VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) —( and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce drill results from the reverse circulation (“RC”) drilling program at South and Central areas of the Peranggih Gold Prospect (“Peranggih”), located approximately 10km north of Selinsing Gold Mine.
The RC drilling program was carried out from March to July 2021. The main objective of this program is to delineate shallow mineralization approximately 50m below the surface that can be potentially developed and quickly mined to feed the existing oxide plant at the Selinsing Gold Mine should the assay and block model results be satisfactory (Figure 1).
Figure 1: Peranggih Location Map showing interpreted mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8c4c1d6-ad5f-4a1d-8290-a0977ed2f537
Significant Intercept Results
- PGRC076: 5m at 6.88 g/t Au from 10m including 3m at 11.06 g/t Au from 11m
- PGRC077: 14m at 1.50 g/t Au from 16m including 4m at 4.30 g/t Au from 19m
- PGRC089: 13m at 1.39 g/t Au from 11m including 2m at 5.30 g/t Au from 11m
- PGRC102: 9m at 1.52 g/t Au from 29m including 1m at 10.21 g/t Au from 36m
- PGRC113: 21m at 1.24 g/t Au from 21m including 7m at 2.58 g/t Au from 21m
- PGRC117: 10m at 1.56 g/t Au from 8m including 5m at 2.61 g/t Au from 10m
See details in Appendix 1-Summary of Drill Results (0.35 g/t cut-off grade)
2021 RC Drilling Program
The RC drilling program consisted of 68 RC holes for 3,317m, to a maximum depth of 70m for 3 holes (Figure 2). 3,901 samples were assayed at the onsite laboratory at Selinsing Gold Mine (the “Lab”). The final assay results were received on August 15th 2021. The drill program confirmed the extension of significant mineralization down-dip of the previously explored area by shallow percussion rotary air blast (“RAB”) drilling along the North-West striking shear structure.
Overall, 70% of the designed holes hit gold mineralization above an oxide cut-off (>0.35 g/t Au Au) at relatively shallow depth, 50m below the surface. The results defined wider lower grade mineralization over an 830m long by 60m wide zone (Figure 2).
The 2021 RC drilling was conducted in two phases to optimize each phase, improving the potential to hit the targeted mineralization.
Phase 1 drilling was carried out from March to April 2021 at 20m by 20m nominal spacing and the average depth of 48m, involving 34 drill holes for a total 1,697m. Phase 1 drilling targeted high and low grade shallow mineralization extension at South and Central Peranggih, intercepted during the RC and diamond drilling campaign from February to May 2018 (21 DD holes for 1,015m and 34 RC holes for 1,710m). This target coincides with the eluvial and colluvial material located on the surface down to approximately 15m. Most of the holes were drilled at 60° dip oriented toward west.
Phase 2 drilling was initiated in May 2021 and completed in July 2021 after receiving encouraging assay results from Phase 1, targeting the strike extension of the mineralization at Peranggih South and Central intercepted in the phase 1 drilling. The program involved 34 RC holes for a total 1,620m and the average depth of 48m. The drilling azimuth, hole orientation, average depth, and spacing were similar to the Phase 1 program. Two reconnaissance holes were drilled at the southern part of Peranggih North to test an anomalous area.
Figure 2: Drill hole locations and geological map of Peranggih is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4583027-0896-42b8-8509-38088c4783f1
The Company implements a thorough internal Quality Assurance/Quality Control (“QA/QC”) protocol on all aspects of sampling and analytical procedure. Rock chips are monitored, collected, marked for sampling, and logged. Certified Reference Material ‘CRM”, duplicates, and blank samples are inserted based on industry standard practice. The samples were assayed internally at Selinsing laboratory using fire assays with Atomic Absorption Spectrometer (“AAS”) finish.
All blanks reported Au value below the recommended value, indicating low-risk contamination at the laboratory. All CRM’s assay values fall within the three standard deviation range. These indicate that all CRMs are performing well, and the result from the lab is considered reliable. Duplicate samples show good repeatability, potentially indicating that low cross-contamination takes place in the Lab.
