VANCOUVER, BC / ACCESSWIRE /September 23, 2021 /( )(OTCQB:GATGF) (the “Company” or “Gatling”) is pleased to announce a new global mineral resource estimate (MRE) in accordance with NI 43-101 Standards of Disclosure for Mineral Projects of 388,000 ounces of gold in the Indicated category and additionally, 933,000 ounces of gold in the Inferred category from its 100% – owned Larder Gold Project, located on the Cadillac-Larder Lake break, in the Abitibi greenstone belt, Ontario.
The global estimate includes open pit and underground mineral resource estimates in the Indicated and Inferred categories for the Fernland, Cheminis and Bear gold deposits (Tables 1 and 2). This mineral resource estimate incorporates the full drilling database available, including 237,000 m of historical drilling and 58,000 m of new drilling completed by Gatling between January 2019 and July 2021, on the three deposits. The NI 43-101 compliant Technical Report in support of the mineral resource estimate is currently being completed by SGS Geological Services Inc. (Canada) and will be filed on SEDAR under the Company’s profile within 45 days.
Jason Billan, President and CEO for Gatling, commented, “With an initial mineral resource estimate of over 1.3 million ounces for the Larder Gold project, Gatling has achieved a major milestone which was accomplished following several months of diligent effort by Gatling’s technical team and SGS Geological Services. Overall, we are very pleased with the current result, which includes nearly 30% of the resource ounces in the Indicated category, despite the exploration team being hyper focused on expansion and step-out drilling through the 2019-2021 exploration programs. More importantly, with a current mineral resource model in hand, we are well-equipped to identify and concentrate on the further growth potential at Fernland, Cheminis and Bear in the near-term, with a goal of advancing the property into the multi-million ounce category, which would rank it quite favorably amongst the group of gold development projects currently progressing in the world-renowned Abitibi greenstone gold belt.
I would like to express my sincerest gratitude to our employees and contractors, the Matachewan and Wahgoshig First Nations, remaining key stakeholders, as well as our loyal shareholders for their support in reaching this key 2021 objective. We look forward to continuing our ongoing exploration at Larder through Q4 and into 2022. Drilling is ongoing at Bear, extended beyond the original 2021 program, and predicated on our strong drill results released in August. It is anticipated that continued resource expansion and regional exploration drilling will form the core of the 2022 Larder drill program.”
- Global In-Pit and Underground Mineral Resource Estimates for the Fernland, Cheminis and Bear deposits of 388,000 oz Au Indicated, and 933,000 oz Au Inferred (Tables 1 and 2).
- Gatling’s work has reinforced that this is one continuous gold mineralized system with three high-grade, rigorously built mineral resource estimates spanning in total a 4.5 km strike length on the southeastern side of the property. Mineralization has been traced from surface to 1,500 m depth with much of the system still untested below 800 metres (Figures 1, 2 and 3).
- Gatling had completed more than 58,000 m of drilling across the three gold deposits up until the July 2021 cutoff date. The database now includes more than 295,000 m of total drilling, with an average discovery rate for the project to date of 4.5 oz Au per m drilled, which is on par with the leading explorers in the Abitibi region. Drilling has continued since July 2021 and remains ongoing.
- 88% of in-pit ounces are within the Indicated category, demonstrating well-constrained and continuous mineralization and supporting the beginnings of a starter pit(s) at above average gold grades.
- Significant room for resource growth via 1) follow-up drilling in the gaps between the Fernland/Cheminis pits aimed at further expansion beyond the existing pit limits, 2) drill testing Fernland at depth which has seen limited drilling sub 400 m yet intersected gold as deep as 900 m below surface, 3) drilling Cheminis beneath the existing shaft and underground workings, as well as in the modelled gaps in the north zone, and 4) at Bear, continue to extend the deposit both up plunge, along strike (to the east) as well as at depth, in both the north and south zones (ongoing).
