TORONTO, ON / ACCESSWIRE / October 1, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has identified several priority targets for drill testing including, an opportunity to expand on existing mineral resources at the Rattling Brook Deposit (the "Deposit") on its 100% owned Great Northern Project ("Great Northern"), located in western Newfoundland. The Rattling Brook Deposit contains a NI43-101 Inferred Mineral Resource comprising 255,000 ounces at 1.45 grams per tonne ("g/t") gold (5,460,000 tonnes) and is hosted along a 5-kilometre section of the larger Doucers Valley Fault, a similar geological environment to Marathon Gold Corporation's Valentine Gold Project. The Deposit is open for expansion at depth and along strike.
The targets were generated based on recent field programs and a comprehensive review of historic exploration data, which identified the importance of fault control on gold mineralization. Specifically, we believe that northwest and east-west striking faults, with coincident rock and soil geochemical anomalies, may act as higher-grade feeder zones to the Rattling Brook Deposit. This concept has not been previously tested and provides a unique opportunity to expand the Rattling Brook Deposit. Priority targets, as further described below include the Apsy Feeder Zone (0.6 kilometre extent), the Incinerator Trend (1.8 kilometre extent), and the Furnace Trend (1.5 kilometre extent).
Previous (1986 to 2007) select drill intercepts (core length) that partly define the Rattling Brook Deposit include:
- 1.77 g/t gold over 74.4 metres (2.3 to 76.7 metres; estimated true thickness ("TT") 60 metres), including 3.25 g/t gold over 22.7 metres in drill hole JA-05-35;
- 1.13 g/t gold over 115.7 metres (45.0 to 160.7 metres; TT 70 metres) in drill hole JA-05-36;
- 1.40 g/t gold over 84.6 metres (10.5 to 95.1 metres; TT 80 metres), including 8.62 g/t gold over 2.5 metres in drill hole JA-06-46;
- 1.28 g/t gold over 75.6 metres (1.0 to 76.6 metres; TT 70 metres) in drill hole JA-06-53;
- 3.92 g/t gold over 7.9 metres (112.6 to 120.5 metres; TT 5 metres), including 10.0 g/t gold over 1.4 metres in drill hole JA-06-60;
- 1.01 g/t gold over 66.4 metres (15.5 to 81.9 metres; TT 60 metres) in drill hole JA-07-73;
- 1.22 g/t gold over 56.5 metres (61.0 to 117.5 metres; TT 50 metres) in drill hole RB-30;
- 1.07 g/t gold over 68.0 metres (115.6 to 183.6 metres; TT 60 metres), including 8.84 g/t gold over 1.0 metres in drill hole RB-40; and
- 1.02 g/t gold over 66.5 metres (3.0 to 69.5 metres; TT 65 metres), including 7.86 g/t gold over 1.4 metres in drill hole JA-05-38.
The Company has also identified the presence of north and northeast trending fault zones that cross the 2.4-kilometre long Jacksons Arm Trend. Similar to faults crossing the Rattling Brook Deposit area, the Company believes that these faults may play an important control in focusing higher grade mineralization at Jacksons Arm.
"Based on our field work we have recognized the opportunity to further expand resources at the Rattling Brook Deposit as well as test several adjacent zones of mineralization within the immediate area. A key facet of work going forward will be to test the specific geological controls on gold where faults may play a significant role as feeder zones to broader disseminated gold within the existing mineral resource. We believe there is abundant upside to expanding the resource base at Great Northern and Viking in the near term and build upon the 255,000 ounce (5,460,000 tonnes at 1.45 g/t gold) Inferred Mineral Resource at Rattling Brook. In addition, we will continue to explore adjacent areas, including the Jackson's Arm Trend, for potential near-term discovery."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Exploration Target Details
Several drill targets and specific opportunities for mineral resource expansion and discovery have been identified by the Company based on recent field programs and a comprehensive review of historic and current exploration data. This work, in conjunction with that of previous operators on the Property, has identified the importance of fault control on gold mineralization. These major target areas for near-term drill testing are:
- The Apsy Feeder Zone - 600 metre northwest striking fault zone adjacent to and northwest of the Apsy Zone mineral resource;
- Apsy Zone - 1.0 kilometre strike length - potential up-dip extension to the Apsy Zone;
- Incinerator Trend - 1.8-kilometre long gold-bearing east-west fault;
- Furnace Trend - 1.5-kilometre long trend with rock grab samples** assaying up to 5.60 g/t gold along east-west fault zone; and
- Jacksons Arm Trend - 2.4-kilometre long gold zone cross-cut by numerous north and northeast trending fault zones.