Peranggih Geology and Mineralization
The Peranggih mineralization is structurally controlled by the 40-50m wide North-West shear zone. The completed drilling program outlined the extent of the footwall and hanging wall of the mineralized structure. The presence of quartz breccia, tuff breccia, and sheared country rock of argillaceous sediment, tuff and black shale indicates the nature of deformational event responsible for gold deposition at Peranggih. The steeply dipping high-grade (above 1.5 g/t) mineralized structure cuts across the low-grade mineralization at a higher angle and locally occurs at Peranggih South and Central. The spatial location of the high-grade mineralization is shown in the North-South (“N-S”) long section (Figure 3). The low and high grade structures are still open along the strike and down dip. An additional RC drilling program is planned to vector the 560m extension of the mineralized zone along strike and down plunge and dip of the known orebody.
The Peranggih mineralization is commonly associated with matrix-supported quartz breccia. The bulk of the mineralization occurs in a highly oxidized setting, as Peranggih is hosted in a deep weathering environment. The lithologies generally experience moderate argillic and silicification alteration. The structural framework suggests that the mineralized auriferous breccia is emplaced within the shear system with a steep to moderate dip towards the east.
Figure 3: The N-S long section of Peranggih shows the high-grade interception from the RC drilling program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7831836b-3555-4301-af15-70b1c57b37af
Previous Rotary Air Blast ‘RAB’ Drilling and Follow Up Mining Work
Since January 2020, Monument has actively undertaken 86,870m of RAB drilling at Peranggih and intermittently mined and produced a total of 3,610oz Au as of October 31st, 2021. The shallow RAB drilling at a nominal spacing of 3m x 3m or 5m x 5m with a maximum 20m depth targeted shallow gold occurrences associated with eluvial and colluvium material that exists above the mineralized structure.
As a result of the 2021 RC drilling, an internal block model was produced, and an internal shallow pit shell down to 40m below the surface level was optimized. A total of 55kt of mineralized material was mined and fed to the mill in Q1 2022. Oxide mining and production from Peranggih are expected to increase in the upcoming months.
Peranggih is a fully permitted site having a ten year’lease expiring March 14, 2029.
The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc.(Hons) Chief Geologist of; reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.
( , FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [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.”
This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Appendix 1-Summary of Drill Results (0.35 g/t cut-off grade):
|Hole ID||Easting||Northing||RL||Azimuth||Dip||EOH (m)||Depth from (m)||Depth to (m)||Length (m)||Au grade (g/t Au)|
All intercepts reported are based on a drill width more than 3m above oxide cut-off (0.35g/t Au) with less than 2m internal dilutions constrained at 0.30 g/t Au while included intercepts with a minimum of 1m width is constrained at 1.0g/t Au.
Gold Springs Resource Corp. 2021 Drilling Results Highlights
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company" or "GRC"), completed in 2021 a total…
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 /( )(OTCQB:GRCAF) (the “Company” or “GRC”), completed in 2021 a total of 18,076 meters of drilling in 82 holes at Gold Springs, its 8,000 ha project located in the USA, on the border of Nevada and Utah, which produced these significant results:
“Tremor” Drilling result Highlights:
- 6.87 g/t gold equivalent over 24.4 meters, which included
30.90 g/t gold equivalent over 4.6 meters, and
0.59 g/t gold equivalent over 82.3 meters in hole J-21-006
(for details on hole J-21-006, please refer to the Company’s press release dated September 7, 2021).
- 1.42 g/t gold equivalent over 33.5 meters within the vein, which includes,
3.26 g/t gold equivalent over 10.7 meters within the vein, and
0.94 g/t gold equivalent over 123.5 meters within the intrusive and contact zone in hole J-21-015
(for details on hole J-21-015, please refer to the Company’s press release dated December 3, 2021).
“North Jumbo” Drilling result Highlights:
- 2.60 g/t gold equivalent over 3.1 meters in hole J-21-001 and
4.46 g/t gold equivalent over 1.6 meters in hole J-21-001
(for details on hole J-21-001, please refer to the Company’s press release dated July 5, 2021).
