TORONTO, ON / ACCESSWIRE / November 22, 2021 /(the “Company” or “Magna Terra”) ( ) is pleased to announce that it has intersected broad zones (up to 95 metres true thickness) of sulfide (pyrite (‘Py”) and arsenopyrite (“Aspy”)) mineralization and alteration within and adjacent to the Apsy Zone of the Rattling Brook Deposit (the “Deposit”) on its 100% owned Great Northern Project (“Great Northern”), located in western Newfoundland. The Apsy Zone and adjacent Apsy Feeder Zone were tested as part of a recently completed 10 drill hole (JA-21-124 to 133), 1,253 metre diamond drilling program designed to better define and expand upon the existing mineral resource at the Deposit (the “Drill Program”). Sulfide mineralization and intense alteration of host granitic rocks are intimately associated with gold mineralization at the Deposit (Exhibit A and B) and have been intersected 150 metres northwest of the Deposit within a fault referred to as the Apsy Feeder Zone.
Assays are pending for all 950 drill core samples submitted for analysis, however, intersecting sulfide mineralization and associated alteration compare favourably to gold-bearing intervals from drilling within the mineral resource. Based on these key indicators the drill program was upsized to 1,250 metres and has successfully demonstrated the discovery potential at Great Northern where the Deposit remains open along strike and along fault systems like the Apsy Feeder Zone (Exhibit C).
Key drilling sulfide and alteration intersections include:
- 1% Py and Aspy (up to 10% locally) over 62.3 metres (3.1 to 65.4 metres; estimated true thickness (“TT”) 65 metres) in diamond drill hole JA-21-124;
- 1 to 2% Py and Aspy (up to 8% locally) over 191.5 metres (1.5 to 193.0 metres; TT 50 metres) in diamond drill hole JA-21-129;
- 1 to 2% Py and Aspy (up to 10% over 1 metre) over 188.5 metres (1.5 to 190 metres; TT 50 metres) in diamond drill hole JA-21-131; and
- 1% Py and Aspy (up to 5% in local zones) over 105.5 metres (1.5 to 107 metres; TT 95 metres) in diamond drill hole JA-21-133.
Previous (1986 to 2007) select drill intercepts (core length) that partly define the Apsy Zone adjacent to the area of the Drill Program include:
- 1.77 g/t grams per tonne (“g/t”) gold over 74.4 metres (2.3 to 76.7 metres; TT 60 metres), including 3.25 g/t gold over 22.7 metres in drill hole JA-05-35;
- 1.13 g/t gold over 115.7 metres (45.0 to 160.7 metres; TT 70 metres) in drill hole JA-05-36;
- 1.40 g/t gold over 84.6 metres (10.5 to 95.1 metres; TT 80 metres), including 8.62 g/t gold over 2.5 metres in drill hole JA-06-46;
- 1.28 g/t gold over 75.6 metres (1.0 to 76.6 metres; TT 70 metres) in drill hole JA-06-53;
- 1.22 g/t gold over 56.5 metres (61.0 to 117.5 metres; TT 50 metres) in drill hole RB-30; and
- 1.07 g/t gold over 68.0 metres (115.6 to 183.6 metres; TT 60 metres), including 8.84 g/t gold over 1.0 metres in drill hole RB-40.
In addition, a prosecting program was completed to the west and northwest of the Apsy Zone that outlined further bedrock sulfide,quartz vein and alteration zones outside of the area of drilling. A total of 79 rock outcrop and float grab samples** were collected for which assays are pending.
“We are extremely pleased with the preliminary observations from this drill program. The discovery of sulfide mineralization and alteration 150 metres northwest of the Apsy Zone of the Rattling Brook Deposit, and at depth supports our belief that the Great Northern Project has the potential to host gold deposits of significant size beyond the existing Rattling Brook Mineral Resource. Our follow-up prospecting program in the Apsy Zone area lends further support for the area to host additional zones of gold mineralization that are associated with fault zones and gold-bearing soil samples. Demonstrating that fault zones are favourable hosts to broad zones of mineralization and alteration underscores the discovery potential in testing other similar structures throughout the Property. As we await the assay results from this round of drilling we are planning for a follow-up drilling campaign at the Rattling Brook Deposit and other targets at Great Northern. Magna Terra remains focussed on expanding the existing mineral resources at Great Northern and the discovery ofdeposits within this highly prospective gold project.”