Apsy Feeder Zone and Apsy Zone (Rattling Brook Deposit)
The Apsy Feeder Zone is hosted along a northwest oriented fault splay extending from the Apsy Zone that has a moderate south dip and has been identified by the Company and previous operators, to have a significant control on gold mineralization within the host Proterozoic Main River granites and the overlying Cambrian quartzites and phyllites. This fault is potentially associated with higher grades within the Apsy Zone. The Apsy Feeder Zone and associated fault, gold-bearing rock grab samples (assaying up to 3.2 g/t gold), and anomalous soils extends for 600 metres northwest of the Apsy Zone mineral resource and has not been tested by drilling. The most northwesterly hole drilled along this Trend, drill hole JA-05-36, intersected 1.13 g/t gold over a core length of 115.7 metres (TT 70 metres), supporting potential expansion of the Apsy Zone into the feeder fault to the northwest (Exhibit A and B).
The Incinerator Trend comprises a 1.8-kilometre long alteration zone with numerous anomalous soils (up to 700 ppb gold) that has been successfully tested by four broad spaced (100 to 500 metres) diamond drill holes from 1987 (true thickness unknown) that returned assays of:
- 2.32 g/t gold over 4.1 metres (33.1 to 37.2 metres) in drill hole RB-41;
- 1.06 g/t gold over 15.6 metres (66.8 to 82.4 metres) in drill hole RB-39;
- 1.00 g/t gold over 9.7 metres (32.1 to 41.8 metres) in drill hole RB-37; and
- 1.78 g/t gold over 4.0 metres (47.2 to 51.2 metres) in drill hole RB-35.
The altered and mineralized zone is hosted along an east-west oriented (070o) fault zone and associated topographic low (Exhibit A, B).
The Furnace Trend comprises a 1.5-kilometre long zone of gold-bearing rock grab samples** with assays up to 5.60 g/t gold and soil samples (assays up to 66 ppb gold) that has not been tested with previous drilling. The altered and mineralized zone sub-parallel with and located 1.1 kilometres to the south of the Incinerator Trend, is hosted within a similar east-west trending fault zone (Exhibit A).
Jacksons Arm Trend
Jacksons Arm Trend is host to a 2.4 kilometre long by 40- to 400-metre-wide continuous alteration zone that is controlled by a north-south striking fault. The fault extends immediately to the north along strike with similar repeating fault zones to the east outlining a potential strike extent of an additional 4 kilometres (Exhibit A). A recent phase 1 drilling program (see news release dated February 18, 2021) by the Company at the Jacksons Arm Trend intersected broad zones of alteration and gold mineralization in each drill hole outlining a large fertile gold-bearing alteration system along at least a 300-metre section of the larger Jacksons Arm Trend with assays including:
- 4.67 g/t gold over 0.5 metres (73.5 to 74.0 metres) in drill hole JA-20-01;
- 3.84 g/t gold over 0.5 metres (46.5 to 47.0 metres) in drill hole JA-20-07; and
- 2.01 g/t gold over 1.0 metre (22.5 to 23.5 metres) in drill hole JA-20-08.
Highlights of surface grab samples** include:
- Assays up to 20.20 g/t gold and 1,232 g/t silver at the Boot N' Hammer Prospect;
- Assays up to 56.70 g/t gold and 2.75 ounce per tonne silver at the Stocker Prospect;
- Assays up to 7.20 g/t gold at the Shrik Prospect; and
- Assays up to 13.60 g/t gold at the 954 Prospect.
Several north and northeast oriented fault zones truncate the main thrust fault at Jacksons Arm in the area of multiple rock and soil gold occurrences and future work will focus on testing these fault zones for control on gold mineralization.
**Grab samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
About the Great Northern and Viking Projects
The Great Northern and Viking Projects comprise two separate claim blocks (13,775 hectares) that are located near the communities of Sops Arm, Pollard's Point and Jackson's Arm, Newfoundland and Labrador.
