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Metallica Metals Intersects High Grade Gold Mineralization in First Drill Holes Completed on Starr Gold-Silver Project

VANCOUVER, British Columbia, Nov. 25, 2021 (GLOBE NEWSWIRE) — Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) (the “Company” or “Metallica…

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VANCOUVER, British Columbia, Nov. 25, 2021 (GLOBE NEWSWIRE) — Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) (the “Company” or “Metallica Metals”) is pleased to announce assay results from the first three diamond drill holes (STR21-001 to 003) completed to validate high-grade gold mineralization at the Starr Gold-Silver Project (“Starr” or the “Project”) in the Thunder Bay Mining District of Ontario, Canada. The Project, which the Company has the right to earn up to a 100% interest from Benton Resources Inc. covers a large land position (5,991 ha) that includes several high-grade gold and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan Greenstone Belt (Figure 1).

Highlights:

Recent drilling has confirmed grade continuity between historical drill holes in the Starr Central target area and results indicate high-grade gold mineralization extends along strike.
   
Several thick high-grade gold zones identified. Significant intercepts include: 
   
    STR21-001
    34.9 m at 1.11 g/t Au from 0.5 m depth including 2.1 m at 11.63 g/t Au and 1.15 m at 2.45 g/t Au and 2.45 m at 2.81 g/t Au
     
    STR21-002
    2.05 m at 0.82 g/t Au from 65.85 m depth including 0.5 m at 2.91 g/t Au
     
    STR21-003
    25.75 m at 1.14 g/t Au from 5.8 m depth including 4.45 m at 1.95 g/t Au and 0.9 m at 13.1 g/t Au and 3.3 m at 1.69 g/t Au
       
The Starr Project has historically been underexplored and drilling is expected to increase our confidence in the geology and structure of these mineralized zones especially in the eastern and southern parts of the Project.
     
Additional assay results are expected soon with over 13 holes already completed at Starr. A second drilling rig from Forage Fusion Drilling (FFD) of Hawkesbury, Ontario has also arrived on site to complete drilling targets on the eastern side of the Project.
     

Paul Ténière, CEO and Director of Metallica Metals commented, “These first drill hole results for the Starr Project have confirmed the continuity and thickness of the high-grade gold mineralization present in the Starr Central target area and at shallow depths. We are also seeing good correlation with the historical drilling results, and this is encouraging as we continue to advance our 4,000 m drilling program and continue drilling in the Starr and Powell Zones. A second diamond rig has arrived at the property and has commenced drilling targets to the east that have never been tested below surface, such as the CK showing which contains up to 16.5 g/t Au and 349 g/t Ag from historical grab samples.”

Figure 1: Location of Metallic Metals’ Starr gold-silver project with respect to adjacent properties including the Moss Lake gold deposit (sources: 2013 NI 43-101 Technical Report and PEA for the Moss Lake Project and Kesselrun Resources October 7, 2020 news release)
https://www.globenewswire.com/NewsRoom/AttachmentNg/930d5bde-f688-451a-bee3-e173c1ee2b30

Please note: The adjacent Moss Lake gold deposit hosts an Indicated Mineral Resource of 39,797,000 tonnes grading 1.1 g/t Au for 1,377,300 contained ounces of gold and an Inferred Mineral Resource of 50,364,000 tonnes grading 1.1 g/t Au for 1,751,600 contained ounces of gold, and is currently under care and maintenance (source: NI 43-101 Technical Report and PEA for the Moss Lake Project with an effective date of May 31, 2013 and filed on SEDAR under Moss Lake Gold Mines Ltd., now Wesdome Gold Mines Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Starr Project (please refer to additional cautionary statements below).

Technical Overview

A summary of the first three drill holes completed (STR21-001 to 003) and significant assay intercepts are shown below in Tables 1 and 2, respectively. Figures 2 and 3 indicate the drill hole locations and significant intercepts. A photo of mineralization in drill core from Hole STR21-001 is shown below in Figure 4.