“South Jumbo” Drilling Result Highlights:
- 5.47 g/t gold equivalent over 19.8 meters in hole E-21-012;
- 1.70 g/t gold equivalent over 9.1 meters in hole E-21-004;
- 0.56 g/t gold equivalent over 16.8 meters in hole E-21-016
(for details on holes E-21-004 and E-21-012, please refer to the Company’s press release dated July 5, 2021;
for details on hole E-21-016, please refer to the Company’s press release dated September 7, 2021).
“Charlie Ross” Drilling result Highlights:
- 1.17 g/t gold equivalent over 45.7 meters, which includes,
2.56 g/t gold equivalent over 15.2 meters in hole CR-21-005;
- 1.26 g/t gold equivalent over 15.3 meters, which includes,
2.24 g/t gold equivalent over 9.2 meters in hole CR-21-008
(for details on holes CR-21-005 and CR-21-008, please refer to the Company’s press release dated October 19, 2021)
*Gold Equivalent (AuEq) based on $1,800/oz gold and $25/oz Ag
Randall Moore, Executive Vice President of Exploration, stated: “2021 has been an exciting year where we made new discoveries on several of our 33 targets, especially a significant one at “Tremor”. We are very pleased with the progress we achieved at Gold Springs this past year. Our goal for 2022 is to increase the size of our 4 existing resource areas and to identify new ones with an aggressive drill program. In parallel, we will be completing baseline studies and moving the permitting process forward to de-risk the project. In the coming weeks we hope to receive the last 22 assays from our 2021 program:
15 additional holes at “Tremor” drilled to offset the promising results in holes J-21-006 and 015, and 7 follow-up holes at “Charlie Ross”.
The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice President of Exploration for, and he has reviewed and approved the content of this press release.
( and OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its PEA-stage Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Antonio Canton, President and CEO
Forward Looking Statements
Certain statements contained herein constitute “forward-looking information” under applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements look into the future and address events or developments that the Company expects to occur in the future, and include statements related to the completion of baseline studies and moving the permitting process forward to de-risk the project. Forward-looking statements may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company’s existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company’s expectations as of the date hereof.
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McFarlane Lake Mining Limited Completes Reverse Takeover Transaction
Sudbury, Ontario–(Newsfile Corp. – January 14, 2022) – McFarlane Lake Mining Limited ("McFarlane" or the "Company") (formerly 1287401 B.C. Ltd. ("128"))…
Sudbury, Ontario–(Newsfile Corp. – January 14, 2022) – McFarlane Lake Mining Limited (“McFarlane” or the “Company“) (formerly 1287401 B.C. Ltd. (“128“)) is pleased to announce the completion of its previously announced reverse takeover transaction (the “RTO” or “Transaction“) with McFarlane Lake Mining Incorporated (“MCFL“), a privately held mineral exploration company incorporated under the laws of the Province of Ontario, by way of a three-cornered amalgamation (the “Amalgamation“).
In connection with the completion of the Transaction, the NEO Exchange Inc. (the “Exchange“) has conditionally approved the listing of the MLM Shares (as defined below). The MLM Shares are expected to commence trading on the Exchange under the symbol “MLM” on or about January 26, 2022. Listing will be subject to the Company meeting all of the Exchange’s listing requirements. A further press release will be issued once trading has commenced.
Prior to the completion of the Transaction, the Company: (i) completed a share split of its issued and outstanding common shares on the basis of 1.20967742 post-split shares for each 1 pre-split share; and (ii) approved the name change from “1287401 B.C. Ltd.” to “McFarlane Lake Mining Limited” (the “Name Change“).
The Transaction was completed according to the terms of a business combination agreement dated January 12, 2022 (the “Business Combination Agreement“). Pursuant to the Business Combination Agreement, on the date hereof, MCFL and 1000034047 Ontario Inc. (“Subco“) (a wholly-owned subsidiary of the Company incorporated under the laws of the Province of Ontario for the purpose of completing the Transaction) amalgamated in accordance with the provisions of the Business Corporations Act (Ontario) and continued operating under the name “McFarlane Lake Mining Incorporated” (“Amalco“).