The Projects are centered along a 20-kilometre section of the Doucers Valley Fault, a significant geological control on, and host to, several gold deposits and untested prospects, including the Rattling Brook and Thor Deposits, Incinerator, Furnace, Jacksons Arm, Viking and Little Davis Pond Trends. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites, or younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault, a similar geological environment to Marathon Gold Corporation's Valentine Gold Project. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, galena, chalcopyrite or sphalerite, and locally show trace amounts of visible gold.
The Great Northern and Viking Projects are host to significant Current and Historic Mineral Resources, including:
- An Inferred Mineral Resource Estimate^ of 5,460,000 tonnes at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook Deposit; and
- An Historical Indicated Mineral Resource^^ of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date January 23, 2019 by Harrington and Cullen (2019) as detailed below for the Great Northern Project and the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016). An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs. See further details on Technical Reports below.
The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Exploration Program and all future programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.
Qualified Person and Technical Reports
This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Geologist with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
"Grab samples" are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
^The Mineral Resource Estimate quoted in this press release regarding the Great Northern Project refers to the technical report: "NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada", (the "Great Northern Report") with an effective date of January 23, 2019, and authored by Matthew Harrington, P.Geo. (Independent Qualified Person) and Michael Cullen, P.Geo. (Independent Qualified Person).
^^The Historical Mineral Resource Estimate quoted in this press release regarding the Viking Project (Thor Deposit) is taken from the technical report: "NI 43-101 Technical Report And Mineral Resource Estimate For The Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada, Latitude 49o 42′ N Longitude 57o 00′ W" prepared for Anaconda Mining Inc. by David A. Copeland, P.Geo., Dr. Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29, 2016. An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
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.
Cautionary Statements Regarding Forward-Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Exhibit A: Significant Gold Exploration Targets at the Rattling Brook Deposit and Jacksons Arm Trend.
Exhibit B: Plan Map of Select Drill Intercepts (core length), Mineral Resource Areas and Exploration Targets, Rattling Brook Deposit Area, Great Northern Project.
SOURCE: Magna Terra Minerals Inc.
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CopperBank Shareholders Overwhelmingly Approve Long Term Incentive Plan at Special Meeting; Leadership Team Additions Announced
VANCAOUVER, BC / ACCESSWIRE / October 15, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK)(OTC PINK:CPPKF)(FRANKFURT:9CP) is…
VANCAOUVER, BC / ACCESSWIRE / October 15, 2021 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE:CBK)(OTC PINK:CPPKF)(FRANKFURT:9CP) is pleased to announce that earlier today shareholders of Copperbank voted at the special meeting of shareholders (the "Meeting") to approve the long term incentive plan of the Company (the "LTIP"), as further described in the management information circular of the Company dated September 14, 2021, with approximately 98% of votes cast in favour of the new LTIP. Additionally, the company is pleased to announce key appointments to the senior leadership team.
As previously announced in the Company's September 2, 2021 press release, the board of directors of CopperBank approved grants of 9,650,000 stock options to eligible participants under the LTIP, which grant was subject to the approval of the LTIP by shareholders. The grant, which will be effective as of today's date, permits each holder to purchase one common share of the Company for each option held at a price of $0.40 for a period of three years.
Leadership Team Appointments
The Company is also pleased to announce that Graham Richardson, Thomas Bissig and Zach Allwright will be joining the leadership team as Chief Financial Officer, Vice President of Exploration, and Vice President of Projects and Evaluations, respectively. Paul Harbidge, President and Chief Executive Officer, commented, "I am very excited to welcome Graham, Thomas and Zach to the CopperBank team as we work on advancing our exciting copper projects in the world-class mining districts of Arizona and Nevada. It is a testament to the quality of the projects that we have been able to attract three key senior individuals and I look forward to leveraging their experience and expertise as we work to unlock the value inherent in the CopperBank portfolio."