Table 1. Global Mineral Resource Estimates at the Larder Gold Project
Table 2. Mineral resource estimates for Fernland, Cheminis and Bear deposits
- This Mineral Resource Estimate was prepared in accordance with NI 43-101 and the CIM Standards (2014)
- Block model size is comprised of 10x2x10 (x, y, z) meter blocks
- Ellipsoids are individually fitted on each solid/vein with a best fit plan calculated
- Interpolation method used is ID2
- Indicated Mineral Resources are defined using 50 m ellipsoid centered on the blocks and Inferred Mineral Resources areas are defined using 120 m ellipsoids centered on the blocks
- Gold cut-off grades for underground are 2.4 g/t Au and in-pit are 0.3 g/t Au
- Grade capping – 40 g/t Au
- Compositing at 1 m minimum and only composites from a vein can be used to estimate each solid
- Bulk density – 2.84 t/ m3
- Gold price – US$1,650/oz
- Historical mined stopes were removed from the 2021 volume and mineral resource estimate
- All blocks with the modeled shapes are included within the resource estimate on a percentage basis
- Mineral Resources have not demonstrated economic viability
- All figures are rounded to reflect the relative accuracy of the estimate. Numbers may not add due to rounding
- The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
2021 Mineral Resource Estimate Parameters and Methods
The mineral resource estimate was prepared by Dr. Allan Armitage, P.Geo., and Olivier Vadnais-Leblanc, P.Geo., from SGS Geological Services (“SGS”) using the Genesis software. Wireframes were constructed for each deposit and used to constrain interpolation using the inverse distance squared (ID2) method. The same interpolation parameters were used on the three deposits because mineralization style and geometry are similar. Drill spacing and gold distribution are also similar between deposits.
The mineral resource estimates at all three deposits were modeled using the following parameters:
- Resource domains were modeled to capture gold mineralization above 0.2 g/t Au and 1.0 g/t Au for open pit and underground estimates, respectively
- Minimum thickness modeled was 1.0 m to reflect the narrow vein geometry of the deposits
- Modelling respects geological contacts between mafic volcanics, sediments and ultramafics and utilizes structural controls including faulting and folding
GEOVIA Whittle™ Pit Optimization software was used to create pit shells at the Fernland and Cheminis deposits using the following optimization parameters:
- US $1,650/oz gold price
- US $2.20/tonne for mining cost
- US $10.95/tonne for processing costs
- 95% Mining Recovery
- 94% Processing recovery
- 5% Mining dilution
- 55° pit slopes
The mineral resources have been estimated in conformity with the widely accepted CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019). The reporting of the MRE’s comply with all disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016). The classification of the MRE’s is consistent with current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014).
Summary of Deposits and 2021 Resource Estimate Model
- 50,000 m drilled. 115,000 Indicated oz Au and 156,000 Inferred oz Au (combined in-pit and underground)
- Gold mineralization is mostly associated with the south shear-hosted mafic volcanics with the north zone being a secondary zone at depth
- Fernland is open at depth and to the east within both the north and south zones of the deposit
- Near-surface gold mineralization at Fernland is captured within three pits proposed in the NI 43-101 technical report, the larger of which will extend 650 m by 250 m and to a depth of 185 m
- 105,000 m drilled. 165,000 Indicated oz Au and 238,000 Inferred oz Au (combined in-pit and underground)
- The three main mineralized zones at Cheminis are lithologically controlled and occur within northern mafic volcanics, an ultramafic corridor, and southern mafic volcanics with most of the mineralization in the south zone
- The maximum depth of mineralization recorded thus far is 1 km
- Two pits have been proposed to easily capture mineralization within the upper 200 m of the deposit. The main pit shell is 490 m long, 280 m wide, and 200 m deep
- 140,000 m drilled. 108,000 Indicated oz Au and 539,000 Inferred oz Au (underground)
- Majority of the high-grade gold at the Bear deposit sits within the steeply dipping north zone within quartz carbonate vein sets and is the highest grade deposit of the three at the Larder Gold Project
- Bear spans across 1.5 km of strike and down to 1.5 km in depth
- Bear is open to the east and west as well as at depth with a steep-easterly plunging direction
- The highest potential for high-grade gold expansion resides at the Bear deposit along strike, at depth and outside existing modelled grade shells
General Summary of Mineralization
The two main gold mineralized trends across the three gold deposits are: shear-hosted gold and gold-bearing quartz carbonate veins. These two trends are the primary hosts for gold mineralization at the Larder Gold Project and occur in all three main rock types on the property: mafic volcanics, meta-sediments and ultramafics. The grade and thickness of the zones vary depending on the structural complexities in the host rock across the entire Larder Lake Cadillac Fault Zone as the faults and folds transition from synclines to anticlines.
