Vancouver, British Columbia–(Newsfile Corp. – November 8, 2021) –( ) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company“) announces the commencement of phase 2 diamond drilling at the Fabre West prospect. The current program of 1,500 meters (“m”) will follow-up earlier successful cobalt-silver mineralized intercepts and test the southwest extension of a coincident geophysical anomaly.
The Fabre project is located in the Ontario-Quebec cobalt embayment which has historical production of 525 Moz of silver and 50Mlbs of Cobalt and 30 kilometres southeast of the historic mining and refining town of Cobalt, Ontario.
- A 2020 detailed review of exploration work on the Fabre West prospect resulted in the decision to complete a follow-up high resolution three dimensional induced polarization (“3D-IP”) survey focused on the area southwest of the 2019 drilling where a second chargeability anomaly was identified at the edge of the 2018 survey.
- Historic (1947 – 2010) high-grade cobalt (“Co”)-silver (“Ag”) drill intercepts include (drill hole ID: grade, interval length):
- 1947-40: 1.6% Co and 59.9g/t Ag over 1.3m and 2.5% Co and 8.7g/t Ag over 0.9m;
- FV95-1: 2.7% Co and 714.2g/t Ag over 1.1m and 303.3g/t Ag over 5.6m including 8.0% Co over 0.5m;
- TRS-F002-10: 68.4g/t Ag over 30m.
- In early 2019, a BMR diamond drill program (18 holes/2,917 meters) targeted Archean rocks for cobalt-silver mineralization. Significant silver zones intercepted include:
- FAW19-001: 37.6g/t Ag over 8.0m from 37.0m;
- FAW19-003: 419.3g/t Ag over 3.0m from 64.4m,
- FAW19-004: 123.8g/t Ag over 7.5m from 77.6m including 0.5m of 0.74% Co and 1,740.0g/t Ag at 79.3m,
- FAW19-011: 191.2g/t Ag over 4.0m from 4.0m.
- The 2019 drilling also produced several anomalous base metal values (zinc- Zn, copper- Cu, lead- Pb) associated with the silver zones that included:
- FAW19-002: 0.50% Zn over 23.8m from 4.2m, and 0.18% Zn over 49.8m from 84.2m;
- FAW19-004: 0.17% Cu, 0.15% Pb and 0.09% Co over 7.5m from 77.6m;
- FAW19-006: 1.20% Zn, 0.49% Pb and 8.65g/t Ag over 11m from 7m, hole.
Battery CEO Martin Kostuik comments; “This drill program is a follow-up and continuation of previously successful exploration campaigns at Fabre which displayed very good values of cobalt and silver. Previous drilling coupled with geophysics indicate the Fabre West target is open along strike to the southwest. We are very excited because this is how our 1 million plus pound and 1.47% McAra cobalt resource began. We look forward to drill testing this prospective high-grade cobalt-silver target beginning immediately.”
About the Fabre West program:
The Fabre project is in Northwestern Quebec, about 150 kilometres northeast of Sudbury, Ontario (Figure 1) and about 30 kilometres southeast of the historic Cobalt Camp. It comprises 1,813 hectares (18.1 square kilometres) in one semi-contiguous block.
The property is underlain by Neoarchean intermediate to felsic metavolcanic rocks, metasedimentary rocks, and older granitoid basement of the Abitibi Subprovince. These rocks are cut by shear zones and regional faults. The Archean basement units are unconformably overlain by sandstones, feldspathic sandstones, and polymictic conglomerates of the Proterozoic Huronian Supergroup that have been assigned to the Coleman member of the Cobalt Formation. A large northeast-trending Nipissing diabase intrusion occurs in the central and eastern parts of the Fabre property.
Extensive historic work took place on the Fabre West claim blocks following the discovery of high-grade silver veins near Cobalt, Ontario. In 1947, hole No. 40 drilled on Fabre West intersected a 1.4-metre interval grading 1.58% cobalt, 59.90g/t silver, 3.09g/t gold and 1.40% copper, at a depth of 207.4 metres. Mineralization is described as 0.2m of massive sulphides. A second intercept of 0.9 metres, graded 2.54% cobalt and 8.71g/t gold.