In connection with the Transaction: (i) the holders of the 75,582,313 issued and outstanding common shares of MCFL (each a “Target Share“) received one common share of the Company (each a “MLM Share“) for each Target Share held; (ii) the holders of the 65,500 issued and outstanding common shares of Subco (each a “Subco Share“) received one MLM Share for each Subco Share held; (iii) as consideration for the issuance of the MLM Shares to effect the Amalgamation, the Company received one common share of Amalco for each MLM Share issued to holders of Target Shares and Subco Shares; and (iv) each Subco Share issued to the Company on incorporation was cancelled.
Additionally, the Company issued approximately 4,206,156 replacement warrants (the “MLM Warrants“) to existing holders of common share purchase warrants in MCFL and Subco on a 1:1 basis. Concurrently with the completion of the Transaction, the Company has: (i) granted an aggregate of 5,500,000 replacement options (“MLM Options“) to the directors and officers of MCFL, to purchase common shares (the “Option Shares“) of the Company, exercisable at a price of $0.10 per Option Share until May 31, 2026; and (ii) issued 834,575 replacement broker warrants and 262,500 replacement advisory warrants to Canaccord Genuity Corp. (“Canaccord“) on the same terms and conditions as the broker warrants and advisory warrants issued to Canaccord for services provided in connection with MCFL’s previously completed brokered and non-brokered offerings of units and flow-through common shares (together, the “Offerings“) (see the Company’s press release dated December 10, 2021 for further information regarding the Offerings).
In the near future, the Company plans on filing articles of continuance to continue from the Province of British Columbia into the Province of Ontario, subject to regulatory approvals.
A summary of material changes resulting from the Transaction are provided herein. For further information, readers are referred to the filing statement of the Company dated January 14, 2022 (the “Filing Statement“) which was prepared in accordance with the requirements of the Exchange and filed under the Company’s SEDAR profile at www.SEDAR.com. Included in the Filing Statement is a summary of the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) technical report prepared pursuant to NI 43-101, prepared by Sears, Barry & Associates Limited partner Seymour M. Sears titled “NI 43-101 Technical Report on the High Lake and West Hawk Lake, Canada” with an effective date of May 25, 2021 (the “Technical Report“). The full version of the Technical Report is also available on the Company’s SEDAR profile at www.SEDAR.com.
Board and Management
Immediately after the completion of the Transaction, the Company reconstituted its board of directors to consist of seven (7) nominees of MCFL, and all existing officers of the Company resigned and were replaced by nominees of MCFL.
After completion of the Transaction, there are: (i) 79,397,813 MLM Shares issued and outstanding; (ii) 4,206,156 MLM Warrants issued and outstanding, with each MLM Warrant being exercisable for a MLM Share at an exercise price of $0.60 and having an expiry date of December 9, 2024; and (iii) 5,500,000 MLM Options, with each MLM Option being exercisable for a MLM Share at a price of $0.10 until May 31, 2026.
Pursuant to the requirements of the Exchange, upon listing of the MLM Shares, all securities of the Company that are held by “principals” of the Company (collectively, the “Escrowed Securityholders“) will be placed into escrow. Upon completion of the Transaction, there are an aggregate of 30,345,400 MLM Shares, 131,250 MLM Warrants and 5,000,000 MLM Options (collectively, the “Escrowed Securities“) held in escrow pursuant to a security escrow agreement (“Resulting Issuer Escrow Agreement“) entered into among TSX Trust Company, as the escrow agent, the Company, and the Escrowed Securityholders.
Subject to the Resulting Issuer Escrow Agreement, 25% of the Escrowed Securities held by the Escrowed Shareholders shall be released from escrow on the date the MLM Shares are listed on the Exchange (“Listing“), 25% shall be released from escrow 6 months after Listing, 25% shall be released from escrow 12 months after Listing, and the remaining 25% shall be released from escrow 18 months following Listing.