Mr. Graham Richardson joined the Company on October 15, 2021, as Chief Financial Officer and is a Canadian CPA with over 10 years of finance experience in the mining sector and a proven track record of adapting and partnering with various levels of organizations to achieve desired outcomes. In his most recent role as Senior Director, Finance and Accounting at Fortuna Silver Mines Inc., Mr. Richardson was closely involved in the financial due diligence and integration activities in connection with the acquisition of Roxgold, while also being responsible for the delivery of the quarterly reports and oversight of the finance function and Vancouver Corporate Office. Previously, he was the Assistant Controller, North America at Newmont, following the acquisition of Goldcorp in April 2019. Prior to his role with Newmont, he was the Director, Finance Performance Management at Goldcorp after joining in 2016 and holding progressively senior finance roles within the organization. Mr. Richardson started his career with Deloitte Touche Tohmatsu Limited in their mining practice in Vancouver, and subsequently Melbourne, where he gained diverse experience working with operations across Canada, Australia, USA, Mexico and West Africa. Mr. Richardson has a Bachelor of Commerce in Accounting from the University of British Columbia, Sauder School of Business.
Dr. Thomas Bissig joined the Company on October 1, 2021, as the Vice President of Exploration. Dr. Bissig is a geologist and geochemist with more than 23 years of experience in exploration and applied research on porphyry and epithermal deposit types across the Americas. He most recently worked as a consulting geoscientist providing services ranging in scale from orebody knowledge to regional exploration. From March 2017 to February 2020 he held the position of Director, Geochemistry for Goldcorp/Newmont providing subject matter expertise to exploration teams across the Americas. From 2008 to 2017 he was a senior research associate at the Mineral Deposit Research Unit at the University of British Columbia (Vancouver, Canada) where he was responsible for multiple gold and copper research programs and exploration, focused in the Andes, British Columbia, Nevada and Eastern Europe. Dr. Bissig was also a Professor at the Universidad Catolica del Norte in Antofagasta, Chile from 2004 to 2007 after graduating in 1997 from the Swiss Federal Institute of Technology (ETH) in Zürich with a diploma in Earth Sciences. Dr. Bissig carried out his PhD research at Queen's University in Kingston (Ontario, Canada) on the metallogeny of the El Indio epithermal belt in Chile and Argentina, graduating in 2001.
Mr. Zach Allwright joined the company on October 15, 2021, as the Vice President of Projects and Evaluations. He is a skilled mining professional with 15 years of diversified international experience, specializing in asset optimization and technical evaluations. In his most recent role as Director, North America for Mining Plus Consulting (part of the Byrnecut Group from Australia), he successfully delivered an extensive range of technical studies and asset evaluations in team environments. Notable engagements include the delivery of technical advisory to GT Gold (supporting the subsequent acquisition by Newmont in May 2021), facilitating the mining technical due diligence for Goldcorp culminating in the Newmont/Goldcorp merger in April 2019, leading the transformation of Lac Des Illes mine through the implementation of sub-level caving 2015-2018 and advancing the Pumpkin Hollow (Nevada Copper) project from an optimized concept to first production between 2016 and 2018. Mr. Allwright (P.Eng) holds a Mining Engineering degree from the Western Australian School of Mines and an MBA from Curtin Graduate School of Business.
CopperBank is a Canadian exploration company focused on advancing two copper projects 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
CopperBank Resources Corp.
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
SOURCE: CopperBank Resources Corp.
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Pure Gold Mining Inc. Closes Previously Announced Non-Brokered Financing of Approximately C$3.47 Million
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION…
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 15, 2021 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSXV:PGM LSE:PUR) (“PureGold” or the “Company”) is pleased to announce that it has closed the non-brokered private placement (the “Offering”) announced on October 5, 2021.
Pursuant to the Offering, the Company issued a total of 3,307,619 units of the Company (the “Units”) to AngloGold Ashanti Limited (“AngloGold”) at a price of C$1.05 per Unit, for aggregate gross proceeds of approximately C$3,473,000. The Offering brings AngloGold’s ownership percentage in the Company to 14.96% of the issued and outstanding common shares on a non-diluted basis upon completion of the Offering.
Each Unit consists of one common share of the Company (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant is transferrable and entitles the holder to acquire one common share of the Company until April 15, 2023, at a price of C$1.36.