In 1995, a follow-up drillhole FV-95-1 by Sementiou Inc produced assays of 714.20g/t silver, over 0.57 metres from 114.73m and 8.00% cobalt and 600.00g/t silver over 0.49 metres from 131.41m. Mineralization consisted of up to 15% sulphides, composed of pyrite, sphalerite, chalcopyrite, locally smaltite, and possibly cobaltite, that occur in veinlets, lenses, and disseminations.
In 2010,collected a rock sample from a workings muck pile near the main prospecting shaft that assayed 0.99% cobalt, 23.30g/t silver and 0.33g/t gold. The company also drilled two holes targeting the historic mineralization reported from holes 40 and FV 95 1. The best drill intercept was 201g/t silver over 9 metres from 85.00m in hole TRS-F002-10.
BMR has explored the property since 2016. Work do date includes rock sampling, geological mapping and prospecting as well as geophysical data collection. BMR’s exploration focused on locating historical workings, understanding the bedrock geology, and to conduct and interpret geophysical data to generate drill-targets. Airborne geophysical surveys included a 2016 property wide airborne magnetics and radiometrics. Historic surface and drill core samples confirmed the area contained anomalous amounts of cobalt-silver, and geological mapping by BMR showed that the host rocks are somewhat like those at the McAra cobalt deposit.
In mid 2018, BMR completed an exploration program that included prospecting, geological mapping and rock sampling. Additional grid-based geophysical surveys, ground magnetics and a high-resolution 3D-IP survey. The 3D-IP survey grid was spatially constrained due to several cultural features and access issues resulting in only partial coverage of the planned survey area. The magnetic data map the Archean bedrock but do not outline the overlying, non-magnetic Huronian sediments. Comparison of the magnetics to the Fabre West geology confirm that the magnetics data differentiate the less magnetic felsic tuff unit and the adjacent, more magnetic porphyry unit. The magnetic low that outlines the felsic tuff unit was interpreted to represent a potential hydrothermal alteration within these more permeable host rocks, that coincides with the cobalt and base metal mineralized zones.
Inversion modelling of the 3D-IP data was correlated with the underlying geology and historic exploration results to develop drill targets. Drillhole targeting was based on bedrock geology, historic drill cobalt-silver results, proximity to the historic surface workings as well as two structural trends identified in the magnetics; north-south and northeast-southwest. A coincident high-amplitude chargeability anomaly was also targeted.
In early 2019, diamond drilling by BMR (18 holes for a total of 2,917m) targeted the cobalt-silver mineralized zones (Figure 2). Significant intercepts include:
- FAW19-001: 18.51g/t Ag over 6.25m from 9.75m
- FAW19-001: 37.63g/t Ag over 8m from 37m
- FAW19-001: 15.60g/t Ag over 4.95m from 81.05m
- FAW19-001: 136.77g/t Ag over 21.13m from 90.87m
- FAW19-003: 419.33g/t Ag over 3.00m from 64.44m
- FAW19-004: 123.83g/t Ag over 7.45m from 77.57m including 0.5m at 0.74% Co and 1,740.00g/t Ag from 79.3m
- FAW19-007: 34.09g/t Ag over 2.40m from 4m.
- FAW19-010: 46.03g/t Ag over 8m from 5m
- FAW19-010: 17.69g/t Ag over 3.25m from 87m
- FAW19-011: 191.21g/t Ag over 4m from 4m
(All intercepts quoted as downhole core lengths)
The drilled area covers a strike length of 600m, and over that distance rock types vary widely. Volcanoclastic and felsic rocks are common in the drilled area around the cobalt-silver zone, whereas gabbro, porphyry and mafic volcanic rocks dominate to the east of the main zone, in hole FAW19-005. The volcanoclastic and felsic rocks around the cobalt-silver zone could mark synvolcanic faults that focused mineralizing fluids into the upper crust and may also have been part of a larger caldera system.
The Fabre West target hosts anomalous cobalt-silver mineralization. Cobalt strongly correlates with arsenic and copper, which reflects the elemental composition and type of the ore mineralogy as well as the host rock environment (VMS setting). Silver correlates moderately with arsenic, cobalt, bismuth, and copper.
A 2020 detailed review of the Fabre West prospect resulted in the decision to complete a follow-up high resolution 3D IP survey focussed on the area southwest of the 2019 drilling where a second chargeability anomaly was identified at the edge of the 2018 survey. A re-interpretation of the structural controls for the mineralization at Fabre West indicates that the better silver intercepts maybe related to a series of folds and several of the planned drillholes will test the interpreted fold closures.
