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Mammoth Reports Initial Drill Results from its Diamond Drilling Program at its Tenoriba Gold-Silver Property, Mexico

  

Toronto, Canada – TheNewswire – November 18, 2021 – Mammoth Resources Corp. (TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) is pleased…

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Toronto, Canada – TheNewswire – November 18, 2021 – Mammoth Resources Corp. (TSXV:MTH), (OTC:MMMRF), (the “Company”, or “Mammoth”) is pleased to provide initial results from its diamond drilling program at its 100% owned Tenoriba gold-silver property located in the prolific Sierra Madre precious metal belt, Mexico.

 

The drill program is designed to test up to five target zones which measure from hundreds of metres (m) to over one kilometre (km) in strike length along a 4 km, east-west trend of gold-silver mineralization identified in 3-dimensional (3D) modelling incorporating data from over 3,000 soil, chip and channel samples, 26 prior diamond drill holes, geological and structural mapping and the potential continuity at depth of surface mineralization as indicated by an Induced Polarization/Magnetometer (IP/Mag) geophysical survey (please refer to the descriptions of target zones in press releases dated July 22, 2021).

 

Four diamond drill holes have so far been completed for a total of 426.0 metre testing the TA-2 target in the eastern portion (Carneritos area) of the 4 km of gold-silver trend. The following table lists potentially economically mineralized intervals from this drilling (refer to Figure 1 – Location Map, Tenoriba Property Drilling, 2021 (historic, TEN 2017 drill holes, plus TEN 2021 – 01 to TEN 2021 – 04 and Figure 2 – Location Map, Carneritos Area, Tenoriba Property Drilling, 2021 (historic, TEN 2017 drill holes plus TEN 2021 – 01 to TEN 2021 – 04).

 

     

     Hole

       

Weighted

Average

Gold

 

Weighted

Average

Silver

Weighted

Average

Gold

Equivalent*

Location

  Number

From

To

Total

Grade

Grade

Grade

   

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

Carneritos

TEN 21-01

7.5

45.0

37.5

0.31

17.1

0.53

 

(including)

36.0

40.5

4.5

0.47

75.2

1.47

 

TEN 21-02

No significant values

 

 

TEN 21-03

0.0

43.5

43.5

0.54

3.6

0.59

 

(including)

19.5

25.5

6.0

0.69

2.7

0.73

 

(including)

30.0

34.5

4.5

0.67

4.6

0.73

 

TEN 21-04

0.0

19.5

19.5

0.53

7.3

0.63

Notes:         Gold Equivalent where silver grade is converted to gold grade at 75 grams per tonne silver = 1 gram per tonne gold.

Mammoth attempts to drill as near perpendicular as believed to be the orientation of mineralized control features, however lengths shown are core lengths versus perpendicular true length of mineralized intersections.

 

Thomas Atkins, President and CEO of Mammoth commented on the initial results from the Tenoriba diamond drill program stating: “We’re pleased that we can kick-off our 2021 drill program by reporting multi-tens of metre intervals of potentially economical gold-silver mineralization at Tenoriba. This is especially so within the Carneritos target area, which measures approximately two by one and a half kilometres and yet has only had three prior drill holes testing abundant surface gold-silver mineralization at depth. The grades of the intervals intersected by these drill holes compare favourably to producing mines such as Agnico Eagle’s La India mine in the Sierra Madre, Mexico, the reserve grade of which is 0.66 grams per tonne gold reported in the most recent, 2020 reserve report. La India, as an example is a similar High Sulphidation system to Tenoriba, being mined by open pit with heap leach gold recovery, located in the same Sierra Madre belt as Tenoriba in Sonora State, Mexico.