Directors and Officers
In connection with the Transaction, the following individuals were elected to serve as members of the board of directors of the Company or appointed as officers. The following information is as furnished by such directors and officers.
Mark Trevisiol, 60 – Chief Executive Officer, President and Director
Mr. Trevisiol is a professional engineer with 30 years of experience in mineral processing, mining, capital projects and executive management. Mr. Trevisiol spent over 20 years with Glencore predecessor companies Falconbridge Ltd. and Xstrata Nickel, where he was General Manager of Business Development and Strategy, General Manager of the Sudbury Smelter Business Unit, Manager of Smelter Operations and Superintendent of the Kidd Creek Zinc Plant. More recently, Mark held a number of executive leadership and board positions, including CEO positions at Crow flight Minerals and Silver Bear Resources. During his career, Mr. Trevisiol has had responsibility in mining and mineral processing for teams of up to 300 people, with responsibility for operations, safety & environment, custom feed, engineering, maintenance and technology. He has worked across several commodities, including nickel, cobalt, zinc, copper, lithium, gold, and silver. Mr. Trevisiol holds an Engineering degree from the University of Waterloo.
Charles Lilly, 63 – Chief Financial Officer, Corporate Secretary and Director
Mr. Lilly is a partner in the public accounting firm of Sostarich, Ross, Wright & Cecutti, LLP. He has a B. Comm from Laurentian University, where he graduated Summa Cum Laude, and an M.B.A. from the University of Toronto. Mr. Lilly has served as an officer or a director of a number of public corporations listed on the Toronto Stock Exchange and the Toronto Venture Stock Exchange.
Roger Emdin, 63 – Chief Operating Officer and Director
Mr. Emdin is a Professional Mining Engineer with more than 30 years of global experience in Operations, Projects, Engineering and Sustainable Development in both base metal and gold mining environments. Mr. Emdin started out in gold with the Dome and Canamax Resources in Ontario before turning to base metals in Zambia, returning to Canada but working globally as a consultant. Joined Glencore (Falconbridge) filling various roles including, Engineering Superintendent, Mine Manager (Craig & Nickel Rim South) and of Manager Sustainable Development for Sudbury Operations before coming back to gold in 2015 as the Vice President of Operations for. Mr. Emdin served as the Industry Co-Chair for the Mining Legislative Review Committee for 7 years, was active in the Ontario Mining Association and served as the Chair of the Board of Directors for the Centre for Excellence in Mining Innovation (CEMI). Mr. Emdin also participated with the Ontario government as a member of the Advisory Group to the Mining Health and Safety Prevention Review and was a member of the Board for Cambrian College for six years including roles of Chair of the Audit Committee and Chair.
Perry Dellelce, 58 – Director
Mr. Dellelce is a founder and the managing partner of Wildeboer Dellelce LLP, one of Canada’s leading corporate finance and transactional law firms. Mr. Dellelce practices in the areas of securities, corporate finance and mergers and acquisitions. Mr. Dellelce serves on the boards of many of Canada’s leading businesses, including but not limited to, Mount Logan Capital Inc. and Lendified Inc. Mr. Dellelce is the past chair and a current member of the board of directors of the Sunnybrook Foundation and the current chair of the NEO Exchange Inc. and Canadian Olympic Foundation. Mr. Dellelce holds a BA from Western University, a LLB from the University of Ottawa and an MBA degree from the University of Notre Dame.
Amanda Fullerton, 41 – Director
Ms. Fullerton has been the Vice-President, Legal & Corporate Secretary of GCM Mining Corp. since March 25, 2019. She has also been the Corporate Secretary atsince February 2021. She was a Vice President, Legal (and prior thereto, Associate, Legal) of Macquarie Capital Markets Canada Ltd. from March 24, 2014, to March 22, 2019. Prior thereto, Ms. Fullerton was an associate with Fasken Martineau DuMoulin LLP from September 2008 to March 2011 and MacLeod Dixon LLP (now Norton Rose Fulbright LLP) from March 2011 to March 2014 and practiced in the areas of corporate finance, mergers and acquisitions and corporate/commercial law, focused primarily on the mining industry.