Due to its share ownership, AngloGold is considered a “related party” of Pure Gold and, accordingly, the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Offering was exempt from the minority approval requirement of Section 5.6 and the formal valuation requirement of Section 5.4 of MI 61-101 as neither the fair market value of the Offering, nor the fair market value of the consideration of the Offering, exceeded 25% of Pure Gold’s market capitalization. A material change report in connection with the Offering will be filed less than 21 days before the closing of the Offering. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner.
The net proceeds received from the Offering will be used to fund the continued ramp up of operations at its 100%-owned PureGold Mine Project located in Red Lake, Ontario, underground drilling and development of the high-grade 8 zone, and for general corporate purposes. The securities issued under the Offering have a hold period of four months and one day from closing, expiring on February 16, 2022.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
ABOUT PURE GOLD MINING INC.
PureGold is a growth company, located in the very heart of Red Lake, Canada. Our objective is pure and simple. To develop a highly-profitable long life gold mining company, becoming Canada’s next iconic gold producer. Our plan is very disciplined, very methodical and financially sound. To expand organically, and develop PureGold’s multi-million ounce high grade gold asset incrementally, step-by-step, using a phased mining development plan to deliver maximum return.
ON BEHALF OF THE BOARD
Darin Labrenz, President & CEO
For further information:
Director, Marketing and Communications
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects and the expected use of proceeds of the Offering. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. 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 in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
drilling tsxv-pgm pure-gold-mining-inc private placement financing press-release
Benton and Sokoman Enter into Mutual Participation Agreements Governing Cost Reimbursement Under Their Strategic Exploration Alliance
Thunder Bay, Ontario–(Newsfile Corp. – October 15, 2021) – Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB:…
Thunder Bay, Ontario--(Newsfile Corp. - October 15, 2021) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") (jointly, "the Companies" or singularly a "Joint Venture Party") are pleased to announce that they have entered into mutual participation agreements (the "Participation Agreements") that govern cost reimbursement between the Companies relating to certain option agreements entered into by each of Benton and Sokoman on behalf of their strategic exploration alliance announced on May 20, 2021. Pursuant to the strategic alliance the Companies agreed to share, on a 50/50 basis, exploration costs and costs associated with the exercise of property options entered into by either party on behalf of the strategic alliance. In cases where one of the Joint Venture Parties enters into an option agreement that requires shares to be issued to a third party optionor the other Joint Venture Party will contribute its 50% of the costs by reimbursing the first company for 50% of the option payments. Where common shares are required to be issued as part of the option payments in order to ensure that the costs are equally divided the monetary value of such shares will be calculated and the Joint Venture Party that did not enter into the option agreement will issue such number of shares to the Joint Venture Party that did enter into the option agreement that have a monetary value equal to 50% of the value of the shares issued by the Joint Venture Party that has entered into the option agreement.
Sokoman and Benton have on behalf of the strategic alliance, each entered into two property option agreements that have previously been announced that are being contributed to the strategic alliance and governed by the Participation Agreements. The Participation Agreements simply formalize and clarify what cash payments and share issuances are required to be made by the Joint Venture Party that did not directly enter into a particular option agreement in order to reimburse the Joint Venture Party that did enter into the option agreement.
Benton Participation Agreement
Sokoman entered into an option agreement that provides it with the right to acquire a 100% interest in a mineral license consisting of seven mineral claims (the "Lewis Option") lying within the Grey River Gold Property. In order to exercise the Lewis Option Sokoman is required to make four cash payments of $10,000 each by June 15, 2024, and issue four tranches of shares of 50,000 each by June 15, 2024 (see Sokoman news release dated July 13, 2021). In accordance with the terms of the Benton Participation Agreement in order to contribute its 50% of the costs of the Lewis Option Benton will, to the extent that Sokoman continues to exercise the Lewis Option, reimburse Sokoman by: a) paying to Sokoman 50% of the cash payments made by Sokoman to exercise the Lewis Option ($20,000); and b) issuing to Sokoman such number of shares of Benton having a value equal to 50% of the value of each tranche of shares Sokoman issues to exercise the Lewis Option (292,208 Benton shares - 100,000 Sokoman shares at a floor price of $0.45 = $45,000 / $0.154 floor price for Benton shares).
