VANCOUVER, BC / ACCESSWIRE / September 13, 2021 / MAS Gold Corp. ("MAS Gold" or the "Company") (TSXV:MAS) has entered into an agreement (the "Agreement") with the Government of Saskatchewan (the "Province") to acquire a 100% interest in approximately 463 hectares (the "Contact Lake Property"), including the former producing Contact Lake Gold Mine operated from 1994 to 1997 by Cameco Corporation in the highly prospective La Ronge Greenstone Belt of Saskatchewan.
"We are very pleased to be able to announce this acquisition and wish to thank the Saskatchewan Government for working so diligently with us to complete it." stated CEO Jim Engdahl. "We are very excited to begin working with the voluminal and detailed historical data MAS has available to identify both new resources and the areas that are reported as not mined. We believe the opportunities to be tremendous given the underground infrastructure in place and the significant amount of data we have available to begin developing a new model that will guide a new round of exploration drilling on this brownfields site." Mr Engdahl added, "The Contact Lake mine site is located within 10km of MAS Gold's North Lake Deposit and is an important new addition in our "hub and spoke" mining concept."
The Agreement was made pursuant to the Saskatchewan Reclaimed Industrial Sites Act ("RISA"). The Contact Lake Property is located approximately 57 kilometres north of the town of La Ronge on Provincial Highway 102 and 6 kilometres east of the highway (see Figure 1). Upon completion of the transaction, MAS Gold will hold mineral rights to roughly 34,306 hectares (84,771 acres) spread along the full trend of the La Ronge Gold Belt.
Figure 1: Contact Lake Property Location Map
The Contact Lake Property
The Contact Lake gold deposit (or Bakus Gold Zone) was first identified by Saskatchewan Mining Development Corporation (SMDC; later Cameco Corporation) exploration field crews in 1984 as part of its Preview Lake Exploration Program that also resulted in the discovery of the nearby Point and Preview SW gold deposits. Operations were conducted from December 1994 to May 1998; decommissioning was completed by December 1998 when the mine was put on care a maintenance. Final site closure was declared in March 2008.
In January 1999, after the termination operations, Cameco Corporation undertook a full internal review (or audit) of the "…start up, operation, overall finances and decommissioning of the Contact Lake mine" (1999; Leniuk, G., B. Bharadwaj, G. Alderman & R. Wyka: Cameco Corporation Contact Lake Operation, Final Report, January, 1999). The Final Report provides complete historical production and recovery values for the entire operation, plus results from the processing of "waste materials" from the final clean-up of both the mill and mine operations (the latter sent to G.D. Resources in Sparks, Nevada; see Table 1).
TABLE 1: Contact Lake Mine Historical Production *
|Dec. 1994 - May 1998|
Mill clean-up material
* The reader is cautioned that the referenced "historical production" estimates are considered historical in nature and as such are based on prior data and reports prepared by the previous property owner. There can be no assurance that any of the historical data, in whole or in part, is accurate. A qualified person has not done sufficient work to verify these historical data and no resources estimates, historical or otherwise are implied or provided. Significant data compilation, re-drilling, re-sampling and data verification are required by a qualified person on the Contact Lake Property to define a current resource.
Significant underground development remains at the site of the Contact Lake Mine that could be reconditioned, including a 6.0 metre (m) x 4.0 m ramp to a depth of roughly 340 m and 6 main levels and various sub-levels. Level 5244 was driven 230 m to the east-northeast along the structure of the zone to access historically defined resource blocks that were not mined. Gold recovery over the life of the mine was reported to be 95%, utilizing gravity and cyanide leach plus carbon-in-pulp processes run at a throughput rate of 715 to 925 tonnes per 24-hour day.
Exploration Plans for the Contact Lake Property
MAS Gold has a significant non-digital data base for the Contact Lake gold deposit and upon the closing of the acquisition it will immediately begin digitizing the data to enable preliminary modelling that will help guide new exploration and confirmation drilling along the trend of the Bakus gold zone. Surface drilling may be designed to both twin historical holes and provide confirmation of historically defined potential resources as well as test the extensions of the zone to the east and to depth.
