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REPEAT — 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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Tantalex Resources Corporation Provides Exploration and Corporate Update

 

Toronto, Ontario – TheNewswire – December 3, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”),…

 

Toronto, Ontario – TheNewswire – December 3, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to provide an update on its exploration and corporate activities.

Manono Lithium Tailings Project

 

Drilling on the Manono Lithium Tailings Project (the “Tailings Project”) is now completed with a total of 9,279m of aircore drilling and 980m of Cobra drilling. Sample preparation is ongoing and being sent to the ALS laboratory in Ireland for assaying. Initial batch of 1080 samples have arrived in Ireland since mid November but results are still pending due to extended delays in customs clearance.

 

Exploration on Pegmatite Corridor

 

Tantalex would also like to confirm that road and drill pad preparation to begin drilling on the near surface pegmatite occurrences along the Corridor are completed and that drilling is expected to commence in the coming days.

 

The objective with this drill program is to test near surface pegmatites in areas of known tin and tantalum occurrences for potential lithium content.

 

As indicated in our press release of November 1st, the pegmatite corridor is downstrike from the historical Manono Kitotolo mine where AVZ Minerals have recently published a 400M ton resource report with average Li2O grades of 1,65%. (AVZ Minerals, Definitive Feasibility Study, Manono Lithium & Tin Project, April 21,2020).

 

The Manono region is set to become an important tier one supplier of lithium with AVZ Minerals recently announcing an investment of USD $240 million dollars for a 24% stake in their Manono Lithium project from CATH, a private investment entity jointly owned by Mr. Pei Zhenhua and Contemporary Amperex Technology Co. Limited (“CATL”),

  

MOU with XIMEI

 

Tantalex is also pleased to announce that it is currently in ongoing discussions with Ximei Resources Holding Ltd. (“Ximei”) to enter into a definitive agreement that will replace and supersede the memorandum of understanding (the “MOU”) previously announced on February 18, 2021. Completion of such negotiation shall be subject to XIMEI’s formal confirmation and public announcement. The definitive agreement will provide the framework for a strategic partnership between Tantalex and Ximei, whereby the parties will collaborate in conducting a feasibility study and ultimately establish a tantalum refining plant in the Manono region, Tangyanika Province, in the Democratic Republic of Congo (the “Region”) should all underlying requirements set forth in the definitive agreement be fulfilled. The refining plant will be intended to treat the tantalum concentrate produced by Tantalex and other local cooperatives in the Region with whom Tantalex has established business partnerships.

 

The Region is richly endowed with coltan and cassiterite, which is often closely associated to the numerous lithium pegmatites. Based on Tantalex’s exploration and resource definition activities on the Tailings Project and along the Pegmatite Corridor, Tantalex considers that an annual production of 50-80t of net metal is achievable on its concessions. Given the eluvial and alluvial nature of the coltan and cassiterite, semi-industrial production of tantalum and tin concentrate could potentially start as early as Q3 2022 on Tantalex’s concessions.

 

Corporate update

 

Tantalex is pleased to announce that it intends to amend its articles of incorporation to give effect to a name change of the Corporation to “Tantalex Lithium Resources Corp.”, which will allow for an accurate reflection of the nature of its lithium exploration and development objectives and short-term endeavours. The name change and the amendment of the Corporation’s articles of incorporation will be subject to the approval of the shareholders and will be a matter to be voted upon during the Corporation’s next annual general and special shareholders meeting set to occur no later than as of the 3rd week of January 2022.  

 

The company also confirms that AfriMet Resources has fully exercised their 50,000,000 warrants and, as a result, their current shareholding in Tantalex stands at 28%.

 

An additional 5,000,000 warrants have been exercised and a $100,000 convertible debenture issued in 2018 in consideration of a loan has been converted into 2,520,000 common shares of the Corporation at a per-share price of $0.05, the whole in accordance with Canadian Securities Exchange guidelines.  