 

“We began the drill program at Carneritos for a number of practical reasons, among which some included: Carneritos is located closest to a source of water for drilling, we had decent access to Carneritos given we were frequently inundated by heavy rain during the rainy season, 74 percent of the 146 chip samples collected in the area graded better than 0.3 grams per tonne gold equivalent and averaged over a gram of gold per tonne and drill hole TEN 17 – 06 from Mammoth’s 2017/18 drill program intersected 127 metres grading 0.52 grams per tonne gold equivalent, including 58 metres grading 0.8 grams per tonne gold equivalent. In addition, given the size and prospective nature of the Carneritos area we wanted to get some early results enabling us to return to the area and perform follow up drilling.

 

“Results from this initial series of holes compare favourably to intervals from the prior three holes in the area, expand two zones separated by over 500 metres, but yet to be determined whether connected and assist us in building upon these intersections and further enhancing our understanding of mineralization at Carneritos and throughout the entire 4-kilometre trend of gold-silver mineralization.”

 

Richard Simpson, Mammoth’s Vice President Exploration further commented on these results, stating:Drilling to date in the Carneritos target area continues to return tens of metres of anomalous, near-surface gold-silver mineralization. Mineralized intervals are frequently oxidized and hosted by signature High Sulphidation deposit type features, including dacitic porphyry and related brecciated rocks which have undergone advanced argillic hydrothermal alteration characterized by the presence of alteration minerals such as illite, dickite, minor pyrophyllite, silica and vuggy silica typical of an epithermal, volcanic dome. The Carneritos area remains very prospective and field assessment is underway analyzing drill sections, surface geology, sampling and geophysics data, to assist in defining follow up drill locations on these targets with additional drilling aimed at assisting in more clearly understanding the size, orientation and controls to gold-silver mineralization at Carneritos.”

 

Drill Hole Description:

 

As previously discussed, Mammoth intends to initially drill 2 to 4 holes within each target zone then move to another target zone to drill a similar number of holes (please refer to press release dated July 22, 2021 for target zones). Company geologists will await the results from initial drill holes testing target zones prior to further follow up drilling of these areas. Where mineralized intervals are intersected in the initial sequence of drilling, or where holes fail to encounter mineralization as suggested by the data, follow up drilling will be based on field assessments combined with surface geology, sampling and geophysics data to assist in defining follow up drill collar locations with the aim of assisting in more clearly understanding and testing the controls and continuity to gold-silver mineralization.

 

Drill Hole TEN 21 – 01

 

The hole was drilled to a depth of 199.5 m of a planned 150 to 200 m depth at 55 degrees decline/dip and was collared approximately 280 m east of historical Mammoth drill hole TEN 17 – 06 and 250 m northeast of hole TEN 17 – 07. This drill hole was collared to test the depth extent of altered and mineralized porphyritic dacite and associated volcanic breccia observed on surface and in 2017 program drill core. Advanced argillic alteration, including silica and patchy vuggy silica together with X-ray diffraction clay analysis showed presence of dickite and pyrophyllite, common alteration clay minerals in High Sulphidation systems, present in both surface and historical drill core near this target. There also appeared the potential of a buried sub-vertical moderately resistive I/P geophysical feature at depth, which may have represented a mineralizing epithermal feeder structure.

 

Historic drill TEN 17 – 06 returned 129.75 m grading 0.46 g/t gold, 4.23 g/t silver for 0.52 g/t gold equivalent (Eq) which returned 55 m grading 0.19 g/t gold and 4,28 g/t silver (0.24 g/t gold Eq). Please refer to Figure 1 and Figure 2 for drill hole locations.

      

The drill hole was successful in intersecting the mineralized porphyritic dacite and associated breccia along 136 m core length of which the first 27 m are strongly oxidized. This unit hosts a mineralized zone from 7.5 to 45 m for a 37.5 m interval averaging 0.31 grams per tonne (g/t) gold and 17.1 g/t silver for 0.53 g/t gold equivalent (Eq), including a 4.5 m interval grading 1.47 g/t gold Eq. This drill hole potentially extended the strike length of the mineralized feature intersected in hole TEN 17 – 06 and TEN 17 – 07 by up to 250 m to the east.