New Global Mineral Resource Estimate
The 2011 historic mineral resource that Gatling acquired on the Larder Gold Project in 2018 was limited to two of the three deposits and did not adhere to the existing 2014 CIM standards, best practices, and guidelines. Therefore, Gatling elected to complete a new full property mineral resource estimate across all three deposits using a conservative modeling and resource estimation methodology that will ensure the new guidelines and best practices are achieved at the Larder Gold Project and in accordance with the NI 43-101 standards of disclosure.
Figure 1. Plan map of the Larder Gold Project with associated mineralized outlines of each deposit, open pit outlines and the 2021 Mineral Resource Estimate
Figure 2. Idealized long section looking north displaying the 2021 modelled gold mineralized zones across the Fernland, Cheminis and Bear deposits with associated open pit outlines
Figure 3. Idealized Long section looking north displaying the 2021 block model with grades above 1 g/t Au across the Fernland, Cheminis and Bear deposits with associated open pit outlines
Ongoing Exploration and Upside Potential at the Larder Gold Project
The 25,000 m drill program planned for 2021 (see press release dated January 7, 2021) has now been completed and due to the recent success at the Bear deposit, the program has been expanded in scope beyond the original program. In addition, exploration will continue through Q4 and into 2022 with a focus on several key objectives and targets:
- Bear Deposit. Expanding the Bear deposit along strike to the west towards the Cheminis deposit, east towards the historic Kerr Addison Mine (11 Moz Au historically mined) and following up on high-grade gold plunging targets in both vertical directions.
- Fernland and Cheminis Pit Expansion and at Depth. Fernland and Cheminis deposits have both demonstrated near-surface gold mineralization that extends at depth with predictable high-grade, south-easterly plunging gold mineralized zones. The deposits have exhibited solid in-pit resource numbers that will be followed up with an aim to extend the current limits of the pit, in subsequent exploration programs. The deposits are also open at depth with exploration primarily focused on the upper 500 vertical meters, providing an excellent opportunity to add underground ounces to their current gold mineral resource estimates.
- Kir Vit Prospect. The current 5,000 m drill program at Kir Vit is nearly complete after testing the north-east south-west shears zones discovered in the 2020 outcrop stripping campaign. The drill program will also continue to explore intrusion-related and conglomerate hosted gold mineralization as the prospect continues to develop all three gold trends simultaneously. The northern part of Kir Vit consists mostly of the Timiskaming Conglomerate that has proven to host high-grade gold in Phase I of drilling. Current follow-up of this type of mineralization is underway, and if Gatling can continue to exploit this mineralized horizon, the entire northern portion of Kir Vit will become highly prospective.
- Swansea Zone. Explore the Swansea zone that hosts over 4 km of favorable Cadillac-Larder Lake Break geological units yet has only 19,000 m of historical drilling. The Swansea zone is located 2.5 km west of the Fernland deposit and is significantly underexplored considering its location along the break. Drill program permitting is underway.
- Regional Exploration. Multiple priority targets are being evaluated by the Gatling technical team and will be explored in future programs. Some of the high-priority targets include intrusion-related gold zones, conglomerate/unconformity horizons and structural trends identified in both AI targeting and LiDAR structure detection.
Live Conference Call and Webcast Information for September 23, 2021, at 11:30 am EST
Resource Estimation Review
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About Gatling Exploration
Gatling Exploration is a Canadian gold exploration company focused on advancing the Larder Gold Project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder project hosts three high-grade gold deposits along the Cadillac-Larder Lake Break, 35 km east of Kirkland Lake. The Larder property has a global Mineral Resource Estimate (2021) of 388,000 oz Au Indicated and 933,000 oz Au Inferred gold ounces from both open pit and underground resources. The project is 100% owned by Gatling and is comprised of patented and unpatented claims, leases and mining licenses of occupation within the McVittie and McGarry Townships. The 3,370 ha project area is positioned 7 km west of the Kerr Addison Mine, which produced 11 million ounces of gold. All parts of the Larder property are accessible by truck or all-terrain vehicles on non-serviced roads and trails.