~ Lew Lawrick, President and CEO,
The Rattling Brook Deposit contains a NI 43-101 Inferred Mineral Resource^ comprising 255,000 ounces at 1.45 g/t gold (5,460,000 tonnes) and is hosted along a 5-kilometre section of the larger Doucers Valley Fault. The Deposit is hosted within three zones, the Apsy, Road, and Beaver Dam Zones, that are open for expansion at depth and along strike. A key controlling feature that has been identified are northwest and east-west striking fault zones that are thought to be potentially higher-grade feeder zones to the Rattling Brook Deposit. Several of these fault zones are not tested and drilling outside of the immediate resource area is sparse.
Drill Program Details
The Drill Program comprised a total of 1,253 metres in 10 diamond drill holes (JA-21-124 to 133) that were designed to test for the northwest expansion of the Apsy Zone Mineral Resource along a 250 metre strike of the Apsy Feeder Zone (Exhibit C). Drilling was also designed to verify the tenor and geometry of mineralization within the Apsy Zone Mineral Resource by drilling key infill holes on the mineral resource (JA-21-124 and 133).
Drilling in holes JA-21-124 and 133 has successfully reproduced the thickness and tenor of sulphide mineralization and accompanying alteration compared with previous drilling in the area (e.g. JA-05-35 and 36). Drilling has also served to confirm the moderate southwest dip of the Apsy Zone.
Drilling in drill holes JA-21-125 to 129 and 131, served to discover sulphide mineralization and alteration along the Apsy Feeder Zone, effectively expanding the footprint of the Apsy Zone 150 metres towards the northwest. Importantly, drilling in holes JA-21-131 and 129, which were drilled down-dip due to access issues, successfully intersected the Apsy Feeder Zone to a depth of 160 metres (~100 vertical metres; Exhibit D).
Drill holes JA-21-130 and 132 tested the up-dip extension to the north of the Apsy Zone Mineral Resource.
Mineralization at the Apsy Zone comprises overall 1-3% (locally up to 10%) disseminated and stringer pyrite and arsenopyrite that is closely associated with pervasive sericite alteration (Exhibit E). Alteration increases towards the lower contact of the moderately southwest dipping Apsy Zone, where it is marked by near complete replacement of the host granodiorite by sericite and silica often with hydrothermal brecciation of the host rock (Exhibit F) and a zone of intense shearing and faulting. These zones of more intense alteration are often associated wit higher gold grades (> 2.0 g/t gold) in the Apsy Zone.
Assays for 950 drill core samples are pending and will be released once available.
Prospecting Program Details
A program of prospecting was completed to the immediate west and northwest of the Apsy Zone, and along the Apsy Feeder Zone outside of the area tested by the Drill Program. A total of 79 rock outcrop and float grab samples** were collected over a strike length of 900 metres along the Apsy Feeder Zone and 400 metres of a strike length in an area 600 metres north of the Apsy Zone (Exhibit C). Sampling was completed as a follow-up to anomalous rock samples identified during initial prospecting completed during summer 2021 on the Apsy Feeder Zone that identified gold-bearing rock samples assaying up to 3.2 g/t gold (see Press Release dated September 7, 2021). Samples comprised pervasively sericite and sulfide-bearing granodiorite and associated sulfide bearing quartz veins (Exhibit G) that are coincident with topographic linear features from LiDAR imagery and gold-bearing B-horizon soil samples (assaying up to 1,500 ppb gold).
Assays are pending for all 79 rock samples collected to date and will be released once available.
**Grab and float samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
About the Great Northern and Viking Projects
The Great Northern and Viking Projects comprise two separate claim blocks (13,775 hectares) that are located near the communities of Sops Arm, Pollard’s Point and Jackson’s Arm, NL.
The Projects are centered along a 20-kilometre section of the Doucer’s Valley Fault, a significant geological control on, and host to, several gold deposits and untested prospects, including the Rattling Brook and Thor Deposits, Jacksons Arm, Little Davis Pond, Viking, and Incinerator Trends. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granite and granodiorite, or younger volcanic and sedimentary rocks, typically along splays off the Doucer’s Valley Fault. Alteration consists of mesothermal style sericite, quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, arsenopyrite, galena, chalcopyrite, and sphalerite, and locally show trace amounts of visible gold.