 

Drill Hole TEN 21 – 02

   

The hole drilled to a depth of 88.5 m of a planned 50 to 100 m depth, at 60 degrees decline/dip and was collared approximately 63 m southeast of hole TEN 17 – 06 and 120 m northwest of hole TEN 17 – 07 (refer to description Drill Hole TEN 21 – 01 above for historic drill hole intervals and assay results). The hole was collared approximately mid point between holes TEN 17 – 06 and TEN 17 – 07. Please refer to Figure 1 and Figure 2 for drill hole locations. The control to mineralization present in these two holes was interpreted to be related by a west – northwest, near vertical structure (suggested in part by 2014 geophysics survey) or to be strata-bound with a shallow south to southeast dip, consistent with the general strike and dip of the volcanic stratigraphy on the property.                   

After collaring in weathered, clay rich and oxidized porphyritic dacite down to 21.2 m and mixed oxide – sulfide down to 26.9 m, the hole remained in fresh unaltered dacite porphyry to the end of the hole at 88.5 m and did not intercept the interpreted possible sub-vertical or strata bound mineralization control linking the mineralized intercepts of holes TEN 17 – 06 and TEN 17 – 07 and it is believed that most likely the hole remained on a faulted block between these two holes.

 

Drill Hole TEN 21 – 03

              

The hole was drilled to a depth of 79.5 m of a planned 50 to 100 m depth, at 67 degrees decline/dip and was collared approximately 110 m east-southeast of historical drill hole TEN 17 – 08. The hole was collared to test a surface, advanced argillic altered and surface mineralized dacite and dacitic breccia consisting of silica and patchy vuggy silica together with X-ray diffraction clay analysis showing presence of dickite and pyrophyllite. Please refer to Figure 1 and Figure 2 for drill hole locations. These surface features are coincident with a strong near-surface IP geophysics resistivity feature under recent artisanal excavations where gold had been panned from soil and loose gravel.

 

The IP geophysics resistivity feature was the target of historical Mammoth drill hole TEN 17 – 08. Hole TEN 17 – 08 returned 14.9 m grading 0.58 g/t gold and 3.1 g/t silver (0.62 g/t gold Eq) however the targeted geophysical feature was never reached as the hole was abandoned prior to reaching the target due to poor ground conditions.

          

From the surface the hole remained in highly blocky, heavily oxidized variably altered silica and clay-rich breccia and porphyritic dacite rock with frequent poor core recovery until the end of the hole at 79.5 m. The first 43.5 m of the hole coincides with the mineralized zone assaying 0.52 g/t gold, 4.1 g/t silver (0.59 g/t Au Eq), including a 6.0 m interval grading 0.73 g/t gold Eq. The mineralized interval was followed by generally fresh unaltered porphyritic dacite to the bottom of the hole at 79.5 m. This drill hole potentially extended the mineralization encountered in hole TEN 17 – 08 more than 100 m east.

 

Drill Hole TEN 21 – 04

 

The hole was drilled to a depth of 58.5 m of a targeted 150 to 200 m depth, at 60 degrees decline/dip and was collared approximately 130 m southwest of historical hole TEN 17 – 08. Please refer to Figure 1 and Figure 2 for drill hole locations. The hole was collared to test surface mineralized porphyritic dacite and associated volcanic breccia outcrops and sub-crops of which various samples assayed above 1.0 g/t gold and where advanced argillic alteration, including silica and patchy vuggy silica together with X-ray diffraction clay analysis showed the presence of dickite consistent with a moderate IP geophysics resistivity feature at depth. This resistivity anomaly was the target of TEN17-08 as described above.

                        

The hole intercepted from top to bottom porphyritic dacite. The first 50.8 m of hole TEN 21 – 04 is oxidized and highly weathered with the exception of the first 21.0 m which is variably (weak to moderate) silicified and coincides with the mineralized intercept in this hole returning 19.5 m grading 0.53 g/t gold and 7.3 g/t silver (0.63 g/t gold Eq). This drill hole potentially extended mineralization from 50 to 100 m west. The hole had to be abandoned prior to reaching its targeted depth because of poor ground conditions due to the high degree of alteration and oxidization of the rock.