Table 1: Collar Table for Starr Diamond Drill holes (Holes STR21-001 to STR21-003)

Hole ID Northing (m) Easting (m) Elevation (m) Azimuth (°) Dip (°) Hole Depth (m)
STR21-001 5350054 657569 450.7 310.1 -70 177
STR21-002 5350062 657578 450.6 295.2 -65 124
STR21-003 5350041 657580 461.2 295 -45 90

Note: Approximate collar coordinates in UTM NAD83 Zone 15N

Table 2: Significant Gold Intercepts for Starr Project diamond drill holes STR21-001 to 003

Hole ID From (m) To (m) Length (m) Grade
(g/t Au)
STR21-001 0.50 35.40 34.90 1.11
including 0.50 2.60 2.10 11.63
and 4.75 5.90 1.15 2.45
and 20.90 23.35 2.45 2.81
and 34.40 35.40 1.00 0.58
STR21-002 65.85 67.90 2.05 0.82
including 65.85 66.35 0.50 2.91
STR21-003 5.80 31.55 25.75 1.14
including 10.75 15.20 4.45 1.95
and 19.00 19.90 0.90 13.10
and 22.80 26.10 3.30 1.69

Note: True widths for these intervals are unknown at this time. Grades shown are uncut.

Metallica Metals has focused its diamond drilling program on a combination of historical high-grade gold mineral occurrences within the Starr Project. The three main areas to be tested are the Central (Starr and Powell Zones), Eastern (CK showing plus additional targets), and Western (West and South showings) Starr target areas. Drilling is testing several structural and geophysical targets determined from the Company’s recently completed airborne mag-EM survey, in combination with all historical geochemical, geophysical, and geological data from the Project. Drilling supervision, and core logging and sampling is being managed by Fladgate Exploration Consulting Corp. (“Fladgate”) of Thunder Bay and diamond drilling is being completed by Missinaibi Drilling Services Ltd. of Timmins and Forage Fusion Drilling (FFD) of Hawkesbury, Ontario. All diamond drill core is NQ-size diameter and all holes are being surveyed using a downhole Reflex survey tool.

Drilling around the central portion of the property (Starr Central) has been focused on the Starr Showing and Powell Zone (Figure 2). The Company has used available historical data, recommendations from previous work reports, as well as targets from a newly completed geophysical and structural interpretation to plan drill holes in this area. Several drill holes will act as infill, testing the continuity between known values, while others will test structures that have never been drill tested that also hold gold values at surface.

Figure 2: Drilling completed in the Central portion of the Starr Property (STR21-001 to 003)
*Assays pending for holes STR21-004 to 006. **Cross section indicated by line A-A’
https://www.globenewswire.com/NewsRoom/AttachmentNg/246550e7-2450-4619-ab39-5cd937f9cba6

Figure 3: Cross section (A-A’) of drilling completed to date on the Starr Property (STR21-001 to 003)
*Assays pending for holes STR21-004 to 006
https://www.globenewswire.com/NewsRoom/AttachmentNg/d136457d-73c7-42d3-9fa3-5f67fdaf09ca

Hole STR21-001

Hole STR21-001 was drilled halfway between historical drill holes SAG-06-11 and 91-3. The purpose of this drill hole was to confirm the continuity of grade between the two historical holes. A summary of the significant mineralized intervals include:

0.5-5.9 m: Mafic Intrusive Rock: Intrusive rock selectively has cross-cutting planar and curvilinear quartz veining associated with the mineralization of localized pyrite clusters. Host rock is very magnetic, with flaky and metallic mineral found in veins from 0.9-1.35m most likely hematite. Lithology is altered with Hematite occurring primarily in sections 3-5.9m. Area of albite alteration from 1.65-2.4m. Bottom contact is measured at 75° to core axis.

  • 0.9-1.35 m (veining): Intense alteration and sulphidization associated with this quartz vein, curvilinear quartz vein surrounded by planar veinlets.
  • 1.35-2.4 m (veining): Crosscutting planar quartz veins, heavily haloed in alteration of Ab and Hem.

5.9-20.9 m: Mafic Volcanic Unit: Area heavily chloritized with green colour from 5.9-15.2.2m. Area of intense cross-cutting with white/barren quartz veins occurring from 10-15m. Albite alteration present from 15.3-16.7m. Bottom contact is calculated at 70° measured to core axis (Figure 4).

20.9-23.35 m: Granitic Intrusive Rock: Distinct unit of coarse-grained intrusive rock, heavily altered with albite, K-Feldspar and Silica, 3% pyrite and Pyrrhotite associated with intruding quartz veins. Quartz veins take a brecciated-style alongside tourmaline. Bottom contact is calculated at 70° measured to core axis.