 

Qualified Person

 

The scientific and technical content of this news release has been reviewed and approved by Mr. Gary Pearse MSc, P. Eng, who is a “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Cautionary Note Regarding Forward Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although TANTALEX believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, TANTALEX disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.

ON BEHALF OF THE BOARD

Eric Allard

President and Chief Executive Officer

 

For more information, please contact:  

Eric Allard

President & CEO

Email: [email protected]

Website: www.tantalex.ca

Tel.: 1-581-996-3007

 

Copyright (c) 2021 TheNewswire – All rights reserved.







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Critical Elements Closes $30 Million Bought Deal Public Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.MONTRÉAL, QC / ACCESSWIRE / December 3, 2021 / Critical Elements…

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

MONTRÉAL, QC / ACCESSWIRE / December 3, 2021 / Critical Elements Lithium Corporation (TSXV:CRE)(FSE:F12) (“Critical Elements” or the “Corporation“) announces that it has closed today its previously announced bought deal financing (the “Offering“). Pursuant to the Offering, Critical Elements issued 17,152,250 units of the Corporation (the “Units“) at a price of $1.75 per Unit (the “Offering Price“) for gross proceeds of $30,016,437.50. This includes 2,237,250 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) under the Offering.

Each Unit consists of one common share in the capital of the Corporation (a “Common Share“) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $2.50 for a period of 24 months following the closing of the Offering.

The Offering was completed through a syndicate of underwriters co-led by Cantor Fitzgerald Canada Corporation and Stifel Nicolaus Canada Inc. (the “Lead Underwriters“), Paradigm Capital Inc., Beacon Securities Limited and Red Cloud Securities Inc. (collectively, with the Lead Underwriters, the “Underwriters“).

As consideration for the services provided by the Underwriters in connection with the Offering, the Underwriters received: (a) a cash commission of $1,699,923.75 equal to 6% of the gross proceeds of the Offering (reduced to 3% for certain subscribers on the “President’s List“); and (b) 1,029,135 broker warrants (the “Broker Warrants“) equal to 6% of the number of Units issued under the Offering. Each Broker Warrant is exercisable to acquire one Unit of the Corporation at a price equal to the Offering Price for a period of two years after the closing of the Offering.

The vast majority of the net proceeds will be used by the Corporation to fund development of the Rose Property and also for general corporate purposes, as more fully described in the short form prospectus of the Corporation dated November 29, 2021.

The Units have been offered by way of short form prospectus in each of the provinces of Canada, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units, Common Shares and Warrants 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 U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities to, or for the account or benefit of, persons in the United States or U.S. persons, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Critical Elements Lithium Corporation

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is the Corporation’s first lithium project to be advanced within a land portfolio of over 700 square kilometers. In 2017, the Corporation completed a feasibility study on Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. In the Corporation’s view, Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the Quebec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.

For further information, please contact:

Jean-Sébastien Lavallée, P. Géo.
Chief Executive Officer
819-354-5146
[email protected]
www.cecorp.ca

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

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regard to our objectives and the strategies to achieve these objectives. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Corporation’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Corporation does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

SOURCE: Critical Elements Lithium Corporation

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https://www.accesswire.com/675934/Critical-Elements-Closes-30-Million-Bought-Deal-Public-Offering-of-Units






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Giyani Closes Bought Deal Public Offering Raising Gross Proceeds of $11.5 Million

Not for distribution to U.S. newswire services or for dissemination in the United States TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Giyani Metals Corp….

Not for distribution to U.S. newswire services or for dissemination in the United States

TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) (“Giyani” or the “Company“), is pleased to announce that it has today closed its previously announced bought deal equity public offering (the “Offering“). A total of 26,136,395 units of the Company (the “Units“) were issued at a price of $0.44 per Unit for gross proceeds of approximately $11.5 million, which included the exercise in full of the over‐allotment option granted by the Company to the Underwriters (as defined below). Each Unit consists of one (1) common share (each, a “Common Share“) and one half of one (½) Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.60 until December 3, 2023.