 

Qualified Person / Quality Controls:

 

Richard Simpson, P.Geo., Vice-President Exploration for Mammoth Resources Corp. is Mammoth’s Qualified Person, according to National Instrument 43-101 for the Tenoriba property and is responsible for and has reviewed any technical data mentioned in this news release.

 

Samples referenced in this press release were prepared and analyzed by ALS laboratories (ALS) in their facilities in Mexico and Canada, respectively. Samples generally consisted of a minimum of 2 kilograms of material. Drill core is mostly HQ diameter core with minor lengths of NQ diameter core. Core is sawn in half with a rock saw with one half used for sample analysis purposes. Where samples are taken these are most often 1.5 metres in length, only in poor recovery sections do they exceed this length, with rare exceptions exceeding a maximum of 4.5 metres in length. Samples are collected with sample ticket and deposited into plastic sample bags sealed with nylon zip lock ties, then loaded into grain sacs similarly sealed with a nylon zip lock tie prior to transport by Mammoth personnel to ALS’s facility in Chihuahua, Mexico for sample preparation. Gold and silver analyses are performed in ALS’s facility in Canada via a 30-gram fire assay with an atomic absorption finish. Silver, copper, lead and zinc are analyzed as part of a multi-element ICP package using a 4-acid digestion. Any over limit samples with greater than one percent copper, lead and zinc are re-analyzed using ore grade detection limits. Blank and duplicate samples are inserted randomly at approximately every 15 samples.

 

About Mammoth Resources:

Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333-hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization. 

 

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the company’s website at: www.mammothresources.ca., or contact Thomas Atkins, President and CEO at: 416 509-4326.

 

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.

 

Forward Looking Information: This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements; examples include the listing of its shares on a stock exchange and establishing mineral resources. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. 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. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.

.

 

Figure 1 – Location Map, Tenoriba Property Drilling, 2021 (drill holes TEN 2021 – 01 to TEN 2021 – 04)


Click Image To View Full Size

Figure 2 – Location Map, Carneritos Area, Tenoriba Property Drilling, 2021 (drill holes TEN 2021 – 01 to TEN 2021 – 04)


Click Image To View Full Size

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Awalé Resources Limited Share Consolidation

Awalé Resources Limited Share Consolidation
PR Newswire
VANCOUVER, BC, Dec. 1, 2021

VANCOUVER, BC, Dec. 1, 2021 /PRNewswire/ – Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC) announces that further to its November 4, 2021 news relea…

Awalé Resources Limited Share Consolidation

PR Newswire

VANCOUVER, BC, Dec. 1, 2021 /PRNewswire/ – Awalé Resources Limited (“Awalé” or the “Company“) (TSXV: ARIC) announces that further to its November 4, 2021 news release, its share consolidation on a 8:1 basis has been accepted and will be effective on December 6, 2021.

All registered shareholders will be sent new certificates representing their share positions directly from the Company’s transfer agent Computershare without any action on their part.    Post consolidation the Company will have approximately 23,348,137 common shares issued and outstanding prior to rounding for fractional shares.

ON BEHALF OF THE BOARD

AWALE RESOURCES LIMITED.

“Glen Parsons”

Glen Parsons, President and CEO

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking information except as required by applicable law.

Cautionary Statement

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

View original content:https://www.prnewswire.com/news-releases/awale-resources-limited-share-consolidation-301435790.html

SOURCE Awale Resources




awale resources limited

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Brompton Split Banc Corp. Announces Details of Class A Share Split and Concurrent Preferred Share Private Placement

Not for distribution to U.S. newswire services or for dissemination in the United States. TORONTO, Dec. 01, 2021 (GLOBE NEWSWIRE) — (TSX: SBC, SBC.PR.A)…

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, Dec. 01, 2021 (GLOBE NEWSWIRE) — (TSX: SBC, SBC.PR.A) Brompton Split Banc Corp. (the “Company”) is pleased to announce the details of the previously announced split of its class A shares (the “Share Split”) and provide an update on the concurrent private placement of preferred shares (the “Private Placement”). The Share Split and the Private Placement remain subject to the approval of the Toronto Stock Exchange (the “TSX”).