Guy Mahaffy, 50 – Director
Mr. Mahaffy is the managing director of W.G. Mahaffy Limited, a financial advisory firm. He holds the professional designations of Chartered Accountant, Chartered Professional Accountant and Chartered Financial Analyst. He has over 25 years of experience, with the past 15 years focused on the junior resource sector. He has served as an officer and director of mineral resources exploration companies on both the Toronto Stock Exchange and the TSX Venture Exchange, including previously having served as a director and as the chief financial officer offrom June 2009 to June 2012. Mr. Mahaffy was reappointed to the board of directors of Manitou Gold in 2015 and currently serves as the Chair of that company’s board of directors. He is also currently the Chief Financial Officer of
Fergus Kerr, 79 – Director
Mr. Kerr is a Professional Mining Engineer and is currently self employed as a consultant. Mr. Fergus Kerr is a graduate of the Royal School of Mines and a mining engineer with over 35 years of experience, including 14 years at Denison Mine’s Elliot Lake uranium mine, where he served as General Manager for five years. Subsequent to Denison, Mr. Kerr served as Sector Director at Workplace Safety & Insurance Board, and Mine Manager, Sudbury Operations at Inco LLC Area Manager at Inco’s Sudbury operations. Mr. Kerr is sought after health and safety specialist consulting globally with recent assignments in Mongolia, Indonesia and Australia.
Robert Kusins, 66 – Vice President, Geology
Mr. Kusins B.Sc., P Geo has over 35 years of mining, exploration and consulting experience. Mr. Kusins has spent his career involved with exploring, developing, validating and mining of a number of deposits including the Golden Giant Mine (Newmont Canada), Holloway Mine (Newmont Canada), Tundra Project (Noranda), Timmins West Mine Complex (Lake Shore Gold –) and most recently the Sugar Zone Mine ( ). Mr. Kusins has worked in the capacity of Chief Geologist, Chief Resource Geologist and Geology Manager at producing mines where he has co-authored several NI 43-101 Technical Reports. Previous to working for Harte, Mr. Kusins was employed by SRK as a Principal Consultant (Geology) in the Sudbury office. Proficient in GEOVIA GEMS with expertise in three-dimensional geological modeling, developing and managing exploration programs, data management and mineral resource estimation.
The MLM Shares are expected to be listed for trading on the Exchange on or about January 26, 2022. The Listing remains subject to the final approval by the Exchange and fulfillment of all the requirements of the Exchange in order to obtain such approval including, among other things, submission and acceptance of all documents requested by the Exchange in its conditional acceptance letter and payment of all outstanding fees to the Exchange.
In connection with the Transaction, each of Perry Dellelce and Mark Trevisiol acquired ownership, control, or direction over MLM Shares requiring disclosure pursuant to the early warning requirements of applicable securities laws.
Mr. Dellelce, in exchange for his holdings of Target Shares, acquired 11,550,000 MLM Shares representing approximately 14.55% of the Company’s issued and outstanding shares on a non-diluted basis. Mr. Trevisiol directly and indirectly owns or controls 12,350,000 MLM Shares, which represents approximately 15.55% of the Company’s issued and outstanding shares on a non-diluted basis.
The securities of the Company acquired by each of Mr. Dellelce and Mr. Trevisiol are presently being held only for investment purposes. Subject to regulatory approval, each holder may from time to time in the future increase or decrease their ownership, control, or direction over securities of the Company held by each of them, through market transactions, private agreements or otherwise, the whole depending on market conditions, the business and prospects of the Company and other relevant factors.
A copy of each early warning report (the “Early Warning Report“) will be filed by each of Mr. Dellelce and Mr. Trevisiol, respectively, pursuant to applicable securities laws in connection with the completion of the Transaction. A copy of each Early Warning Report to which this press release relates will be available under the Company’s profile on SEDAR www.SEDAR.com.
The MLM Shares acquired by each of Mr. Dellelce and Mr. Trevisiol are held in escrow pursuant to the Resulting Issuer Escrow Agreement described above under “Escrowed Securities“.
