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Galway Metals Drills Oak Bay for the First Time – First Hole Returns 6.0 g/t Au over 3.3m with Follow-Up Holes Extending this New Zone 110 Metres at Clarence Stream

TORONTO, ON / ACCESSWIRE / October 27, 2021 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF)(the "Company" or "Galway") is pleased to report that it has begun…

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TORONTO, ON / ACCESSWIRE / October 27, 2021 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF)(the “Company” or “Galway”) is pleased to report that it has begun drilling on the Oak Bay property that was optioned in July, 2020 (Figure 1). Mineralization at Oak Bay and neighbouring Lily Hill consists of arsenopyrite-rich quartz veining in altered, silicified gabbro dykes in contact with sediments, both of which are mineralized – a similar geological setting to the South Zone. The South Zone is located 19 km to the east of Oak Bay and currently hosts the majority of Clarence Stream’s gold resource. The zone at Oak Bay has now been drill-delineated with strong consistent intersections over 110m of horizontal distance (strike length) (Figure 2). The zone is open in every direction. Most of the assays further down each hole are pending, as are holes 5-8 and 10-13.

Highlights for Galway’s initial drill program at Oak Bay include:

  • Hole OB-01 intersected 6.0 g/t Au over 3.3m, including 9.3 g/t Au over 1.1m, starting at a vertical depth of 13.8m
  • Hole OB-02 intersected 2.2 g/t Au over 0.8m, starting at a vertical depth of 18.2m
  • Hole OB-03 intersected 2.3 g/t Au over 6.65m, including 6.7 g/t Au over 0.6m, starting at a vertical depth of 5.4m
  • Hole OB-04 intersected 1.6 g/t Au over 4.65m, starting at a vertical depth of 6.2m
  • Hole OB-09 intersected 3.5 g/t Au over 4.2m, including 8.6 g/t Au over 0.6m, starting at a vertical depth of 31.8m
  • Hole OB-14intersected 5.1 g/t Au over 1.15m, starting at vertical depths of 4.2m
  • Hole OB-15 intersected 4.0 g/t Au over 2.35m, starting at a vertical depth of 3.7m
  • ** OB05-07 intersected 5.2 g/t Au over 2.5m,including 11.8 g/t Au over 0.5m,starting at a vertical depth of 13.2m
  • ** OB05-03 intersected 1.9 g/t Au over 5.5m, including 8.1 g/t Au over 0.5m, starting at a vertical depth of 50.2m

**Historic drill holes previously released by other operators

“We have been saying that Galway believes Clarence Stream is an important new gold district in North America – with every new discovery, this is becoming more self-evident. Now that drilling for the upcoming resource has been completed, Galway plans to accelerate its drilling of the many gold anomalies to further demonstrate Clarence Stream’s district scale. Galway plans to release the Clarence Stream resource update in Q4/21,” cites Robert Hinchcliffe, President and CEO of Galway Metals.

The 19 km Between Oak Bay and the South Zone is Highly Prospective

Between Oak Bay and the South Zone is a large multi-phase Gabbro Complex. The mineralized gabbro dykes at Oak Bay and the South Zone are thought to have originated from this complex. Galway has not yet drilled the gabbro complex or the 19 km between Oak Bay and the South Zone, except for the 3km trend further north that hosts the Adrian, George Murphy, Richard and Jubilee Zones (Figure 3).

The gabbro complex and the area north of it between Oak Bay and the South Zone hosts two of the three highest-grade glacial till anomalies (95 and 86 ppb Au) at Clarence Stream, extensively anomalous gold-in-soil anomalies that extend several km in both NE and NW directions, and boulders and chip samples up to 35.5 and 16.3 g/t Au. Galway plans to follow-up on the initial drill program at Oak Bay, and to drill several of the targets in this highly anomalous 19 km gap, as well as the gabbro complex in 2022.

Oak Bay and Lily Hill Host High-Grade Boulders and Chip Samples up to 43.0 g/t Au

The Oak Bay claims are host to widespread boulders with grades up to 18.0 g/t Au, while Lily Hill has chip samples to 43.0 g/t Au. Lily Hill is another optioned property just SE of Oak Bay, containing similar geology; hole LH07-01 (drilled in 2007 by previous operators) intersected 3.7 g/t Au over 3.0m, which has not been followed up since, where a 23.6m Gabbro dyke is entirely mineralized, with the zone in a contact breccia. Strong linear gold soil anomalies at Oak Bay are present grading up to 882 ppb Au, which is in the top 10 of the approximately 50,000 soil samples taken at Clarence Stream, while Lily Hill has soil values to 190 ppb Au. Cordierite alteration is present in the sediments that consist of siltstones and slate.