Sokoman entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 1.5% NSR, two-thirds of which may be purchased for $1 million) in three licenses consisting of four mineral claims (the "G2B Option") lying within the Grey River Gold Property. In order to exercise the G2B Option Sokoman is required to make three annual cash payments of $10,000 each and issue three tranches of shares of 50,000 each (see Sokoman news release dated July 13, 2021). In accordance with the terms of the Benton Participation Agreement in order to contribute its 50% of the costs of the G2B Option Benton will, to the extent that Sokoman continues to exercise the G2B Option, reimburse Sokoman by: a) paying to Sokoman 50% of the cash payments made by Sokoman to exercise the G2B Option ($15,000); and b) issuing to Sokoman such number of shares of Benton having a value equal to 50% of the value of each tranche of shares Sokoman issues to exercise the G2B Option (219,156 Benton shares - 75,000 Sokoman shares at a floor price of $0.45 = $33,750 / $0.154 floor price for Benton shares).
Sokoman Participation Agreement
Benton entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 2% NSR, half of which may be purchased for $1 million) in eleven mineral claims (the "Keats Option") at the Kepenkeck gold project. In order to exercise the Keats Option Benton is required to make the following cash payments and issue the following shares: (i) an initial $10,000 and issue 200,000 shares; (ii) on the first anniversary $20,000 and issue 200,000 shares; (iii) on the second anniversary $20,000 and issue 200,000 shares; and (iv) on the third anniversary $40,000 and issue 400,000 shares (see Benton news release dated May 6, 2021). In accordance with the terms of the Sokoman Participation Agreement in order to contribute its 50% of the costs of the Keats Option Sokoman will, to the extent that Benton continues to exercise the Keats Option, reimburse Benton by: a) paying to Benton 50% of the cash payments made by Benton to exercise the Keats Option ($45,000); and b) issuing to Benton such number of shares of Sokoman having a value equal to 50% of the value of each tranche of shares Benton issues to exercise the Keats Option (171,111 Sokoman shares - 500,000 Benton shares at a floor price of $0.154 = $77,000 / $0.45 floor price for Sokoman shares).
Benton entered into an option agreement that provides it with the right to acquire a 100% interest (subject to a 2% NSR, one-half of which may be purchased for $1 million) in two licenses consisting of thirty mineral claims at Larry's Pond (the "Rogers Option"). In order to exercise the Rogers Option Benton is required to make the following cash payments and issue the following shares: (i) an initial $10,000 and issue 50,000 shares; (ii) on the first anniversary $10,000 and issue 50,000 shares; (iii) on the second anniversary $10,000 and issue 50,000 shares; and (iv) on the third anniversary $30,000 and issue 50,000 shares (see Benton news release dated June 29, 2021). In accordance with the terms of the Sokoman Participation Agreement in order to contribute its 50% of the costs of the Rogers Option Sokoman will, to the extent that Benton continues to exercise the Rogers Option, reimburse Benton by: a) paying to Benton 50% of the cash payments made by Benton to exercise the Rogers Option ($30,000); and b) issuing to Benton such number of shares of Sokoman having a value equal to 50% of the value of each tranche of shares Benton issues to exercise the Rogers Option (34,222 Sokoman shares - 100,000 Benton shares at floor price of $0.154 = $15,400 / $0.45 floor price for Sokoman shares).
For the purposes of paragraph 1 and 2 above: a) the value of Sokoman shares issued or to be issued to exercise the Lewis Option, the G2B Option or shares to be issued under the Sokoman Participation Agreement shall be the share price that is the greater of $0.45 and the 20-day volume weighted average price (the "VWAP") of Sokoman shares prior to the day the Sokoman shares are issued, and b) the value of Benton shares to be issued to exercise the Keats Option, the Rogers Option or shares to be issued under the Benton Participation Agreement shall be the share price that is the greater of $0.154 and the 20-day VWAP of Benton shares prior to the day that Benton shares are issued.
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option that can be viewed on the company's website. Parties interested in seeking more information about properties available for option can contact Mr. Stares directly.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: 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 recently acquired 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, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims) of land, making the company 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.
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: [email protected]
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/99881drill results tsxv-bex benton-resources-inc benton resources inc tsxv-ctm canterra-minerals-corporation canterra minerals corporation tsxv-sic sokoman-minerals-corp sokoman minerals corp financing press-release
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