Additional information on McFarlane can be found by reviewing its profile on SEDAR at www.sedar.com.
About McFarlane Lake Mining Limited
McFarlane’s wholly owned subsidiary McFarlane Lake Mining Incorporated, a corporation incorporated under the laws of the Province of Ontario, has entered into a definitive purchase agreement dated effective December 30, 2021 with Canadian Star Minerals Ltd. (“CSM“) to purchase all of CSM’s right, title and interest in the High Lake mineral property located immediately east of the Ontario-Manitoba border, the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border and the McMillan mineral property located 13km south of Espanola . In addition, McFarlane Lake Mining Incorporated holds options to purchase the Michaud/Munro mineral property and the Mongowin mineral property. McFarlane is a “reporting issuer” under applicable securities legislation in the provinces of British Columbia and Alberta.
Additional information on McFarlane can be found by reviewing its profile on SEDAR at www.SEDAR.com.
McFarlane engaged Sears, Barry & Associates Limited partner Seymour M. Sears (the “Author“) to prepare the Technical Report. The Author is a “qualified person” and considered “independent”, as such terms are defined in NI 43-101. All of the scientific and technical mining disclosure contained in this news release and the Filing Statement regarding the High Lake Property and West Hawk Lake Property has been reviewed and approved by the Author. The materials in Part IV – Information Concerning McFarlane – Material Mineral Project | High Lake – West Hawk Lake Project” in the Filing Statement comprise the “Summary” section of the Penouta Project Technical Report.
Cautionary Note Regarding Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risks and Uncertainties” in the Filing Statement dated as of January 14, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
McFarlane’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For further information regarding the Transaction, please contact:
Mark Trevisiol, Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
Wildeboer Dellelce LLP
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110310
Ready Set Gold Announces New Executive Appointments
Toronto, Ontario–(Newsfile Corp. – January 14, 2022) – Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) (OTC Pink: RDYFF) ("Ready Set Gold" or the "Company")…
Toronto, Ontario–(Newsfile Corp. – January 14, 2022) –( ) (FSE: 0MZ) (OTC Pink: RDYFF) (“Ready Set Gold” or the “Company”) announced that Mr. Christian Scovenna, the Company’s Chief Executive Officer (“CEO”) tendered his resignation as CEO effective immediately.
Mr. Scovenna was first appointed as Director and CEO on December 9, 2020. The Company is very appreciative of his valuable leadership and growth over the last thirteen months and the Company wishes Mr. Scovenna success in his future endeavours. Mr. Scovenna brought critical leadership to help the company capitalize over that period of time and will remain on the Company’s Board of Directors.
The Company has appointed Mr. Alexander McAulay as its Interim CEO. In order to fulfill this new role, Mr. McAulay has resigned as the Company’s Chief Financial Officer (“CFO”), but will remain as the Company’s Corporate Secretary. Mr. Phillip Ellard, CPA has been appointed as the Company’s Interim CFO. All resignations and appointments are effective January 14, 2022.
About Ready Set Gold Corporation
is a precious metals exploration company listed on the Canadian Securities Exchange under symbol RDY and the Boerse Frankfurt Exchange as 0MZ. The Company has consolidated and now owns a 100% interest in the Northshore Gold Project, located in the Schreiber-Hemlo Greenstone Belt near Thunder Bay, Ontario which is prospective for gold and silver mineralization. The Company also owns a 100% interest in two separate claim blocks totaling 4,453 hectares known as the Hemlo Eastern Flanks Project. The Company also holds an option to acquire a 100% undivided interest in a continuous claim block totaling 1,634 hectares comprising the Emmons Peak Project located 50 km south of Dryden, Ontario that is near the Goliath and Goldlund advanced gold development projects.
On Behalf of the Board of Directors,
Interim Chief Executive Officer
Email: [email protected]
Interim CEO Direct Line: +1 (604) 365-0425
For further information please contact:
Sean Kingsley – Vice President, Corporate Communications
Email: [email protected]
Tel: +1 (604) 440-8474
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110272
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