- Metallurgical Testwork achieves > 85% gold recovery via a combination of gravity concentration followed by flotation of gravity tails.
- Faina Measured and Indicated Mineral Resources total 261,000 t at a grade of 6.87 g/t Au, containing 58,000 oz Au.
- Faina Inferred Mineral Resources total 1.5 million tonnes (Mt) at a grade of 7.26 g/t Au, containing 360,000 oz Au.
TORONTO, ON / ACCESSWIRE / September 7, 2021 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG) is pleased to announce that it is progressing conceptual mining studies and plans to advance its high-grade Faina mineral resource following positive metallurgical testwork results. The Faina project is located 500m northwest on strike from its operating Turmalina Gold Mine and Mill Complex, in Minas Gerais, Brasil.
Faina measured and indicated mineral resources ("MRMR") as of December 31, 2019 (refer to press release dated 20th April, 2020), totalled 261,000 tonnes at a grade of 6.87 g/t Au, containing 58,000 oz Au And Inferred Mineral Resources totalled 1.5 million tonnes (Mt) at a grade of 7.26 g/t oz Au, containing 360,000 oz Au*.
* 1. Mineral Resources were estimated at a cut-off grade of 3.8 g/t Au. 2. Mineral Resources are estimated using a long-term gold price of US$1,400/oz. Au. 3. Mineral Resources are estimated using an average long-term foreign exchange rate of R$2.5: US$1. 4. No Mineral Reserves currently exist for Faina.
The shallow oxide portion of the Faina deposit was previously mined via an open pit from 1992 to 1993 and processed by heap leaching, but due to the refractory nature of the sulphide mineralization beneath the oxides, this portion of the mineralization remains to be exploited. The Faina mineral resource remains open with exploration potential along strike and extending to depth.
Results from recently completed preliminary metallurgical testwork on Faina sulphide samples selected from several large - diameter (PQ) diamond drill holes demonstrated that metallurgical recoveries > 85% are reported from a combination of gravity concentration followed by flotation of gravity tails.
The above results will inform conceptual mine studies and plans supported by modern advances in metallurgical processes for extraction of gold from refractory ores. Importantly, the studies will incorporate the viability of adding to the production profile and life of the nearby Turmalina Mine by accessing the deposit north-west from currently active mining areas and the utilization of available additional crushing and milling capacity.
Simultaneous with the studies, Jaguar is currently engaged in data collection and analysis required for the estimation of mineral reserves for Faina, including resource drilling, geotechnical investigations, analysis of mining scenarios, and more comprehensive metallurgical test work.
Vern Baker, CEO, Jaguar Mining commented: "Faina is the first project moving from our exploration team into a potential growth project. Jaguar is focused on building exceptional value through growth that utilizes our existing capital base, land position, and effective team. There is less than a kilometre between the Faina resource and active workings at Turmalina, allowing the Faina resource to fit perfectly into our growth concept. We expect to be able to leverage our underground infrastructure as well as our under-utilized plant by adding the Faina resource into the Turmalina Mine. Faina will probably be accessed from current development headings being completed to access and expand the CNW resources in the upper levels of Turmalina. We believe we can continue to grow the Faina resource as well as upgrade inferred resources to measured and indicated with additional drilling. Our current conceptual study is targeted at determining our most effective actions to combine Faina resource into the Turmalina Life-of-Mine plan. Faina can contribute to our company very quickly as it is located within our current mining permits and will utilize existing infrastructure."
Figure 1. Location map showing the location of the Faina relative to Jaguar's Operations within the Iron Quadrangle, Minas Gerais, Brazil
Key observations from preliminary metallurgical testwork are summarized as follows:
- Two composite samples, SF1 and SF2, selected from diamond drill holes FUH168A and FUH 171 were used for recent preliminary metallurgical test work. (See figure 2 for location of drill holes).
- The estimated gold grade for composite sample SF1 was 6.88 g/t Au and for composite sample SF2 was 9.13 g/t Au.
- The preliminary metallurgical testwork comprised a series of diagnostic tests on composite samples SF1 and SF2 to determine the amenability of gold extraction using the following different techniques.
- Gravity concentration tests using a Knelson MD3 concentrator.
- Bottle roll simulated intensive leaching tests of gravity concentrate.
- Bottle roll cyanide leaching tests of gravity concentrate.