In December 2020, a follow-up 3D induced polarization survey was completed. An integrated 3D IP inversion model that combined all the available data from 2018 and 2020 was developed and interpreted. The new 3D inversion model confirmed the high-amplitude chargeability anomaly southwest of the 2019 BMR drilling and near the historic high-grade cobalt-silver drill intercepts.
Figure 1: Fabre Project Location Map – Datum is UTM NAD83 Z17N
To view an enhanced version of Figure 1, please visit:
Figure 2: Fabre West Drill Plan with BMR 2019 Drillholes and Planned 2021 Drillholes
To view an enhanced version of Figure 2, please visit:
Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practice. BMR has implemented protocols and procedures to insure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all of its field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.
Sample preparation was performed by ALS Minerals Laboratories (“ALS”) in Sudbury, Ontario and sample analyses by ALS in North Vancouver, British Columbia. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples were bagged by BMR staff and delivered Upon receipt at the ALS Laboratory in Sudbury, samples were logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples were dried in special drying ovens prior to crushing. The samples were crushed to 70% < -2 mm and a riffle split of 250 grams was then pulverized to 85% of the material achieving a size of <75 microns. These prepared samples were then shipped to the ALS Laboratory in North Vancouver for analyses by the following methods:
- ME-MS61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma (“ICP”) mass spectrometry that produced results for 48 elements.
- ME-OG62: Aqua-Regia digest: Analysed by ICP Atomic Emission Spectrometry or sometimes called optical emission spectrometry for high levels of Cobalt, Copper, Nickel and Silver.
- Ag-GRA21: Silver by fire assay and gravimetric finish; 30-gram charge weight used when samples contain greater than 1,500 parts per million silver.
- Au-AA25: Gold was analysed by a 30-gram fire assay method, followed by atomic absorption spectroscopy.
Note that 48 element ICP trace element data was also collected and reported by the laboratory. Certified international standards were inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, internationally certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.
P. J. Doyle, FAusIMM (#208850), – Vice President Exploration supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Canada Exploration Program.
Technical reports filed by the Company under the Company’s profile at www.sedar.com: “Technical Report on Cobalt Exploration Assets in Canada” dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by SRK Consulting – G Cole PGeo (APGO#1416).
Issuance of Stock Options
The Company has granted 250,000 stock options to a Consultant of the Company at an exercise price of $0.75 per share. The option will vest over the next 12 months and will expire after 5 years, ending November 1, 2026.
A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration and acquisitions in the world’s top mining jurisdictions. Battery is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations for second half of 2022 at the prior producing Punitaqui copper-gold mine. The Punitaqui copper-gold mine most recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile.
Battery is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. Battery is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., also known as Ozzie’s, a pipeline equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona.
For further information, please contact:
Phone: +1 (604) 229 3830
Email: [email protected]
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. 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 reflect the beliefs, opinions and projections of the Company on the date the statements are made and are 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 uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102377
Rio2 Limited and Sixth Wave Innovations Inc. Sign Contract for Further IXOS® Mining Technology Trials
NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth…
NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES
HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth Wave Innovations Inc. (CSE:SIXW) (OTCQB:ATURF) (FSE:AHUH) (“Sixth Wave or SIXW or Company”) and(“Rio2”) ( ) (OTCQX: RIOFF) (BVL: RIO) are pleased to announce the signing of a contract (“Contract”) which provides for the continuation of testing of SIXW’s patented IXOS® purification polymer (the “IXOS® Mining Technology”) at Rio2’s Fenix Gold Project in Chile using Rio2’s nearby Lince Infrastructure facilities. The Contract follows successful completion of testing done on representative samples of ore from Rio2’s Fenix Gold Project at Sixth Wave’s Salt Lake City, Utah facility undertaken pursuant to the non-binding Letter of Intent (“LOI”) entered into between Sixth Wave and Rio2 in September 2020. See Sixth Wave’s and Rio2’s joint press release dated September 14, 2020 for additional information regarding the LOI. The move to near-site testing represents a significant step forward, and investment by the two companies, in the trial test project.