Numerous historical resource estimates were undertaken on the deposit, both leading up to the production decision being made and during mining. Although estimates of grade were continually refined through the production, reducing from a historical 1993 estimate (Cominco Engineering Services Limited, 1993) of 8.01 g Au/t to the final calculated 6.16 g Au/t, potential exists for the identification of unmined, historically defined resources.
The CESL historical resource estimate outlined seven potential historical resource blocks that were reported in the Cameco Corporation 1999 Final Report as "Not Mined". Upon closing of the transaction, these are immediate targets for MAS Gold to investigate with winter 2022 surface drilling program. In addition, geological reports identified wider zones of lower grade material in the deposit hangingwall that MAS Gold intends to investigate and model, if the acquisition is consummated.
Details of the Transfer Agreement
Under the Agreement, the Province agrees to transfer the Contact Lake Property to MAS Gold provided MAS Gold: (i) meets the conditions prescribed in The Reclaimed Industrial Sites Regulations (the "RISA Regulations"); (ii) agrees to accept responsibility for the Contact Lake Property in accordance with the RISA Regulations; (iii) provides evidence satisfactory to the Province that the Company has sufficient resources to cover the anticipated future monitoring and maintenance costs for the Contact Lake Property; and (iv) provides financial assurance in the form and amount acceptable to the Province. MAS Gold has, or is on the process of satisfying these requirements, and expects all of the requirements will be fulfilled by December 31, 2021, following which the Province is to transfer a permit issued pursuant to The Mineral Tenure Registry Regulations covering the Contact Lake Property and granting MAS Gold rights to explore or prospect on the Contact Lake Property.
Under the Agreement, MAS Gold will be responsible for monitoring and maintenance of the Contact Lake Property going forward, including all remediation and reclamation costs, arising out of, connected with or incidental to the Contact Lake Property.
The Province accepted the Contact Lake Property into the Institutional Control Program (the "ICP") pursuant to RISA and has monitored and maintained the Contact Lake Property in accordance with the monitoring and maintenance requirements typical to the ICP. The ICP is a formal regulatory process for the long-term monitoring and maintenance of industrial sites when mining or milling activities have ended, remediation has been conducted, and the sites are ready to be transferred to provincial responsibility.
Qualified Person (QP)
The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by David Tupper, P.Geo. (British Columbia), MAS Gold's VP Exploration and a Qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About MAS Gold Corp.
MAS Gold is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, MAS Gold operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization. MAS Gold's NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke deposit is available on SEDAR and on MAS Gold's website: www.masgoldcorp.com .
On Behalf of the Board of Directors of MAS Gold Corp.
CEO & Director
For more information, please contact:
Lubica Keighery, VP IR and Business Development
t: 604-685-8592 c: 778-889-5476 e. firstname.lastname@example.org
Caution Regarding Forward Looking Information and Statements
This news release includes certain forward-looking statements or information that could cause actual results to differ materially from MAS Gold's plans or expectations. All statements other than statements of historical fact included in this release, including, without limitation, completion of the transfer of the Contact Lake Property to MAS Gold, planned exploration and development programs, statements regarding metallurgical results and outcomes, any updated technical report, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks relating to failure of the Company to satisfy the requirement in the Agreement, a breach of the Agreement by the Province, the actual results of current and future exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, that MAS Gold may lose or abandon its property interests or may fail to receive necessary licences and permits, availability of capital and financing and general economic, market or business conditions. The forward-looking statements included in this news release are made as of the date hereof and MAS Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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 news release.
SOURCE: MAS Gold Corp
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UEX Repays Loan From Denison
Saskatoon, Saskatchewan – TheNewswire – September 17, 2021 – UEX Corporation (TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) is pleased…
Saskatoon, Saskatchewan – TheNewswire - September 17, 2021 – UEX Corporation (TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) is pleased to announce that the Company has repaid its outstanding term loan (the “Term Loan”) from Denison Mines Corp. (“Denison”). The Term Loan was used by UEX to purchase JCU (Canada) Exploration Company, Limited (“JCU”), as more particularly described in UEX’s news release dated August 3, 2021.