- Bottle roll simulated carbon-in-leach (CIL) tests (cyanide leaching with activated carbon) of gravity concentrate
- Alkaline leaching (NaOH digestion) and cyanide leaching tests on gravity concentrate.
- Flotation tests on the combined gravity and intensive leach tails to produce a rougher concentrate.
- Alkaline leaching and cyanide leaching tests on flotation concentrate.
- Chemical analyses were performed on the two composite samples. The average gold and sulphur grades of sample SF1 were 6.88 g/t Au and 3.21% S, respectively. Sample SF2 was higher in gold and sulphur grades than sample SF1 and averaged 9.13 g/t Au and 3.36% S.
- The highest gold recovery achieved was from a combination of gravity concentration followed by flotation of gravity tails on sample SF1 (92.36% overall gold recovery).
- The highest gold recoveries on sample SF2 ranged between 86.25% and 88.49% from a combination of gravity concentration followed by flotation of gravity tails while this recovery was improved to 89.72% with a secondary flotation test conducted using different reagents.
Table 1 Faina Mineral Resources by Category as at December 31st, 2019.
Figure 2. Plan showing location of Faina relative to the Turmalina Mine and Mill Infrastructure and principal mineralized structures. Please note the location of diamond holes FUH168A and FUH171 from which composite sulphide samples SF1 and SF2 were selected for preliminary metallurgical testwork.
Figure 3. Long section showing the location of Faina Project relative to current operational areas 500m along strike at the Turmalina Mine.
Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology - UCT), FAUSIMM, Vice President Geology and Exploration, who is an employee of Jaguar Mining Inc., and is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
The Iron Quadrangle
The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the south-eastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds the second largest gold land position in the Iron Quadrangle with just over 62,000* hectares (*includes Iamgold JV Agreement Areas).
About Jaguar Mining Inc.
Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a large land package with significant upside exploration potential from mineral claims. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Mining Complex (Pilar and Roça Grande Mines, and Caeté Plant). The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012. The Roça Grande Mine has been on temporary care and maintenance since April 2019. Additional information is available on the Company's website at www.jaguarmining.com
For further information please contact:
Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "anticipates," "continue," "estimate," "believe" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). In addition, the Company's principal operations and mineral properties are located in Brazil and there are additional business and financial risks inherent in doing business in Brazil as compared to the United States or Canada. In Brazil, corruption represents a challenge requiring extra attention by those who conduct business there. Corruption does not only occur with the misuse of public, government or regulatory powers, it also can occur in a business's supplies, inputs and procurement functions (such as illicit rebates, kickbacks and dubious vendor relationships) as well as the inventory and product sales functions (such as inventory shrinkage or skimming). Employees as well as external parties (such as suppliers, distributors and contractors) have opportunities to commit theft, procurement fraud and other wrongs against the Company. While corruption, bribery and fraud and theft risks can never be fully eliminated, the Company reviews and implements controls to reduce the likelihood of these events occurring. The Company's present and future business operations face these risks. Accordingly, for all of the reasons above, readers should not place undue reliance on forward-looking information.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of "Jaguar Mining Inc." on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company's reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
SOURCE: Jaguar Mining Inc.
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Canada One to Option Franelle Copper Project, Quebec Canada
Vancouver, Canada – TheNewswire – September 16, 2021 – Canada One Mining Corp. (the “Company” or “Canada One”) (TSXV:CONE) is pleased to announce…
Vancouver, Canada – TheNewswire - September 16, 2021 – Canada One Mining Corp. (the “Company” or “Canada One”) (TSXV:CONE) is pleased to announce that it has entered into an option agreement, effective date August 31st, 2021 (the “Agreement”), pursuant to which the Company will acquire the right to earn a 100% interest, subject to a 2% royalty, in the Franelle Copper Project (the “Project”, or the “Property”), a 31 square kilometre contiguous property located 90 kilometres northwest of Schefferville, Quebec, from Messrs. Fayz and Ramy Yacoub (the “Vendors”), arm’s length parties (the “Transaction”).