Under the terms of the LOI, Rio2 sent representative ore samples from its Fenix Gold Project to Sixth Wave for testing and analysis. The testing confirmed that IXOS® Mining Technology outperformed activated carbon on several key metrics including gold adsorption efficiency, ease of elution, and overall adsorption kinetics. A comprehensive costs/benefit analysis was performed using the data obtained in the laboratory testing along with ongoing testing performed by Rio2 on activated carbon as part of their pilot operations. The analysis also detailed the expected plant size, potential CAPEX and OPEX savings, and expansion capability/pathways. IXOS® polymer is reusable and the potential for favorable usage life over activated carbon especially with scaling agents in the mine’s water source provided sufficient encouragement that the project should proceed to the next phase of test work.
Sixth Wave will perform recovery tests from leach solution using its IXOS® Mining Technology and the leaching columns already commissioned and utilized by Rio2 to evaluate adsorption kinetics and other parameters. Testing is expected to start in Q4 2021, post winter months, assuming that current COVID-19 restrictions in Chile will abate. The testing will include 50 days of on-site operation of the system under a variety of testing scenarios to validate IXOS® performance and determine additional details regarding the cost/benefit analysis. Tests with a parallel set of activated carbon columns will allow for direct comparison between the two adsorbents under common testing conditions. Potential positive environmental impact and reduced carbon footprint (CO2 emissions) of using IXOS® over activated carbon for the process plant will also be explored during this phase of the project. The IXOS® Mining Technology operates at significantly reduced power consumption with fewer reagents than activated carbon. Therefore, opportunities exist for enhancing Rio2’s environmental, social, and governance (ESG) posture should IXOS® Mining Technology continue to show advantages in overall process efficiency.
Consistent with the terms of the LOI, Rio2 will pay travel expenses, external test work, and the operation of the pilot equipment during the test. The SIXW team will be lead by Mr. Nicol Newton, Sixth Wave’s Director of Technical Services and a 20 year gold mining veteran. Mr. Newton will be accompanied by Dr. Glen Southard, one of the inventors and developers of IXOS® Mining Technology. Sixth Wave will provide in-kind labor to support testing and analysis and all of the testing apparatus/pilot equipment for use during the project. The field kit will be returned to SIXW upon completion of the pilot.
Upon successful completion and receipt of positive results from the column test pilot program, the companies will move to a second near site testing phase incorporating the IXOS® Mining Technology into a long term pilot plant that will operate alongside the currently planned carbon adsorption circuit, This will provide long-term operational data including the determination of the useful life of the IXOS® polymer beads, and specifications for full-scale implementation pegged to the mine operation and potential future mine expansion plans.
“Sixth Wave continues to be very positive on the project and working relationship with Rio2. Moving to near-site testing with a solid and well focused test plan will validate and extend the laboratory testing already completed and help both companies make defensible, data driven decisions about next steps toward adoption,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave. He went on to say, “We have really been impressed by the Rio2 team and the investment in time and resources that they are making to further this program. We will continue to do our part to deliver a positive return on this investment through our contributions to the cost sharing and delivering tangible benefits to Fenix Gold Project.”
“Rio2 is always looking to embrace and trial new technology with the objective of bringing enhanced value to our stakeholders through the reduced capex/opex opportunities that innovative technologies may bring. The Fenix Gold Project is currently the largest undeveloped gold heap leach project in the Americas and we look forward to working alongside Sixth Wave during the development phase of the project,” stated Mr. Alex Black, President and CEO of.
Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile,continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
ON BEHALF OF THE BOARD OF
President, CEO & Director
Email: [email protected]
Tel: 1 (604) 260-2696
About Sixth Wave
Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction, purification, and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercializing its, IXOS®, a line of extraction polymers for the gold mining industry.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection, purification, and separation of viruses, biogenic amines and other pathogens, and nutraceuticals for which the Company has products at various stages of development.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
E-mail: [email protected]
This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws, including statements regarding Rio2’s planned development of its Fenix Gold Project, other aspects of Rio2’s anticipated future operations and plans, and the testing and performance of Sixth Wave’s IXOS® Mining Technology.
All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by management of Rio2 and Sixth Wave, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.
Rio2 and Sixth Wave believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in disclosure documents of both Rio2 and Sixth Wave on the SEDAR website at www.sedar.com or the websites of Rio2 (www.rio2.com) and Sixth Wave (www. www.sixthwave.com), respectively. In particular, successful commercial deployment of the IXOS® technology is subject to the risk that the technology may not prove to be successful in achieving sufficient environmental or production efficiencies, uncertainty of timing or availability of required regulatory approvals, lack of track record of developing products for mining applications and the need for additional capital to carry out product development activities. Forward-looking statements included in this press release are made as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this press release. Rio2 and Sixth Wave have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 and Sixth Wave disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.
