directors believes that retaining WGM is the best possible outcome, at this point, for the project, the Company, and its shareholders.”

Al Workman, Project Director and WGM Vice President, also said, “WGM is very pleased to be associated with the South Preston Uranium Project and we eagerly look forward to working with CAT’s management in furthering exploration on the property to the point where we may be in a position to discover economically viable uranium mineralization”.

The South Preston Uranium Project

The South Preston Uranium Property is located in the southwest area of Canada’s Athabasca Basin, which is known to host some of the world’s highest-grade uranium deposits. Recent discoveries in the region include the Arrow uranium deposit discovered by NexGen Energy Ltd. and the Triple R (PLS) uranium deposit being advanced by Fission Uranium Corp. The CAT property is comprised of 29,395 hectares and shares more than 10km of the adjacent property border with NexGen Energy, as well as more than 18.5 km of continuous project boundary with Orano (a leading global uranium producer), and 50 km of contiguous claim border with Azincourt Energy Corp.

About CAT [nxtlink id="269551"]Strategic Metals Corporation[/nxtlink]:

CAT Strategic Metals‘ overall Mission Statement and corporate strategy is to source, identify, acquire and advance property interests located in mineral districts proven to have world class potential, primarily for gold and copper. In addition to the South Preston Uranium Project, CAT’s Burntland Project is focused on the exploration and development of several targets located Northeast of Saint Quentin in the county of Restigouche, New Brunswick, Canada, and The Rimrock Gold mineral property is a low-sulfidation and Carlin-style gold-silver prospect in the heart of the main Carlin and Northern Nevada Rift gold-silver mining belts of northeastern Nevada. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading symbol “CAT”, and on the Frankfurt Stock Exchange under the symbol “8CH”.

ON BEHALF OF THE BOARD

Robert Rosner
Chairman, President & CEO

Further information regarding the Company can be found on SEDAR at www.SEDAR.com, by visiting the Company’s website www.catstrategic.com or by contacting the Company directly at (604) 674-3145.

This news release may contain forward-looking statements. 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. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates

Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

We seek safe harbour.

SOURCE: CAT [nxtlink id="269551"]Strategic Metals Corporation[/nxtlink]

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Ameriwest Lithium Railroad Valley Geophysics Results in Staking of Additional Claims

VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF)…

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VANCOUVER, British Columbia, Oct. 27, 2021 (GLOBE NEWSWIRE) — Ameriwest Lithium Inc. (“Ameriwest” or the “Company”) (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0), a North American lithium exploration and development company, is pleased to announce that based on positive preliminary results from a recent geophysical survey, the Company has elected to stake 150 additional placer claims on its Railroad Valley property in Nye County, Nevada.

On August 31, 2021, Ameriwest announced the initiation of a deep target geophysical study designed to determine the presence and depth of conductive and potentially lithium brine-bearing strata. The survey program was undertaken in Q3 2021 by Zonge International Inc. (http://zonge.com) and consisted of a Magnetotelluric (MT) survey. Data was collected along two lines oriented at N90˚E for a total of 12.0-line kilometers. Electric field measurements were made continuously along the lines. Magnetic field measurements were recorded approximately every 1600 meters along each profile. From these measurements a total of 60 magnetotelluric soundings were obtained. See figure 1.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/84e5fc86-3666-4cae-a20d-6f7b3fa7c2f0

As noted in Ameriwest’s news release of April 19, 2021, the Company originally staked 312 unpatented placer claims, totalling 6,240 acres at the Railroad Lithium Property located 100 miles northeast of Tonopah. Upon receipt and analysis of the geophysics data whereby sharp resistivity boundaries in the subsurface are represented as resistivity gradient zones, Ameriwest noted increased resistivity open to the eastern portion of the study. (See Figure 2). Therefore, the Company elected to acquire an additional 150 placer claims on the eastern portion of the existing claim block. The additional claims now increase the Railroad Property from 312 to 462 placer claims and increase the property size from 6,240 to 9,097 acres in total.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72b5e669-3a29-499e-acf9-36ce6c9c22f7

Railroad Valley was originally identified by the US Geological Survey (USGS) as having potential to host lithium bearing brines in its subterranean aquifers beneath the valley floor. The Valley fits the current geological model and understanding of lithium brine deposit occurrences, (as defined by USGS Open File 2013-1006), and is considered analogous to the highly productive Clayton Valley. While Railroad Valley offers certain geological similarities to Clayton Valley, it differs in that it represents a new and virtually unexplored target, with only a handful of companies present, unlike Clayton Valley’s numerous leases and complex water issues. Based on seismic surveys, the Valley is about three times the size of Clayton Valley.