- The Project hosts 4 mineralized zones: Franelle, Bennelle, Reuben and Beluet
- The Franelle zone currently extends westwardly 2,600 metres along a 7000-metre gabbro dyke that has an average width of 60 to 75 metres
- Three programs of diamond drilling at the Franelle zone intersected significant widths of copper mineralization, including:
- 2.42% copper over 13.7m within 32m of 1.12% copper
- 0.86% copper over 25.3m within 50.3m of 0.51% copper;
- 0.80% copper over 14.9m within 33.2m of 0.59% copper within 173.4m of 0.29% copper;
- 0.56% copper over 39m
- Grab sample copper highlights include: 6.15% and 4.83% from the Beluet zone, 2.06%, 1.73% and 1.68% from the Bennelle zone
- Chip sample highlights include: 4% copper and 6.9 g/t silver over 0.40 metres and 2.61% copper and 2.5 g/t silver over 2.5 metres from Reuben zone
Canada One cautions investors selected grab samples are selected samples and are not necessarily representative of mineralization hosted on the Project. The true width of the mineralization is unknown at this time.
“The Franelle Copper Project represents an excellent opportunity for Canada One shareholders,” commented CEO Peter Berdusco. “The strong copper grades over good widths immediately attracted us to the project and we plan to undertake a comprehensive review of the historical data to drive the upcoming exploration program.”
The Company can earn a 100% interest in the Franelle Copper Project, subject to a 2% net smelter return royalty by meeting the following terms:
- Issuing 3,000,000 shares as follows:
- 500,000 Shares within five business days of approval of the TSX Venture Exchange (the “Approval Date”);
- An additional 500,000 Shares on or before the first anniversary of the Approval Date;
- An additional 500,000 Shares on or before the second anniversary of the Approval Date;
- An additional 500,000 Shares on or before the third anniversary of the Approval Date;
- An additional 500,000 Shares on or before the fourth anniversary of the Approval Date; and
- An additional 500,000 Shares on or before the fifth anniversary of the Approval Date.
- Making cash payments totaling $300,000 as follows:
- $25,000 payable on signing of the Agreement as non-refundable deposit;
- An additional $25,000 payable within 15 days from signing of the Agreement as further non-refundable deposit;
- An additional $50,000 payable on or before the first anniversary of the Approval Date;
- An additional $50,000 payable on or before the second anniversary of the Approval Date;
- An additional $50,000 payable on or before the third anniversary of the Approval Date;
- An additional $50,000 payable on or before the fourth anniversary of the Approval Date; and
- An additional $50,000 payable on or before the fifth anniversary of the Approval Date.
- Incurring $5,000,000 in Exploration Expenditures on the Property as follows:
- $250,000 within 12 months from the Approval Date;
- An additional $250,000 within two years from the Approval Date;
- An additional $250,000 within three years from the Approval Date;
- An additional $250,000 within four years from the Approval Date;
- An additional $250,000 within five years from the Approval Date; and
- An additional $3,750,000 at any time, in any number of proportions and amounts, within five years from the Approval Date
In addition, in the event the Company files a technical report supporting the disclosure of a mineral reserve on the Project at any time prior to the acquisition of the Project, the Company shall issue an additional 1,000,000 shares as a bonus to the Vendors.
The Company can purchase 50% (or 1%) of the net smelter return royalty on the Project at any time for $2,000,000.
The Vendors of the Project, Messrs. Fayz and Ramy Yacoub, are arm’s length parties. No finders’ fees or commissions are payable in connection with completion of the Transaction. In connection with completion of the Transaction, it is contemplated that the Company will complete a non-brokered private placement to raise additional capital to satisfy obligations under the Agreement and to further develop the Project. Further information regarding the terms of the placement will be provided as soon as available.
Closing of the Transaction remains subject to the completion of a technical report in respect of the Property, completion of financing on terms acceptable to the Company, and the approval of the TSX Venture Exchange. The Transaction cannot be completed until approval of the TSX Venture Exchange is received. Trading in the common shares of the Company has been halted on the TSX Venture Exchange and is expected to remain halted pending completion of further filings with the TSX Venture Exchange.
The Franelle Copper Project hosts 4 mineralized zones: Franelle, Bennelle, Beluet and Reuben.
The Franelle zone trends NNW 2600m along a 7000m long gabbro dyke with an average width of 60m to 75m. Mineralization consists of native copper, and copper oxides and sulfides with some potential supergene enrichment. Mineralization occurs as dissemination within the gabbro and with veins, veinlets and stockworks cutting the gabbro and the metasedimentary host rock. Three programs of diamond drilling tested the gabbo between the mid 1970’s and the mid-1990’s. A historic resource was calculated in 1976. The Company will to review the historic data before disclosure. (Diamond Drill Logs, Lac Musset Property, 1995 Energie et Ressources Naturelles Quebec Report GM 53794).