The Great Northern and Viking Projects are host to significant Current and Historic Mineral Resources, including:
- An Inferred Mineral Resource Estimate^ of 5,460,000 tonnes at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook Deposit; and
- An Historical Indicated Mineral Resource^^ of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date January 23, 2019 by Harrington and Cullen (2019) as detailed below for the Great Northern Project and the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016). An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs. See further details on Technical Reports below.
The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Exploration Program and all future programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.
Hawkins Love Project Option Payment
Magna Terra has also made its first anniversary option payment on the Hawkins Love Project in Southern New Brunswick (refer to the press release dated November 10, 2020). The Company paid a total of $70,000 comprised of $47,775 in cash, and the issuance of 194,444 common shares of the Company, to the Hawkins Love Vendor per the underlying option agreement.
Qualified Person and Technical Reports
This news release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist with, a “Qualified Person”, under National Instrument 43-101 – Standard for Disclosure for Mineral Projects.
All NQ-sized drill core samples collected as part of this drilling program were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis. Drill core samples were sent to ALS Canada Ltd. in Moncton, NB (“ALS”) and will be analysed for Au using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. ALS is a fully accredited firm within the meaning of NI 43-101 for provision of this service.
Rock grab samples were sent to ALS and will be analysed for Au using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Grab and float samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
^The Mineral Resource Estimate quoted in this press release regarding the Great Northern Project refers to the technical report: “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada”, (the “Great Northern Report”) with an effective date of January 23, 2019, and authored by Matthew Harrington, P.Geo. (Independent Qualified Person) and Michael Cullen, P.Geo. (Independent Qualified Person).
^^The Historical Mineral Resource Estimate quoted in this press release regarding the Viking Project (Thor Deposit) is taken from the technical report: “NI 43-101 Technical Report And Mineral Resource Estimate For The Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada, Latitude 49o 42′ N Longitude 57o 00′ W” prepared forby David A. Copeland, P.Geo., Dr. Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29, 2016. An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs.
About Magna Terra
is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
Forward Looking Statements
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.
Cautionary Statements Regarding Forward Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Exhibit A: Significant Gold Exploration Targets at the Rattling Brook Deposit and Jacksons Arm Trend.
Exhibit B: Plan Map of Select Drill Intercepts (core length), Mineral Resource Areas and Exploration Targets, Rattling Brook Deposit Area, Great Northern Project.
Exhibit C: Drill Plan Map of the Apsy Feeder Zone and Apsy Zone, Rattling Brook Deposit Area, Great Northern Project.
Exhibit D: Cross Section through the Apsy Feeder Zone through drill hole JA-21-131, Rattling Brook Deposit Area, Great Northern Project.
Exhibit E: Typical sericite altered and sulphide mineralized core from drill hole JA-21-131, Apsy Feeder Zone and Apsy Zone, Rattling Brook Deposit Area, Great Northern Project.
Exhibit F: Intense sericite altered and sulphide mineralized core from drill hole JA-21-131, Apsy Feeder Zone and Apsy Zone, Rattling Brook Deposit Area, Great Northern Project.
Exhibit G: Sulphide mineralized rock grab samples from the Apsy Feeder Zone, Rattling Brook Deposit Area, Great Northern Project.
View source version on accesswire.com:
CSE Bulletin: Delist – Buccaneer Gold Corp. (BUCK)
Toronto, Ontario–(Newsfile Corp. – le 7 décembre/December 2021) At the request of the company the common shares of Buccaneer Gold Corp. will be delisted…
Toronto, Ontario–(Newsfile Corp. – le 7 décembre/December 2021) At the request of the company the common shares ofwill be delisted at market close on December 8, 2021.
The Company’s common shares will continue to trade on the NEO Exchange.
À la demande de la société, les actions ordinaires deseront radiées à la clôture du marché le 8 décembre 2021.
Les actions ordinaires de la Société continueront d’être négociées sur le NEO Exchange.