The Company is pleased to announce that class A shareholders of record at the close of business on December 14, 2021 will receive 25 additional class A shares for every 100 class A shares held, pursuant to the Share Split. Following the Share Split, class A shareholders will continue to receive the currently targeted monthly distribution of $0.10 per class A share. As a result, the Share Split will result in an overall increase in the dollar amount of distributions to be paid to class A shareholders by approximately 25%. The Company provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.

Pursuant to the Private Placement, 3,164,203 preferred shares were offered to investors at a price of $10.10 per preferred share such that following the Share Split there will be an equal number of class A shares and preferred shares outstanding. The Private Placement is scheduled to close on December 14, 2021. Following the completion of the Share Split and the Private Placement, the preferred shares are expected to have downside protection from a decline in the value of the Company’s portfolio of approximately 57%.(1)

Over the last 10 years, the class A shares have delivered a 17.8% per annum total return based on NAV, outperforming the S&P/TSX Capped Financials Index by 5.1% per annum and the S&P/TSX Composite Index by 9.0% per annum.(2) Since inception, class A shareholders have received cash distributions of $18.75 per class A share.

The preferred shares have delivered a 4.9% per annum total return over the last 10 years based on NAV, outperforming the S&P/TSX Preferred Share Index by 1.5% per annum with lower volatility.(2)   

The Company invests, on an approximately equal weighted basis, in a portfolio (the “Portfolio”) consisting of common shares of the six largest Canadian banks (currently, Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Montreal). In addition, the Company may hold up to 10% of the total assets of the Portfolio in investments in global financial companies for the purposes of enhanced diversification and return potential.

About Brompton Funds

Founded in 2000, Brompton Funds Limited (“Brompton”) is an experienced investment fund manager with income focused investment solutions including TSX listed closed-end funds and exchange-traded funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email us at [email protected] or visit our website at www.bromptongroup.com

(1)   Based on the November 25, 2021 NAV of the class A shares, as used to determine the Share Split ratio.
(2)   See Standard Performance Data table below.

Brompton Split Banc Corp.
Compound Annual NAV returns to October 31, 2021
1 Yr   3 Yr   5 Yr   10 Yr   S.I.  
Class A Shares (TSX:SBC) 123.3 % 21.6 % 17.9 % 17.8 % 12.7 %
S&P/TSX Capped Financials Index 55.7 % 15.3 % 12.6 % 12.7 % 9.2 %
S&P/TSX Composite Index 38.8 % 15.3 % 10.6 % 8.8 % 7.4 %
           
Preferred Shares (TSX:SBC.PR.A) 5.1 % 5.1 % 5.0 % 4.9 % 5.1 %
S&P/TSX Preferred Share Index 28.8 % 6.7 % 7.2 % 3.4 % 3.1 %

Returns are for the periods ended October 31, 2021 and are unaudited. Inception date November 15, 2005. The table shows the Company’s compound return on a class A share and preferred share for each period indicated, compared with the S&P/TSX Capped Financials Index (“Financials Index”), the S&P/TSX Composite Index (“Composite Index”), and the S&P/TSX Preferred Share Index (“Preferred Share Index”) (together the “Indices”). The Financials Index is derived from the Composite Index based on the financials sector of the Global Industry Classification Standard. The Composite Index tracks the performance, on a market weight basis, of a broad index of large-capitalization issuers listed on the TSX. The Preferred Share Index tracks the performance, on a market weight basis, of preferred shares listed on the TSX that meet criteria relating to minimum size, liquidity, issuer rating, and exchange listing. The class A shares and preferred shares are not expected to mirror the performance of the Indices which have more diversified portfolios. The Indices are calculated without the deduction of management fees, fund expenses and trading commissions, whereas the performance of the Company is calculated after deducting such fees and expenses. Further, the performance of the Company’s class A shares is impacted by the leverage provided by the Company’s preferred shares.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the TSX or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the fund, to the future outlook of the fund and anticipated events or results and may include statements regarding the future financial performance of the fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.