The technical content of this news release has been reviewed and approved by Nathan Tribble, P. Geo., VP Exploration of Gatling Exploration, and a Qualified Person pursuant to National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jason Billan, President and CEO
For further information on Gatling, contact Investor Relations
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
Forward-looking statements are based on the current opinions and expectations of management. This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Stellar Africagold Samples 3.40 G/T Au over 20 Metres Confirming Gold Discovery at Tichka Est Project, Morocco
Montreal, October 25, 2021– TheNewswire – J. François Lalonde, President and CEO of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company")…
Montreal, October 25, 2021– TheNewswire – J. François Lalonde, President and CEO of , ( ) (“Stellar” or the “Company”) is pleased to announce that the second trenching program on the Zones B and A gold structures of its Tichka Est project in the High Atlas region confirms that Stellar has a discovery in the High Atlas region of Morocco.
Summary of Results
Stellar successfully completed a second 10-trench surface sampling program extending the mineralized strike of both the Zones B and A gold structures on its 90% earn-in Tichka Est gold project in Morocco. The trenching program, which totalled 200 linear metres, yielded intervals in Zone B as high as 3.40 g/t Au over 20 meters including internals of 5.23 g/t Au over 11 meters and 8.14 g/t Au over 5 meters in Trench 7B, 4.64 g/t Au over 14 meters including 11.16 g/t Au over 5 meters in Trench 9B, and 3.4 g/t Au over 17 meters including 9.55 g/t Au over 4 meters in Trench 6B. This second trenching program builds upon Stellar’s previous program (see news release April 19, 2021) which yielded intervals up to 4.55 g/t Au over 15 meters including an internal of 7.47 g/t Au over 6.0 meters in Zone B, and 3.36 g/t Au over 10 meters including an interval of 8.73 g/t Au over 3.0 meters in Zone A.
The Zone B structure has been mapped at surface for a strike length of over 2 km of which 750 meters has been trenched and channel sampled. The Zone A structure has been mapped for over 500 meters along strike of which 450 meters has been trenched and channel sampled.
About the Tichka Est Project, Morocco
The Tichka Est property is comprised of three contiguous permits covering an area of 44.6 km2 within the High Atlas Western Domain approximately 100 km SSW of the city of Marrakech. The general area is accessible year-round by road via a national road to the village of Analghi located near the mineralized gold zone. Stellar is awaiting permits for construction of a heavy equipment access road to proposed drill sites at Zones B and A.
Details of the Second Trenching Program
This second trenching program was designed to provide a better understanding of the geological and structural nature of the Zone B and A structures and to confirm the lateral extension of the two previously identified highly metamorphosed gold mineralized shear zones. The trenches were dug to an average depth of 1.5 meters and over lengths of 15 to 25 meters depending upon the visible width of the structure at that point. Seven trenches were dug across the Zone B structure and two across the Zone A structure. One trench was dug in another area of interest outside of the Zones B and A structures.
Map 1 – Aerial View of the Zones B and A Trenching Program
A portion of the two-kilometer plus surface exposure of Zone B has now been investigated by two trenching programs. A total of 12 trenches were dug by teams using hand tools down to a depth of 1.5 meters. There, fresh rock exposures were channel sampled across one-meter intervals using a rock saw for a better conformity of the samples (See figure 1 below). In this recent trenching program, seven trenches were dug across the Zone B mineralized structure which extended the trenched gold-mineralized zone to over 750 meters of strike length trending Northeast to Southwest.
Figure 1 – Zone B – Oxidized gold mineralization in trench 7B
The Zone B gold mineralized structure is oriented N800 and located along the contact of a limestone and a schist. The contact is highly sheared and injected by quartz-ankerite-calcite veins and veinlets with trace of sulphide, pyrite, chalcopyrite and arsenopyrite to which the gold mineralization is closely associated. Within the 750-meter trenched mineralized zone the best results appear to be on the Northeastern end of Zone B. The highest assay results, which were obtained in trenches T6B, T7B and T9B, and are listed below.
Trench 6B – 3.4 g/t Au over 17 meters including 9.55 g/t Au over 4 meters.