David Watkinson, Ameriwest’s President & CEO, notes, “The results from our geophysics study were extremely compelling. So much so, that we felt that procuring additional leases was of paramount importance. As noted previously, this is one of Nevada’s largest trapped drainage basins and has geologic potential to host large lithium brine deposits. Given its comparative attributes to Clayton Valley and its potentially much greater size, the initial results from our study are a very optimistic first step for Ameriwest’s lithium exploration in the southern portion of the Railroad Valley basin.”

Greg Bell, P.E. (Arizona), a qualified person under the NI 43-101 instrument, has reviewed and approved the technical content of this release.

Ameriwest invites interested stakeholders and shareholders alike to contact our investor relations team or visit our website and sign-up for regular news alerts which will help provide timely updates of ongoing activities. Company management believes strongly in regular communications, updates, and reports from the field as an important aspect of developing informative and useful engagement as the Company continues to help explore and develop the exciting and rapidly evolving lithium sector.

On Behalf of the Board of Directors,

David Watkinson
President and Chief Executive Officer

For further information, please contact:
Invictus Investor Relations
Tel: +1 (604) 343-8661
[email protected]
https://ameriwestlithium.com/

About Ameriwest Lithium Inc. (CSE: AWLI) (OTC: AWLIF) (FSE: 5HV0)

Ameriwest Lithium Inc. is a Canadian-based exploration company with a focus on identifying strategic lithium mineral resource projects for exploration and development. The Company is currently focused on exploring Nevada’s Deer Musk East property, located in the prolific Clayton Valley, totalling 5,600 acres, the Railroad Valley property, totalling 9,097 acres, the Edwards Creek Valley totalling 16,940 acres and Arizona’s Thompson Valley totalling 2,859 acres. Additionally, Ameriwest’s current resource portfolio includes the ESN Project, located in White Pine County, Nevada, and the Koster Dam property, located in the Clinton Mining Division of British Columbia, in which Ameriwest has a 45% interest.

For more information visit: https://ameriwestlithium.com/.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute forward‐looking information. Forward‐looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The Company’s actual results could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

 





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79 Resources Ltd. Announces Financings

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / 79 Resources Ltd. (CSE:SNR) ("79 Resources " or the "Company") announces that it intends to conduct non-brokered…

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VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / 79 Resources Ltd. (CSE:SNR) (“79 Resources ” or the “Company”) announces that it intends to conduct non-brokered private placement financings of flow-through and non flow-through units (collectively, the “Private Placements”) for combined aggregate gross proceeds of up to $1.25 million.

The Company intends to issue up to 6,000,000 flow-through units (“FT Units”) at a price of $0.125 per FT Unit, for gross proceeds of up to $750,000. Each FT Unit will consist of one (1) flow-through common share and one-half of one transferable common share purchase warrant, each full warrant being exercisable for an additional common share of the Company at a price of $.20 for 24 months from the date of issuance. The flow-through shares will entitle the holder to receive the tax benefits generally applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).

The Company also announces that it intends to issue up to 5,000,000 non flow-through units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of up to $500,000. Each Unit will consist of one common share and one transferable common share purchase warrant, each warrant being exercisable for an additional common share of the Company at a price of $0.20 for 24 months form the date of issuance.

Proceeds raised from the Private Placements will, as applicable, be used to advance the Company’s exploration projects, including its recently acquired Five Point Property (a district-scale exploration opportunity covering nearly 120,000 hectares in central British Columbia that is located contiguous to Sun Summit Minerals Corp.‘s Buck Project), and for general working capital.

Finders’ fees may be payable on the Private Placements, subject to compliance with the policies of the CSE and applicable securities legislation.

Among other prospectus exemptions, the Company intends to rely on the “investment dealer” prospectus exemption with respect to the Private Placements. As such, the Company confirms that there are no material facts or changes about 79 Resources that have not been generally disclosed.

About 79 Resources Ltd.

79 Resources is a Canadian-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the company seeks to acquire, explore and develop high-potential mining assets that are situated in secure jurisdictions.

ON BEHALF OF THE BOARD

“Steven Feldman”
Steven Feldman Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Tel. 1-604-683-3995
Toll Free. 1-888-845-4770

Neither the Canadian Stock Exchange nor its Regulation Services Provider 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: 79 Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/669838/79-Resources-Ltd-Announces-Financings






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Durango Intersects Anomalous Gold in Several Zones on the Trove Property, QC

 

Vancouver, BC – TheNewswire – Oct 27, 2021 – Durango Resources Inc. (TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango”)…

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Vancouver, BC – TheNewswire – Oct 27, 2021 – Durango Resources Inc. (TSXV:DGO) (Frankfurt:86A1) (OTC:ATOXF), (the “Company” or “Durango”) announces that further to the news release of August 2, 2021, the Company has found gold (“Au”) mineralization in several drill holes drilled in 2021 on its wholly owned Trove Property in Québec.