23.35-25.65 m: Felsic to Intermediate Intrusive Rock: Gradational contact with unit above. Zone includes cross-cutting planar veins with halos of alteration. Pyrite and Pyrrhotite associated with quartz veins. Bottom contact is calculated at 80° measured to core axis.

25.65-27.35 m: Mafic Volcanic Unit: Less chloritized mafic volcanic with black colour including multiple barren/white quartz cutting veins along foliation of 60°. Bottom contact is calculated at 60° measured to core axis.

Figure 4: Drill core photo from top of hole STR21-001 displaying grade and thicknesses (0 to 18.7 m)
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1efb455-98ec-46dd-867c-3f4a31d5d47d

Hole STR21-002

Drill hole STR21-002 was planned to test the geology and mineralization between historical drill holes SAG06-11 and SR-97-12. Geological logs indicate assays in the hanging wall are more continuous. A summary of the significant mineralized intervals include:

63.15-68.7 m: Ultramafic: lithology is extensively altered with quartz-carbonate veins and selective zones of pyrite up to 2% (65.6-66.35 m). Heavily sheared quartz veinlet/zone with 2% pyrite from 67.1-67.45 m. Large quartz-carbonate veinlets running along core axis from 63.15-63.95 m. The bottom contact angle with the diabase dyke below measures 70°.

Hole STR21-003

Drill hole STR21-003 was planned as a step-out of historical drill hole SR-97-12 to confirm continuity of grade along strike to the north-east. A summary of the significant mineralized intervals include:

27.8-46.5 m: Moderately silicified-chloritized dark igneous rock with large grains of feldspar and quartz eyes occurring throughout. The feldspars have been strongly altered by chlorite and epidote leaving them with a light green appearance. Light blue-white carbonate veinlets occur sporadically throughout. Little to no mineralization present in this unit. Towards the lower part of the unit the feldspars almost completely disappear (37-46.51 m) and the unit takes on more of an intermediate composition with small quartz eyes still present.

46.5-49.5 m: Moderately silicified-chloritized volcanic rock with ~1 cm wide quartz-carbonate veinlets occurring throughout in chaotic orientations. The veinlets are often associated with moderate hematite alteration, and some are composed dominantly of a pink carbonate. The strong pyritization and alteration associated with veining observed in this unit at the top of the hole has completely disappeared at this point. From 46.51-64.12 m this volcanic unit is frequently crosscut by a porphyritic hematite altered dyke. Varying amounts of pyrite dissemination throughout the unit ranging from trace to 3%.

49.5-50.1 m: Heavily hematite altered porphyritic dyke with a fine-grained dioritic ground mass. The ground mass also has weak calcite alteration. Mineralization is composed of 0.5% pyrite and is disseminated throughout. The upper contact of the dyke is sharp and nearly perpendicular to core axis. The lower contact is shallow, undulating, and nearly parallel to core axis.

50.1-57.2 m: Weakly silicified and chloritized massive volcanic rock with chaotic quartz-carbonate veinlets occurring throughout.

57.2-59.25 m: Section of strongly silicified alternating units of mafic metavolcanics and porphyritic dyke, with the dyke being the dominating unit (~75%). Pyrite mineralization is disseminated throughout both units at ~1%. The dyke has large feldspar phenocrysts (maximum 1 cm in width) that have a pinkish alteration. The ground mass of the dyke is moderately calcite altered.

59.25-63.1 m: Massive, moderately silicified and calcite altered wall rock with frequent occurrences of calcite, chlorite+epidote, and k-spar (hard salmon pink mineral) filled fractures. The carbonate alteration is stronger in some sections, effervescing quite strongly. Mineralization consists of ~1% disseminated pyrite.
63.1-64.1 m: Chlorite-calcite altered mafic volcanic dyke with large well developed feldspar crystals and sporadic calcite veinlets (1-2 cm wide) throughout. The composition of this dyke is very similar to the hosting mafic meta-volcanic, however the contacts between them are sharp. Mineralization consists of disseminated pyrite throughout (~1%) with an increase near the upper and lower contacts (~4%).