Cartier Iron Announces Closing of Marketed Private Placement of Units & Flow-Through Units
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (In Canadian Dollars unless otherwise stated)…
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(In Canadian Dollars unless otherwise stated)
TORONTO, July 07, 2021 (GLOBE NEWSWIRE) —( ) (“Cartier Iron” or the “Company”) is pleased to announce that it has closed its previously announced fully marketed private placement offering (the “Offering”) (see press releases dated June 14, 2021 and June 17, 2021) with Cormark Securities Inc. (“Cormark”) acting as the agent. Under the Offering, which includes the exercise in full of the option granted to Cormark, the Company issued: (i) 19,166,667 units of the Company (the “Units”) at a price of $0.09 per Unit for gross proceeds of $1,725,000.03, and (ii) 28,750,000 flow-through units of the Company (the “Flow-Through Units”, collectively with the Units, the “Offered Units”) at a price of $0.12 per Flow-Through Unit for gross proceeds of $3,450,000.
Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Flow-Through Unit consists of one Common Share (a “Flow-Through Share”) and one Warrant, each of which qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.14 for a period of 36 months following the closing of the Offering.
The net proceeds from the sale of the Units will be used for exploration expenditures and for working capital and general corporate purposes. The proceeds from the sale of the Flow-Through Units will be used on exploration expenses as permitted under the Income Tax Act (Canada) to qualify as “Canadian exploration expenses”.
Additionally, the Company would like to again welcome as a new Company shareholder Peter Marrone, the founder and Executive Chairman of, who has known Dr. Bill Pearson, P. Geo., Chief Technical Advisor for Cartier, since 2006.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.
Please visit Cartier Iron’s website at www.cartieriron.com.
|For further information please contact:|
|Thomas G. Larsen||Jorge Estepa|
|Chief Executive Officer||Vice-President|
|(416) 360-8006||(416) 360-8006|
The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.
Aurcana Closes Previously Announced Non-Brokered Unit Private Placement for a Total of C$9.664 Million
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE)…
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) —(“Aurcana” or the “Company“) ( ) is pleased to announce that the previously announced (October 20, 2021) private placement offering (the “Private Placement”) of units has closed. Aurcana closed on the sale of 13,806,072 Units for gross proceeds of C$9,664,250.
Each unit (“Unit”) is priced at C$0.70 and consists of one common share of the Company and one full common share purchase warrant (“Warrant”), with each Warrant entitling the holder thereof to purchase one common share at a price of C$0.90 for a period of 36 months from the date of issuance.
The net proceeds of the Private Placement will provide additional contingency funding for the restart of the Company’s wholly-owned Revenue Virginius (RV) Mine as well as funding for growth of the resource base at the RV Mine which may enable the Company to grow future production volumes. Net proceeds will also be used for working capital and general and administrative expenses including potential opportunities to advance its wholly owned Shafter Project in light of the current silver price.
The Company paid an aggregate of C$518,115 in finder’s fees and issued an aggregate of 740,164 agent’s warrants, (“Agent’s Warrants”) with each Agent’s Warrant entitling the holder thereof to purchase one Common Share at a price of C$0.90 for a period of 36 months from the date of issuance.
The Private Placement Common Shares and the Warrants (and any Common Shares issued pursuant to the Warrants, as applicable) are subject to a statutory hold period expiring on February 23, 2022.
The previously announced (October 20, 2021) private placement of a secured convertible debenture in the sum of $5.5 Million through the Company’s wholly-owned subsidiary, Rio Grande Mining Co. is expected to close by mid-November.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Viriginius is silver. Both are fully permitted for production.
ON BEHALF OF THE BOARD OF DIRECTORS OF
President & CEO
For further information, visit the website at www.aurcana.com or contact:
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333
Gary Lindsey, Corporate Communications
Email: [email protected]
This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “continue”, “expect”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “predict”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning, without limitation, statements relating to the Private Placement (including with respect to the timing of closing of the Private Placement). Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the receipt of regulatory or shareholder approvals, and risks related to the state of financial markets or future metals prices.
Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
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.
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