 

A total of 2,661 meters (“m”) were drilled in five holes targeted to find the source of high-grade gold found in till samples near 3 geophysical anomalies which were interpreted as potential structural controls for gold mineralization.  

 

Hole DGT21-11 intersected gold grades of 0.576 g/, 0.458 g/t and 0.117 g/t in 3 distinct 1m intervals at depths ranging from 120.5 to 225m.

 

Gold results from Holes DGT21-12, 13 and 14 include:

 

  • – Hole DGT21-12:  from 0.10 g/t over 3m to 0.37 g/t over 1m in 5 zones at varying depths between 131m to 407m;

    – Hole DGT21-13: from 0.298 g/t over 5m (incl. 0.656 g/t over 1m) and 0.45 g/t over 1m in 2 zones at depths of 145m and 367 to 372m; and

    – Hole DGT21-14: from 0.16 g/t to 0.37 g/t over 1m in 5 zones at depths from 113m to 543m.

Hole DGT21-11 was drilled along the Barry Fault which is associated with the Gladiator gold deposit owned by BonTerra Resources Inc. (TSX.V-BTR).  Gladiator has a measured and indicated resource of 391,000 ounces (“oz”) gold with an average grade of 8.61 grams per tonne (”g/t”) Au and an inferred resource of 989,000 oz gold averaging 7.37 g/t Au.  

 

Holes DGT21-12, 13 and 14 were all drilled along the Rouleau Fault which is one of the structures related to the Windfall Lake gold deposit owned by Osisko Mining Inc. (TSX-OSK) which contains 1.86 million oz of indicated gold and 4.24 million oz of inferred gold.

 

Hole DGT21-13 also encountered several other metals including silver (“Ag”), base metals and PGE’s as per the following:

 

Over the interval 109m to 111m:

  • – 5.65 g/t Ag over 2m, (including 8.7 g/t Ag over 1m);

    – 1.45% Zinc over 2m (including 2.47% Zn over 1m); and

    – 27.2 g/t Cadmium over 2m (including 47.7 g/t over 1m) in a deformation zone at 109m.

Over the interval 281 to 290m:

  • – 600ppm to 1770ppm Chromium;

    – 100ppm to 803ppm Nickel; and

    – Anomalous Platinum, Palladium and Ruthenium.

The PGE anomalies were found in ultramafic rocks which were not the target of the drill program so only a few samples from these rocks were initially sent for analysis. Given the results from the ultramafic rock sampled, fourteen additional samples have recently been sent for PGE analysis. Results will be reported as they become available.

 

The 2021 drilling program was successful in finding evidence of a gold bearing mineralization system(s) and testing 3 of 9 geophysical anomalies delineated on the previously undrilled and under explored Trove Property. Future drilling programs will test the additional six geophysical anomalies and additional locations identified by high grade gold bearing till samples. All gold results have now been received from the Phase I drilling program completed earlier this year.

 

Marcy Kiesman, CEO of Durango stated, “Results from the 2021 drill program speak to the discovery potential on the Trove Property as the crosscutting fault systems appear to correlate with both the Trove gold & PGE anomalies and with neighbouring known gold deposits. We are pleased that Durango was able to test 3 geophysical anomalies in 5 drill holes on the Trove Property despite having limited access due to poor weather and road conditions.”

George Yordanov, P. Geo stated, “Most of the Trove Property drillholes intersected alternating packages of amphibolite, metasediments, and felsic and mafic tuffs. A gabbro unit was intersected at the bottom of holes 10 and 14. Interbedded units were also crosscut by porphyritic syenite dikes in holes 12 and 14. The geological setting encountered at these relatively shallow depths are favourable and warrant further deep drilling investigation.”

 

The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101.

 

About Durango

Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Québec, Canada.

 

For further information on Durango, please refer to its SEDAR profile at www.sedar.com.

 

Marcy Kiesman, CEO

Telephone: 604.428.2900 or 604.339.2243

Email: [email protected]

Website: www.durangoresourcesinc.com

 

Forward-Looking Statements

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 upcoming work programs, and other statements relating to the business, financial and technical prospects of the Company. 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 minerals, the ability to achieve its goals, the COVID-19 pandemic, 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 those filed under the Company’s profile on SEDAR at www.sedar.com. 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. The Company does not undertake to update forward‐looking statements or forward‐looking information, 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.

 

Copyright (c) 2021 TheNewswire – All rights reserved.










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