64.1-73.7 m: Strongly chlorite altered and moderately silicified mafic volcanic with pinkish calcite veinlets cross cutting the host rock. Strong interstitial calcite alteration occurs from 64.12-66.14 m. Trace pyrite mineralization disseminated throughout, with a slight preference along fracture surfaces.

Analytical and QAQC Procedures

Metallica Metals and its geological consultants (Fladgate) have implemented a robust Quality Assurance and Quality Control (QAQC) program for the Starr Project that complies with CIM exploration best practices for sampling, chain of custody procedures, and analytical methods. Certified gold reference standards, blank material, and duplicates are routinely inserted by the site geologists at the on-site core processing facility as part of the QAQC program in addition to the control samples inserted by the laboratory. The NQ-sized half core samples are labeled and sealed in plastic sample bags and held on site in a secure location until transported by truck to Activation Laboratories (“ActLabs”) in Thunder Bay, Ontario, where they are prepared and analyzed. ActLabs is independent of Metallica Metals.

Actlabs’ QAQC system is registered to international quality standards through the ISO/IEC 17025:2017 (including ISO 9001:2015 and ISO 9002 specifications) and is accredited to the Standards Council of Canada (SCC) Requirements and Guidance for the Accreditation of Testing Laboratories, specific to mineral, forensic and environmental testing laboratories.

Core samples are analyzed for gold using Fire Assay-AA techniques (1A2-Au-30). Samples returning over 5 g/t gold are analyzed using Fire Assay-Gravimetric methods (1A3-Au-30). Selected samples are also analyzed with Aqua Regia “Partial” Digestion methods for ICP-MS (Ultratrace 1-15). The Company and its geological consultants confirm all assay results reported herein have passed QAQC protocols.

Qualified Person Statement and Data Verification

All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, M.Sc., P.Geo., CEO and Director of Metallica Metals Corp., who is a Qualified Person as defined in NI 43-101. Mr. Ténière has verified all scientific and technical data disclosed in this news release including the core descriptions, sampling procedures, and analytical data underlying the technical information disclosed. Specifically, Mr. Ténière reviewed the detailed core logs produced by Fladgate during the drilling program, the certified assay results from ActLabs, and the assay composite tables produced for each drill hole. No errors or omissions were noted during the data verification process and a Fladgate geologist also verified the information disclosed.

This news release also contains scientific and technical information with respect to adjacent or similar mineral properties to the Starr Project, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources, geology, and mineralization on adjacent or similar properties is not necessarily indicative of the mineralization on the Company’s properties.

On behalf of the Board of Directors

METALLICA METALS CORP.
Paul Ténière, M.Sc., P.Geo.
CEO and Director
[email protected]

Head Office:
Suite 810 – 789 West Pender Street
Vancouver, BC V6C 1H2 Canada
Ph: (604) 687-2038
Toronto Office:
Suite 401 – 217 Queen Street West
Toronto, ON M5V 0R2 Canada

   

About Metallica Metals Corp.

Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “MM”. The Company is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada. The Company is currently exploring and developing its Starr gold-silver project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.

For more information, please visit the Company’s website at https://metallica-metals.com.

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

Forward-looking Information Statement

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.









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Whitehorse Gold Appoints Gordon Neal as CEO and Director

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2021) – Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") has appointed…

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2021) – Whitehorse Gold Corp. (TSXV: WHG) (“Whitehorse Gold” or the “Company”) has appointed Gordon Neal as the CEO and a director of the Company.

Mr. Neal has extensive experience in the metals and mining sector, capital markets, and government communications. He was most recently the president of New Pacific Metals Corp., and was the former vice-president corporate development at Silvercorp Metals Inc. Prior to that, he held the vice-president corporate development position at Mag Silver Corp. Mr. Neal’s career also saw him working in the office of the Prime Minister of Canada as a senior communications adviser.

In connection with his appointment, the Company granted 500,000 stock options (the “Options”) to Mr. Neal pursuant to the terms of the Company’s stock option plan (the “Plan”). The Options are exercisable for a period of five years from the date of grant at price of $0.60 per share, being the closing price of the Company’s shares on the TSX Venture Exchange (the “TSXV”) on November 26, 2021. The Options vest in six equal tranches over a period of three years. The Options are subject to the provisions of the Plan and the policies of the TSXV.

ABOUT WHITEHORSE GOLD CORP.

Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Skukum Gold Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold (Total Energold Corporation, 1989).

On Behalf of Whitehorse Gold Corp.
signed “Mark Cruise”
Dr. Mark Cruise, Chairman

For further information please contact:
Steve Stakiw, Vice President – Corporate Affairs
Phone: 1-778-998-7356
Email: [email protected]
www.whitehorsegold.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 news release.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105401




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Rio2 Limited and Sixth Wave Innovations Inc. Sign Contract for Further IXOS® Mining Technology Trials

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth…

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES

HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth Wave Innovations Inc. (CSE:SIXW) (OTCQB:ATURF) (FSE:AHUH) (“Sixth Wave or SIXW or Company”) and Rio2 Limited (“Rio2) (TSXV:RIO) (OTCQX: RIOFF) (BVL: RIO) are pleased to announce the signing of a contract (“Contract”) which provides for the continuation of testing of SIXW’s patented IXOS® purification polymer (the “IXOS® Mining Technology”) at Rio2’s Fenix Gold Project in Chile using Rio2’s nearby Lince Infrastructure facilities. The Contract follows successful completion of testing done on representative samples of ore from Rio2’s Fenix Gold Project at Sixth Wave’s Salt Lake City, Utah facility undertaken pursuant to the non-binding Letter of Intent (“LOI”) entered into between Sixth Wave and Rio2 in September 2020. See Sixth Wave’s and Rio2’s joint press release dated September 14, 2020 for additional information regarding the LOI. The move to near-site testing represents a significant step forward, and investment by the two companies, in the trial test project.

Under the terms of the LOI, Rio2 sent representative ore samples from its Fenix Gold Project to Sixth Wave for testing and analysis. The testing confirmed that IXOS® Mining Technology outperformed activated carbon on several key metrics including gold adsorption efficiency, ease of elution, and overall adsorption kinetics. A comprehensive costs/benefit analysis was performed using the data obtained in the laboratory testing along with ongoing testing performed by Rio2 on activated carbon as part of their pilot operations. The analysis also detailed the expected plant size, potential CAPEX and OPEX savings, and expansion capability/pathways. IXOS® polymer is reusable and the potential for favorable usage life over activated carbon especially with scaling agents in the mine’s water source provided sufficient encouragement that the project should proceed to the next phase of test work.

Sixth Wave will perform recovery tests from leach solution using its IXOS® Mining Technology and the leaching columns already commissioned and utilized by Rio2 to evaluate adsorption kinetics and other parameters. Testing is expected to start in Q4 2021, post winter months, assuming that current COVID-19 restrictions in Chile will abate. The testing will include 50 days of on-site operation of the system under a variety of testing scenarios to validate IXOS® performance and determine additional details regarding the cost/benefit analysis. Tests with a parallel set of activated carbon columns will allow for direct comparison between the two adsorbents under common testing conditions. Potential positive environmental impact and reduced carbon footprint (CO2 emissions) of using IXOS® over activated carbon for the process plant will also be explored during this phase of the project. The IXOS® Mining Technology operates at significantly reduced power consumption with fewer reagents than activated carbon. Therefore, opportunities exist for enhancing Rio2’s environmental, social, and governance (ESG) posture should IXOS® Mining Technology continue to show advantages in overall process efficiency.

Consistent with the terms of the LOI, Rio2 will pay travel expenses, external test work, and the operation of the pilot equipment during the test. The SIXW team will be lead by Mr. Nicol Newton, Sixth Wave’s Director of Technical Services and a 20 year gold mining veteran. Mr. Newton will be accompanied by Dr. Glen Southard, one of the inventors and developers of IXOS® Mining Technology. Sixth Wave will provide in-kind labor to support testing and analysis and all of the testing apparatus/pilot equipment for use during the project. The field kit will be returned to SIXW upon completion of the pilot.

Upon successful completion and receipt of positive results from the column test pilot program, the companies will move to a second near site testing phase incorporating the IXOS® Mining Technology into a long term pilot plant that will operate alongside the currently planned carbon adsorption circuit, This will provide long-term operational data including the determination of the useful life of the IXOS® polymer beads, and specifications for full-scale implementation pegged to the mine operation and potential future mine expansion plans.