The Sawyer Brook Fault, the main conduit for gold-bearing fluids at Clarence Stream, is located close to the drilling at Oak Bay and Lily Hill. Oak Bay contains a 2km north-south horizontal (strike) length of drill holes (refer to August 25, 2020 press release) with mineralized gabbro along a magnetic high (gabbro is slightly magnetic whereas sediments are not), which continues north 5.0km to the Tower Hill showing that assayed as high as 89.1 g/t along a gabbro-sediment contact.

There is a 10 km+ long intrusion flanking the Oak Bay to Tower Hill area to the west; Clarence Stream is thought to be an intrusion-related gold system. All intrusions at Clarence Stream are encircled by one or more of gold-in glacial tills, soils, boulders and/or chip samples, all of which exist along this 10 km+ Oak Bay to Tower Hill trend.

Table 1. Assay Results

Hole ID

From
(m)

To
(m)

Intercept
(m)

Intercept
(m) TW

Au
g/t

GWM21OB-01

19.90

23.20

3.30

6.0

GWM21OB-02

21.00

21.80

0.80

2.2

210.00

257.70

pending

GWM21OB-03

7.80

14.45

6.65

2.3

including

7.80

8.60

0.60

6.7

including

12.95

13.80

0.85

4.9

52.55

105.25

pending

174.50

364.40

pending

GWM21OB-04

7.25

11.90

4.65

1.6

213.00

255.00

pending

GWM21OB-09

7.90

12.85

pending

21.20

29.00

pending

32.30

36.50

4.20

3.5

including

34.55

35.15

0.60

8.6

38.05

115.75

pending

154.30

212.55

pending

GWM21OB-14

6.20

7.35

1.15

5.1

8.10

240.0

pending

GWM21OB-15

5.35

7.70

2.35

4.0

45.80

320.45

pending

OB05-07

18.70

21.20

2.50

5.2 **

including

20.20

20.70

0.50

11.8 **

including

20.70

21.20

0.50

8.2 **

OB05-03

71.00

76.50

5.50

1.9 **

including

73.00

73.50

0.50

8.1 **

LH07-01

23.50

26.50

3.00

3.7 **

6.50

23.50

17.00

0.15 **

True widths are unknown if not noted (dip uncertain until drilled deeper). **Historic drill holes previously released by other operators

New Brunswick Junior Mining Assistance Program

Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the GMZ, Jubilee, and Richard Zones.

Geology and Mineralization

The discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. The Richard Zone contains multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. The Jubilee mineralization consists of 2%-5% disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite, and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10% sphalerite and semi-massive galena veinlets.The 2.5 km trend that hosts the GMZ, Richard and Jubilee Zones contains a mineralized mafic intrusive locally – similar to the South Zone, which currently hosts most of the property’s last reported gold resources (September 2017). A more complete description of Clarence Stream’s geology and mineralization can be found at www.galwaymetalsinc.com.

Review by Qualified Person, Quality Control and Reports

Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.

Table 2: Drill Hole Coordinates

Hole ID

Azimuth

Dip

Northing

Easting

Total Depth (m)

GWMOB-01

90

-45

5012085

641184.6

111

GWMOB-02

90

-65

5012085

641184.7

261

GWMOB-03

90

-45

5012114

641180.1

369

GWMOB-04

90

-60

5012114

641179.6

255

GWMOB-09

90

-80

5012126

641228.5

243

GWMOB-14

90

-45

5012036

641198

246

GWMOB-15

90

-60

5012036

641198

345

OB05-03

275

-45

50121080

641248

99

OB05-07

90

-45

50122100

641190

28

LH07-01

345

-45

5010878

642895.7

53

For results of all holes that Galway has drilled at Clarence Stream, go to Galway’s website at www.galwaymetalsinc.com.