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MGX Minerals Granted Management Cease Trade Order to Allow for Completion of Financials

 

VANCOUVER – TheNewswire – December 1, 2021 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) is…

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VANCOUVER – TheNewswire – December 1, 2021 – MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (CNSX:XMG.CN) (FKT:1MG) (OTC:MGXMF) is pleased to announce that in connection with the anticipated late filing of the Company’s audited annual financial statements (the “Financial Statements“) and management’s discussion and analysis for the financial year ended July 31, 2020, the Company has applied for, and has been granted, a temporary management cease trade order (the “MCTO“) by the British Columbia Securities Commission (the “BCSC“).

The Company applied for the MCTO in order to secure additional time to finalize the Financial Statements. As a result of recent changes to the Company’s board of directors, the Company anticipates a longer than anticipated timeframe for the audit of the Financial Statements. However, it is the Company’s reasonable expectation that the audit of the Financial Statements will be completed by December 27th, 2021.

By way of background and as required by the BCSC, please note the following:

1. The Company is required to file its July 31, 2020 audited annual financial statements, management’s discussion and analysis and the applicable CEO and CFO certifications in respect of such filings (collectively, the “Annual Filings“) all in accordance with IFRS, by November 29, 2020 (the “Filing Deadline“), as required pursuant to National Instrument 51-102 Continuous Disclosure Obligations. The Company does not anticipate that it will be able to complete its Annual Filings on or before the Filing Deadline.

2. The Company and its auditors are working diligently to prepare and file the Annual Filings on or before December 27th, 2021.

3. The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Filing Deadline in respect of the Annual Filings.

 

4. There is no other material information concerning the affairs of the Company that has not been generally disclosed.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, for the duration of the MCTO, the Company’s Chief Executive Officer and Chief Financial Officer will not be able to trade the Company’s common shares.

The Company has imposed an insider trading blackout pending the filing of the Annual Filings. If the MCTO is granted, the Company will comply with the alternative information guidelines described in National Policy 12-203 Management Cease Trade Orders for so long as it remains in default due to the late filing of the Annual Filings.

Corporate Update

The Board of Directors has removed Lyndon Patrick effective November 30, 2021 for non performance having missed three or more consecutive Director Meetings and reduced the number of Directors to three, in accordance with Company By-laws. A search has begun for a new Director.  The current Directors of the Company are Andris Kikuaka and Jared Lazerson.

About MGX Minerals

MGX Minerals is a diversified Canadian resource and technology company with interests in advanced metals, industrial minerals, nuclear energy and rocketry.

 

Contact Information:

Sandey Wang

Interim Chief Financial Officer

[email protected]

604 681 7735

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forwardlooking information. Forward-looking information in this press release include, but are not limited to, statements with respect to holding the postponed Meeting, and the filing of an amended notice of meeting and record date for the postponed Meeting. Forward-looking information is generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “in the event”, “if”, “believes”, “asserts”, “position”, “intends”, “envisages”, “assumes”, “recommends”, “estimates”, “approximate”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.

The Company’s forward-looking information are based on the applicable assumptions and factors the Company considers reasonable as of the date hereof, based on the information available to the Company at such time, including without limitation, the ability to host the postponed Meeting at a later date, and the ability to find a suitable location which can accommodate an in-person shareholders’ meeting. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors. These factors include, among others, uncertainties arising from the COVID-19 pandemic, and general economic conditions or conditions in the financial markets. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors, and their potential effects, which may be accessed through the Company’s profile on SEDAR at www.sedar.com. Except as required by securities law, the Company does not intend, and does not assume any obligation, to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

 

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