Trench 7B – 3.40 g/t Au over 20 meters including 5.23 g/t Au over 11 meters and 8.14 g/t Au over 5 meters. Note also that Trench 7B is mineralised over its entire 20-meter length and that the width of the mineralised Zone B structure exceeds the trench length at that location.
Trench T9B – 4.64 g/t Au over 14 meters including 11.16 g/t Au over 5 meters
Zone A is a N3500 trending structure. During this program two new trenches were dug to confirm the northern extension of the structure. The two new trenches successfully confirmed the northern extension of the zone for an additional 125 meters increasing the confirmed gold-mineralized Zone A to approximately 450 meters along strike. In Zone A the mineralisation is in a shear zone at the contact of a dolerite dyke and a schist unit. The sheared zone is also injected by quartz-ankerite veins and veinlets.
Figure 3 – Zone A – Quartz and ankerite mineralization in trench 5A
The highest assay results in Zone A were obtained in trenches T5A and T6A are listed as follow.
T5A – 1.85 g/t Au over 8.0 meters including 3.55 g/t Au over 3 meters
T6A – 2.70 g/t Au over 5.0 meters including 3.71 g/t Au over 3 meters
Figure 4 – Zone A geological cross section of trench 5A
Technical Information and Quality Control Notes
The trenches were excavated across the Zones A and B structures using hand tools to an average depth of 1.5 metres. The trenches were mapped at a scale of 1:100 and channeled sampled at 1 metre intervals using a mechanical rock saw for a better sample accuracy as recommended in Stellar’s Technical Report of November 15, 2020.
Sample collection was done by two experienced senior local geologists under the supervision of Yassine Belakbir, Stellar’s Director in Morocco and by Dr. Ali Saquaque, Stellar’s Technical Advisor for Africa. The samples were bagged at the sampling site and stored in safe areas until being transported to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech for analysis.
200 samples were sent to Afrilab for this program. In addition, for the purpose of quality control, 7 standard, 7 duplicate and 7 blank samples were added to the batch and, except for one duplicate that is showing a probable nugget effect, all standard analysis results fall within the tolerance range of the original samples. The blank sample values were all below the detection limit for gold.
In conclusion, the second Tichka Est trenching program of the Zone A and B structures extended the mineralized strike lengths of both zones and successfully outlined wider gold mineralization with some high-grade intersections of considerable widths confirming Stellar’s gold discovery in Morocco. The gold is associated with injected quartz-carbonate veins in highly brecciated sheared structures context. The results fully justify the drill program currently in preparation beginning on the Zone B structure and progressing to the Zone A structure thereafter.
Additionally, this program provided Stellar with valuable geological information which will facilitate the exploration of other areas of interest within the Tichka Est Permits area.
About Tichka Est Project
The Tichka Est property is comprised of three contiguous prospecting permits covering an area of 44.6 km2. The Tichka Est Property lies within the High Atlas Western Domain about 100 km SSW of the city of Marrakech. The area is accessible year-round by road via a national road to the village of Analghi located near the mineralized gold zone.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and in Montreal, QC. Stellar President François Lalonde can be contacted at 514-992-0929 or by email at [email protected].
The technical content of this press release has been reviewed and approved by M. Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a Qualified Person as defined in NI 43-101.
On Behalf of the Board
J. François Lalonde
President & CEO
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.
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.
Copyright (c) 2021 TheNewswire – All rights reserved.
West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) –( ) (“West High Yield” or the “Company“) announces that its board of directors has approved and authorized the grant of 350,000 stock options (the “Options“) to a consultant of the Company effective October 21, 2021. The Options are granted in accordance with the terms of the stock option plan of the Company. All of the Options vest on their date of grant and every one (1) Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.34 per common share for a period of five (5) years from the Option grant date.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
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 OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100621
Scorpio Gold – Arranges Short-Term Credit Facility with Board
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V:SGN) reports that certain of the directors…
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 /(“Scorpio Gold” or the “Company”) ( ) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company’s activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.
As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.
Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company’s adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.
The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.
ON BEHALF OF THE BOARD
Chief Executive Officer
Tel: (604) 889-2543
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Goldwedge and Manhattan mines project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. 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, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
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