Sixth Wave continues to be very positive on the project and working relationship with Rio2. Moving to near-site testing with a solid and well focused test plan will validate and extend the laboratory testing already completed and help both companies make defensible, data driven decisions about next steps toward adoption,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave. He went on to say, “We have really been impressed by the Rio2 team and the investment in time and resources that they are making to further this program. We will continue to do our part to deliver a positive return on this investment through our contributions to the cost sharing and delivering tangible benefits to Fenix Gold Project.”

“Rio2 is always looking to embrace and trial new technology with the objective of bringing enhanced value to our stakeholders through the reduced capex/opex opportunities that innovative technologies may bring. The Fenix Gold Project is currently the largest undeveloped gold heap leach project in the Americas and we look forward to working alongside Sixth Wave during the development phase of the project,stated Mr. Alex Black, President and CEO of Rio2 Limited.

About RIO2 Limited

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2’s SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black
President, CEO & Director
Email: [email protected]
Tel: 1 (604) 260-2696

About Sixth Wave

Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction, purification, and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercializing its, IXOS®, a line of extraction polymers for the gold mining industry.

Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection, purification, and separation of viruses, biogenic amines and other pathogens, and nutraceuticals for which the Company has products at various stages of development.

For more information about Sixth Wave, please visit our web site at: www.sixthwave.com

ON BEHALF OF THE BOARD OF DIRECTORS

Jon Gluckman
Jonathan Gluckman, Ph.D., President & CEO

For information, please contact the Company:
Phone: (801) 582-0559
E-mail: [email protected]

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws, including statements regarding Rio2’s planned development of its Fenix Gold Project, other aspects of Rio2’s anticipated future operations and plans, and the testing and performance of Sixth Wave’s IXOS® Mining Technology.

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by management of Rio2 and Sixth Wave, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.

Rio2 and Sixth Wave believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in disclosure documents of both Rio2 and Sixth Wave on the SEDAR website at www.sedar.com or the websites of Rio2 (www.rio2.com) and Sixth Wave (www. www.sixthwave.com), ‎respectively.‎ In particular, successful commercial deployment of the IXOS® technology is subject to ‎the risk that the technology may not prove to be successful in achieving sufficient ‎environmental or production efficiencies, uncertainty of timing or availability of required ‎regulatory approvals, lack of track record of developing products for mining applications ‎and the need for additional capital to carry out product development activities.‎ Forward-looking statements included in this press release are made as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this press release. Rio2 and Sixth Wave have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 and Sixth Wave disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

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






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Cartier Iron Announces Closing of Marketed Private Placement of Units & Flow-Through Units

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (In Canadian Dollars unless otherwise stated)…

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(In Canadian Dollars unless otherwise stated)

TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce that it has closed its previously announced fully marketed private placement offering (the “Offering”) (see press releases dated June 14, 2021 and June 17, 2021) with Cormark Securities Inc. (“Cormark”) acting as the agent. Under the Offering, which includes the exercise in full of the option granted to Cormark, the Company issued: (i) 19,166,667 units of the Company (the “Units”) at a price of $0.09 per Unit for gross proceeds of $1,725,000.03, and (ii) 28,750,000 flow-through units of the Company (the “Flow-Through Units”, collectively with the Units, the “Offered Units”) at a price of $0.12 per Flow-Through Unit for gross proceeds of $3,450,000.

Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Flow-Through Unit consists of one Common Share (a “Flow-Through Share”) and one Warrant, each of which qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.14 for a period of 36 months following the closing of the Offering.

The net proceeds from the sale of the Units will be used for exploration expenditures and for working capital and general corporate purposes. The proceeds from the sale of the Flow-Through Units will be used on exploration expenses as permitted under the Income Tax Act (Canada) to qualify as “Canadian exploration expenses”.

Additionally, the Company would like to again welcome as a new Company shareholder Peter Marrone, the founder and Executive Chairman of Yamana Gold Inc., who has known Dr. Bill Pearson, P. Geo., Chief Technical Advisor for Cartier, since 2006.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:    
     
Thomas G. Larsen   Jorge Estepa
Chief Executive Officer   Vice-President
(416) 360-8006   (416) 360-8006


The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements”
and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”. 

PDF available: http://ml.globenewswire.com/Resource/Download/ffc200a8-d187-476c-9faf-5e463809baaa





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