Figure 1: Gold in Glacial Till and Soil at Clarence Stream

Figure 2: Tower Hill, Oak Bay and Lily Hill Plan Map

Figure 3: Oak Bay and Lily Hill Plan Map

About the Company

Galway Metals is well capitalized with two projects in Canada: Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade, gold-rich VMS polymetallic mine in Quebec. The Company began trading on January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
Website: www.galwaymetalsinc.com
Email: [email protected]

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CAUTIONARY STATEMENT: 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company’s objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company’s public disclosure documents filed on SEDAR. Although the Company believes that management’s assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management’s expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Galway Metals Inc.

View source version on accesswire.com:
https://www.accesswire.com/669826/Galway-Metals-Drills-Oak-Bay-for-the-First-Time-First-Hole-Returns-60-gt-Au-over-33m-with-Follow-Up-Holes-Extending-this-New-Zone-110-Metres-at-Clarence-Stream








Today’s News

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 Limited (“Rio2) (TSXV:RIO) (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 Limited.

About RIO2 Limited

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, Rio2 Limited 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.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2’s SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black
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

Jon Gluckman
Jonathan Gluckman, Ph.D., President & CEO

For information, please contact the Company:
Phone: (801) 582-0559
E-mail: [email protected]

Forward-Looking Statements

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.






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Today’s News

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 Corporation (CSE:CFE) (“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 Yamana Gold Inc., 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.

About Cartier Iron Corporation

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”. 

PDF available: http://ml.globenewswire.com/Resource/Download/ffc200a8-d187-476c-9faf-5e463809baaa





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Today’s News

Aurcana Announces C$15.223 in Non-Brokered Private Placements With a Combination C$9.723 Million in Units and C$5.5 Million in Secured Convertible Debentures

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE)…

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) — AURCANA SILVER CORPORATION (“Aurcana” or the “Company“) (TSXV: AUN) is pleased to announce that it has signed subscriptions for a non-brokered private placement offering (the “Unit Private Placement”) consisting of 13,891,072 Units (C$9,723,750.40 at a price of C$0.70 per Unit (the “Units”).

Each Unit will consist 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 following the closing of the Private Placement, subject to adjustment upon certain customary events.

The Company is also pleased to announce that its wholly-owned subsidiary, Rio Grande Mining Co. (“Rio Grande”) has signed a subscription for a non-brokered private placement offering (the “Debenture Private Placement”) of a secured convertible debenture (the “Debenture”) in the sum of $5.5 Million.

The Debenture will have a maturity date of four years from closing and shall bear interest at a rate of 5.75% per annum, payable semi-annually. The principal sum of the Debenture, or any portion thereof, may be converted by the holder into shares of the Company at a conversion price of C$0.74. Each C$1,000 face value of Debenture shall come with 1,351.35 share purchase warrants (“Debenture Warrants”), with each full Debenture Warrant entitling the holder to acquire one additional common share in the capital of the Company at a price of C$0.95 per share for a period of four years from closing.  

Subject to specific carve outs, the Debenture shall have first ranking security over the assets of Rio Grande including a pledge over the shares of Shafter Properties Inc., a wholly-owned subsidiary of the Company (“Shafter”).

The Company will be closing each of the Unit Private Placement and Debenture Private Placement subject to the approval of the TSX Venture Exchange.

The net proceeds of both Private Placements 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.

Finder’s fees to third parties may be paid in certain circumstances as part of the Unit Private Placement and the Debenture Private Placement, as permitted by the policies of the TSX Venture Exchange and in accordance with applicable securities laws.  The Debentures, Units, Conversion Shares, Warrants, Warrant Shares and any securities issued in connection with any finder’s fees, will be subject to a hold period of four months and one day after the date of issuance thereof.

The Units and Debentures will be issued on a private placement basis pursuant to applicable exemptions from prospectus requirements under applicable securities laws. The common shares and Warrants (and any common shares issued pursuant to the Warrants, as applicable) forming the Units and the common shares and Debenture Warrants issued upon conversion of the Debentures and any securities issued in connection therewith will be subject to a statutory hold period of four months and one day from the date of issuance of the Units and Debentures.

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.

ABOUT AURCANA SILVER CORPORATION

Aurcana Silver Corporation 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 AURCANA SILVER CORPORATION

Kevin Drover
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Silver Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333

Gary Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: [email protected]

CAUTIONARY NOTES

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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