Market Close/Clôture du marchés le 8 décembre/December 2021
If you have any questions or require further information, please contact Listings at (416) 367-7340 or E-mail: [email protected]
Pour toute question, pour obtenir de l’information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l’adresse: [email protected]
Reunion Gold reports new drill results at its Oko West Project in Guyana including 2.44 g/t over 46.5 m, 2.22 g/t over 57.0 m and 1.88 g/t over 41.0 m
The results confirm the continuity of the deposit and extend the know mineralization laterally, along strike and at depth into the unweathered rock.LONGUEUIL,…
The results confirm the continuity of the deposit and extend the know mineralization laterally, along strike and at depth into the unweathered rock.
LONGUEUIL, Quebec, Dec. 07, 2021 (GLOBE NEWSWIRE) — Table 1). These new drill results, which consistently show high grades and intersected lengths, clearly demonstrate that gold mineralization continues at depth in unweathered rock. The results also expand the gold mineralization laterally and continue to show the strong mineralization continuity along a “corridor” more than 1.2 km long. Preliminary metallurgical studies outlined below also show encouraging results with gold recoveries ranging between 78% and 98%.( ) (the “Company”) is pleased to report new significant gold intersections, including 2.44 g/t over 46.5 meters, 2.22 g/t over 57 meters and 1.88 g/t over 41.0 meters as part of its ongoing drilling program at the Oko West Project in Guyana. Hole 47 intersected the deepest mineralized interval so far, with 2.22 g/t over 57 meters at approximately 200 meters vertical depth from the surface (
The objective of the current drill campaign is to confirm the vertical and lateral continuity of gold mineralization previously identified in eight “blocks” straddling shear zones over a 3 km long strike length, within a 6 km long soil geochemical anomaly. Diamond drilling (“DD”) has been focused on testing depth extensions into the unweathered rock below 100 m (Figure 2), as well as testing for lateral extensions between the outlined blocks. The reverse circulation (“RC”) rig is testing the edges of exploration blocks and scouting previously untested targets both laterally and along strike. The Company has so far demonstrated continuous gold mineralization in a “corridor” more than 1.2 km long (see Figures 1 and 3) characterized by zones of intense deformation and hydrothermal alteration in sedimentary, granitic, and volcanic rocks. These zones contain widely disseminated gold in microfractures and metric-scale high-grade veins assaying up to several ounces per tonne.
Carlos Bertoni, Interim CEO, stated: “We are very excited by this round of drill results as they continue to demonstrate the impressive continuity of the gold mineralization outlined to date with long intercepts of good grade. The results successfully expand the known deposit both at depth into the unweathered rock, and laterally, between the previously outlined “blocks.” The deposit remains open to expansion in all directions. We have only started drill testing the southern 3 km of the soil geochemical anomalies.”
The Company restarted its drilling activities at the Oko West Project early in November, following a one-month break to finalize the interpretation of the then recent results and to properly plan the current 9,000-meter drill program, and for equipment maintenance. Assay results presented in Table 1 below shows significant intersections from a total of 1,322 meters in eight DD and 834 meters in nine RC holes, with assay results from two DD holes and ten RC holes not yet received.
|Drill hole ID||Exploration Block||From (m)||To (m)||Length (m)||Gold (g/t)|
|Diamond Drill Holes|
|Reverse Circulation Drill Holes|
The Company has now drilled a total of 6,467 meters in 53 DD holes and 7,836 meters in 91 RC holes since the beginning of the drilling program at Oko West in December 2020, with significant assay results reported in press releases on August 12, September 7, and October 7, 2021. The Company will interrupt its field activities at the Oko West Project from December 17, 2021, and restart early in January 2022 and plans to complete this current drill campaign by the end of March 2022.
The Company completed a maiden scoping-level metallurgical test by bottle-roll cyanide leaching eight mineralized samples at the Actlabs laboratory in Georgetown, Guyana. These samples represent weathered and unweathered rocks from trench and drill hole samples in different host rocks. Positive gold recovery results were received using low cyanide (0.5 kg/t) in under 12 hours of leaching. Gold recoveries range between 78% and 98%. These preliminary encouraging results indicate that gravity concentration followed by cyanidation should improve gold recoveries. The Company is preparing a complete metallurgical testing plan for the Oko West mineralized rocks.