The Offering was co-led by Cormark Securities Inc. and Beacon Securities Limited (together, the “Underwriters“). In connection with the Offering, the Underwriters received a cash commission equal to 5.5% of the gross proceeds of the Offering, other than in respect of sales of Units to certain purchasers on a president’s list, as agreed upon between the Company and the Underwriters (of which a cash commission of 2.0% of the gross proceeds realized from such sales was paid). Giyani also issued an aggregate of 1,381,241 broker warrants to the Underwriters that entitle the holders thereof to purchase Common Shares until December 3, 2023 at a purchase price of $0.44 per Common Share. The Units were qualified for distribution by way of a short‐form prospectus dated November 30, 2021 (the “Prospectus“) filed with the securities commissions in each of the provinces of Canada, except Québec.

The net proceeds of the Offering will be used for the advancement of the Company’s manganese oxide projects in Botswana, including the K.Hill Project, and for working capital and general corporate purposes, all as further described in the Prospectus.

The Offering is subject to the final acceptance of the TSX Venture Exchange.

About Giyani Metals Corp.

Giyani is a mineral resource company focused on becoming one of Africa’s first low-carbon producers of high-purity electrolytic manganese precursor materials, used by battery manufacturers for the expanding electric vehicle market, through the advancement of its manganese assets in the Kanye Basin in south-eastern Botswana (the “Kanye Basin Prospects“), through its wholly-owned Botswana subsidiary Menzi Battery (Pty) Limited. The Company’s Kanye Basin Prospects consist of 10 prospecting licenses and include the past producing Kgwakgwe Hill mine and project, referred to as the K.Hill Project, the Otse manganese prospect and the Lobatse manganese prospect, all of which have seen historical mining activities.

Additional information and corporate documents may be found on www.sedar.com and on Giyani Metals Corp. website at https://giyanimetals.com/

On behalf of the Board of Directors of Giyani Metals Corp.

Robin Birchall, CEO

Contact:

Robin Birchall CEO, Director
+44 7711 313019
[email protected]

George Donne
VP Business Development
+44 7866 591 897
[email protected]

Judith Webster
Corporate Secretary and Investor Relations
+1 416 453 8818
[email protected] 

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

The securities described herein have not been 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 to, or for the account or benefit of, persons in the United States or “U.S. persons,” as such term is defined in Regulation S promulgated under the U.S. Securities Act (“U.S. Persons”), 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 does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities to, or for the account of benefit of, persons in the United States or U.S. Persons.

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements in this news release, other than statements of historical fact, that address events or developments that Giyani expects to occur, are “forward-looking statements”, including but not limited to statements in respect of the final acceptance of the TSX Venture Exchange and the use of the net proceeds of the Offering. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “does not expect”, “plans”, “anticipates”, “does not anticipate”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled”, “forecast”, “budget” and similar expressions, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur.

All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to certain assumptions, important risk factors and uncertainties, many of which are beyond Giyani’s ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. In the case of Giyani, these facts include their anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: inherent exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Giyani’s ability to obtain funding; commodity price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks in how the world-wide economic and social impact of COVID-19 is managed; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to their business being subject to environmental laws and regulations; risks related to their mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to the inability to meet financial obligations under agreements to which they are a party; ability to recruit and retain qualified personnel; and risks related to their directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Giyani’s forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information or statements.

Giyani’s forward-looking information is based on the reasonable beliefs, expectations and opinions of their respective management on the date the statements are made, and Giyani does not assume any obligation to update forward looking information if circumstances or management’s beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion with respect to Giyani and risks associated with forward-looking information and forward-looking statements, please refer to Giyani’s Annual Information Form and the Prospectus, all of which are filed on SEDAR at www.sedar.com.





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