The Bennelle zone consists of veins, veinlets and disseminations of copper mineralization intersecting a gabbro sill intruded into arkosic red sandstone. The Franelle and Bennelle zones may lie along the same gabbro. Mineralization consists of native copper, and copper oxides and sulfides, and has been traced 450m along strike and ranges from 1m to 3m in thickness. Grab sample highlights include 2.06% copper, 1.73% copper and 1.68% copper. (Source: “Gitologie Des Indices De Cuivre Du Lac Musset, Fosse Du Labrador par B. Brassard (1984), Energie et Ressources Naturelles Quebec Report MB84-03).
Mineralization at the Beluet zone is hosted in an altered shear zone within sandstones in fault contact with gabbros and consists of malachite, azurite and chrysocolla accompanied by chalcopyrite. The shear zone has been traced 50m along strike and is 5m thick. Grab sample highlights include: 6.15% copper and 4.83% copper. (Source: Metallic Deposit 23O/11-004 1995 Energie et Ressources Naturelles Quebec)
The Reuben zone, a 30-metre wide stockwork of gabbro hosting calcite and epidote veins carrying chalcopyrite and malachite, and has been traced intermittently 425 metres along strike. Individual showings along the trend range from 60 metres by 6 metres to 15 metres by 1.5 metres. Chip sample highlights include: 4% copper and 6.9 g/t silver over 0.40 metres and 2.61% copper and 2.5 g/t silver over 2.5 metres. Source: (Diamond Drill Logs, Lac Musset Property, 1995 Energie et Ressources Naturelles Quebec Report GM 53794).
Canada One cautions investors it has not yet verified the above historic data.
R. Tim Henneberry, P Geo (British Columbia), a consultant to Canada One, is the Qualified Person who has reviewed and approved the technical content of this news release on behalf of the Company.
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
President and Chief Executive Officer
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 certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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Benton and Sokoman Shares Rise After Confirming 1st High-Grade Lithium Discovery
Composite grab sampling returns 2.37% Li2OThunder Bay, Ontario–(Newsfile Corp. – September 16, 2021) – Benton Resources Inc. (TSXV: BEX) ("Benton") and…
Composite grab sampling returns 2.37% Li2O
Thunder Bay, Ontario--(Newsfile Corp. - September 16, 2021) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") (together, "the Alliance") are pleased to announce analyses for 35 of 58 follow-up samples from the recently discovered swarm of Lithium-bearing pegmatite dikes on the Golden Hope Joint Venture Project in southwestern Newfoundland. The 35 grab and chip samples were collected over a 1 km2 area over the swarm of poorly-exposed pegmatite and aplite dykes. The follow-up sampling has confirmed that the pegmatites carry significant Lithium values, the first significant occurrence of Lithium documented in the province of Newfoundland and Labrador, Canada.
- 31.4% of the samples gave values >1% Li2O
- The Lithium-bearing samples were taken over a poorly-exposed pegmatite swarm covering 1 km2
- Additional results are pending (23 samples) along a 1 km strike of pegmatites
- Lithium, Beryllium, Cesium, Rubidium and Tantalum values were located 2 km to the west of the initial discovery
Of the 35 samples, 11 gave values greater than 1% Li2O with three greater than 2% Li2O, and a high of 2.37% Li2O. The dominant Lithium-bearing mineral appears to be spodumene (LiAl(SiO3)2) which occurs as clusters of elongated prismatic crystals up to 5-cm-long in a grey-white matrix of glassy quartz and feldspar and a pale-green to white mica (see photo of sample 361716). Multiple samples from the aplite dikes give highly-anomalous Cesium (17 ppm to 508 ppm Cs), Rubidium (226 ppm to 1310 ppm Rb) and Tantalum (5 ppm to 179 ppm Ta), typical of evolved pegmatite swarms. Samples 361715-718 were a series of 0.5 m2 composite samples from the discovery outcrop that measures 10m x 3m and is 100% pegmatite. The dike margins are overburden covered and actual width of the dike is not known. All other samples were taken over the broader mineralized area. The following table gives the results for the composite samples and other higher-grade Li values from the area.
|Summary of Significant Results (>500 ppm Li)|
|Sample||Li ppm*||Conversion||% Li2O|
* Li shown as ppm except where noted as %
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The Alliance also discovered high-grade Beryllium values with 2 grab samples grading >5000 ppm Be, with others ranging from 6 ppm to >5000 ppm Be, with associated anomalous Lithium, Cesium, Rubidium and Tantalum values. These samples, mineralogy unknown, are located approximately 2 km to the west of the Li discovery, providing further evidence that it is an evolved pegmatite system. Additional samples, taken up to 1,000 m along strike, have been submitted for analysis and are pending.