UEX repaid the outstanding balance of C$20.45 million to Denison on September 17, 2021. Previously, C$20.5 million of the Term Loan was repaid upon UEX transferring 50% of the JCU shares to Denison immediately following the closing of the JCU acquisition (see UEX’s news release dated August 3, 2021). The shares of JCU owned by UEX that were pledged as security to Denison have been released to UEX.
UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.
UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU with Denison. JCU’s portfolio of projects includes interests in some of Canada’s key future uranium development projects, notably a 30.099% interest in Cameco’s Millennium Uranium Development Project, a 10% interest in Denison Mines Wheeler River Project, and a 33.8123% interest in Orano Canada’s Kiggavik Project, located in the Thelon Basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca Basin.
UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada. The 100% owned West Bear Project hosts the West Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.
FOR FURTHER INFORMATION PLEASE CONTACT
President & CEO
This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such forward-looking information is based on a number of assumptions, which may prove to be incorrect. The actual results could differ materially from those anticipated in such forward-looking information as a result of the risk factors including: the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Copyright (c) 2021 TheNewswire - All rights reserved.drilling tsx-uex uex-corporation acquisition press-release
American Manganese Files Final Prospectus and Amended Disclosure Documents
VANCOUVER, BC / ACCESSWIRE / September 17, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM)("AMY" or the "Company") is pleased to announce…
VANCOUVER, BC / ACCESSWIRE / September 17, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM)("AMY" or the "Company") is pleased to announce that the Company has filed on SEDAR (www.sedar.com) its final short form base shelf prospectus and an amended technical report (the "Amended Technical Report") for its Rocher Deboule mineral property (the "Property"). The Company has also filed and an amended annual information form for the year ended July 31, 2020 (the "Amended AIF").
As a result of a prospectus review by the British Columbia Securities Commission, certain revisions were made to the technical report for the Property which was originally published on October 25, 2020. The Amended Technical Report contains no material differences to the original technical report for the Rocher Deboule Project. The Amended AIF incorporates the executive summary from the Amended Technical Report and is thus accordingly amended; it contains no material differences from the original annual information form filed on June 8, 2021.
About American Manganese Inc.
American Manganese Inc. is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™ patented process. The RecycLiCo™ patented process was developed to offer a closed-loop and environmentally friendly solution for the recycling of cathode materials used in lithium-ion batteries. The recycling process provides high extraction and purity of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum. The RecycLiCo™ process was designed with the goal to produce recycled battery products that could be seamlessly and directly integrated into the re-manufacturing of battery cathodes using minimal processing steps.
For more information, please contact:
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
SOURCE: American Manganese Inc.
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Erin Ventures Announces Proposed Private Placement
VICTORIA, BC / ACCESSWIRE / September 17, 2021 / Erin Ventures Inc. ("Erin" or the "Company") (TSXV:EV) announces that, subject to the approval of the…
VICTORIA, BC / ACCESSWIRE / September 17, 2021 / Erin Ventures Inc. ("Erin" or the "Company") (TSXV:EV) announces that, subject to the approval of the TSX Venture Exchange (the "TSXV"), it intends to complete a private placement offering of up to 6,666,667 units of the Company ("Units") at a price of $0.075 per Unit for gross proceeds of approximately $500,000 (the "Offering").
Each Unit in this Offering will be comprised of one (1) common share in the capital of the Company (a "Share") and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant will have a two (2) year term and will be exercisable into one (1) Share at a price of $0.10.
The Warrants also have an acceleration clause whereby if the Common Shares trade on the TSXV at a price equal or greater than the designated trigger price of $0.15 for more than ten (10) consecutive trading days during the Exercise Period, Erin shall have the right to give written notice to the holder requiring the holder to exercise the Warrant, in whole or in part, within a period of thirty (30) days from the date of receipt of notice from Erin.
The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period in accordance with the policies of the TSXV and applicable securities legislation. The Private Placement remains subject to the approval of the TSXV.
The net proceeds from this financing will be used to fund further development of its wholly owned Piskanja boron project in Serbia, and for working capital purposes.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV" and the OTCQB Venture Market under the symbol "ERVFF". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.
Erin's Public Quotations
TSX Venture: EV
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
This release contains forward looking statements. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
SOURCE: Erin Ventures Inc.
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