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Samples were submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
Benton's President and CEO Stephen Stares states: "The discovery of this new Lithium, Beryllium, Cesium, Tantalum and Rubidium mineralization in Newfoundland continues to show the Island's vast potential. Although this is the first discovery of Lithium in Newfoundland, the geological environment and setting to discover these types of large systems have already been proven and discovered in the Appalachian belt. This includes the important deposits held by Piedmont Lithium Inc in the Carolinas, eastern US, as well as the geologically equivalent Avalonia Project being advanced by Ganfeng Lithium in the Caledonides of Ireland. Benton and Sokoman will use these deposits for synergies and modeling as we advance this new discovery towards drilling."
Sokoman's President and CEO Tim Froude adds: "We are very pleased to have unequivocally verified high-grade Lithium mineralization at Golden Hope, the first such significant occurrence in Newfoundland. While still early days, significant Lithium mineralization in similar geological settings, elsewhere in the greater Appalachian belt, bodes well for the potential of this discovery to be of significance to our shareholders. While continuing to explore the pegmatites for Li and associated elements, the claims were originally staked for gold and we are presently processing and merging our recently-flown airborne data with pre-existing data to highlight gold targets on the 750 sq km property."
The Alliance has completed a 5,709 line-km Heliborne, High-Resolution, Aeromagnetic & Matrix Digital VLF-EM Survey, flown by Terraquest Ltd. The survey will provide the structural/ lithological setting to help identify gold-bearing structure extensions, as well as any unrecognized structures including those potentially related to the Lithium-bearing pegmatites.
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., both the 'Qualified Person' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100%-interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Companies' expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Companies prospects, properties and business detailed elsewhere in the Companies' disclosure record. 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 forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Companies do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Companies' expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96784
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CopperBank Closes $5 Million Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / September 16, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) announces that it has closed the…
VANCOUVER, BC / ACCESSWIRE / September 16, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK) announces that it has closed the previously announced non-brokered private placement offering (the "Offering") of units of the Company (the "Units") at a price of $0.40 per Unit, for aggregate gross proceeds to the Company of $5,000,000.
"It is great to close this financing so soon after taking over as CEO and seeing such strong demand from seasoned, long-term resource investors," said Paul Harbidge, President and Chief Executive Officer. "This financing bolsters the balance sheet as the Company progresses the advanced Copper Creek project in Arizona, as well as the Contact Copper project in Nevada. We look forward to demonstrating the value of these projects by developing geological models, updating the resource estimates and technical studies, as well as commencing exploration drilling on both properties."
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 Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.60 at any time up to five years following the closing of the Offering. No finder's fees were paid as part of this private placement.
The net proceeds received by the Company from the Offering will be used to advance the Company's Copper Creek and Contact Copper exploration projects, as well as for general working capital purposes.
The Common Shares and Warrants to be issued under the Offering will have a hold period of four months and one day from the closing of the Offering.
Paul Harbidge and Russell Ball, both insiders of the Company, subscribed for a total of 3,000,000 Units under the Offering, both of which subscriptions constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to the insiders is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares issued to the related parties did not exceed 25% of the Company's market capitalization.
CopperBank is a Canadian exploration mining company focused on energy related metal exploration in The United States of America. The Company trades on the Canadian Securities Exchange under the symbol "CBK".
For additional information please contact:
Paul Harbidge, President and Chief Executive Officer
Forward-Looking and Cautionary Statements
Certain information in this release constitutes forward looking statements or information ("forward-looking statements") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking statements included herein are made as of the date of this news release and, except as required by applicable law, CopperBank does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Forward-looking statements relate to future events or future performance and reflect management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
Examples of forward-looking statements in this news release include, but are not limited to, statements with respect the use of the net proceeds of the Offering by the Company. Although CopperBank believes that the expectations reflected in the forward-looking statements are reasonable, forward looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to CopperBank. Forward-looking statements are based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward looking information.
Such factors and assumptions include, but are not limited to, the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. 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 United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: CopperBank Resources Corp.
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