Drill result composites, sample collection, assaying and data management
The Company calculates drill results composites with a minimum length of 2 m, a cut-off grade of 0.3 g/t and 2 m maximum length of internal waste. Gold grades are uncapped. True widths are unknown. Complete drilling results and drill hole data are being posted on the Company’s website. Diamond drill samples consist of half of either HQ or NQ core taken continuously at regular intervals averaging 1.4 m, bagged, and labelled at the site core shed. Reverse circulation drill samples are obtained from a rotary splitter attached to a Metzke cyclone, weighed, bagged, and tagged at the drill site. Samples are shipped to the Actlabs certified laboratory in Georgetown, Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand. 50 g of pulverized material is fire assayed by atomic absorption (AA). Initial assays with results above 3,000 ppb gold are re-assayed with a gravimetric finish. Certified reference materials and blanks are inserted at 5% of samples shipped to the laboratory. Assay data is subject to QA/QC using acQuire software and management by an independent consultant.
The technical information in this press release has been reviewed and approved by Carlos H. Bertoni, P.Geo., the Company’s Interim CEO. Mr. Bertoni is a qualified person under Canadian National Instrument 43-101.
This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company’s control, including statements regarding plans to complete drilling and other exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
About Reunion Gold
For further information, please contact:
Carlos H. Bertoni, Interim CEO or
Paul Fowler, Manager, Corporate Development
Telephone: +1 450.677.2585
Email: [email protected]
Figure 1: Map of the Oko West Block 4 and adjacent area showing schematic geology, mineralized zones (dashed red lines), and trench (brown), DD (black) and RC drilling (green) results in composite highlights. The locations of the cross and longitudinal sections are shown as green and red lines, respectively. Composite results in this press release are from holes with highlighted labels.
Figure 2: Geological section looking north near trench 44 in Block 4 shows schematic geology, mineralized zones (dashed lines), trench and drilling results composite highlights (see section location on Figure 1). Intervals with lengths inferior to 5 m are not listed.
Figure 3: Longitudinal section looking west of the Oko West mineralized “corridor” gold grade block model (block dimensions are 8x8x8 m). Continuity interruptions are daa constrained rather than a lack of mineralization. Some drill holes shown are off section. See 1.2 km bar in Figure 1.
Quebec Silica Announces Private Placement of up to $2 Million Units and Flow-Through Shares
Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) – Quebec Silica Resources Corp. (CSE: QTZ) ("Quebec Silica," or the "Company") is pleased…
Vancouver, British Columbia–(Newsfile Corp. – December 7, 2021) –( ) (“Quebec Silica,” or the “Company”) is pleased to announce that it is arranging a private placement of: (i) up to 6,250,000 of units (each, a “Unit“), at a price of $0.16 per Unit; and (ii) up to an aggregate of 5,000,000 of flow-through shares (each, a “FT Share“), at a price of $0.20 per FT Share for aggregate gross proceeds of up to $2,000,000 (the “Offering“).
Each Unit shall be comprised of one common share (“Common Share“) in the capital of the Company and one-half (1/2) of a transferable Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.20 for a period of two (2) years from the closing date (the “Closing Date“) of the Offering. The FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The net proceeds from the issuance of the Units will be used for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act(Quebec) (the “Qualifying Expenditures“), which will be incurred on or before December 31, 2022 and renounced to the subscribers with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In addition, with respect to Quebec resident subscribers of FT Shares and who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the “exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses” within the meaning of section 718.104.22.168 of the Taxation Act (Quebec).
In connection with the Offering, the Company may pay finder’s fees and issue finder warrants to eligible registrants consisting of: (i) cash finder’s fees of up to 8% of the gross proceeds of the Offering; and (ii) finder warrants in an amount equal to up to 8% of the number of Units and FT Shares issued pursuant to the Offering, exercisable at a price of $0.20 per Common Share for a period of two (2) years following the Closing Date.
The Offering is anticipated to close on or about December 15, 2021, or such later date as the Company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadians Securities Exchange (CSE). All securities issued pursuant to the Offering will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation.
is a mineral exploration, and development company focused on exploring, developing, and acquiring industrial mineral resources in Quebec, Canada. The Company is currently focused on its wholly-owned Charlevoix Silica Project, near St. Urbane, Quebec, Canada.
Additional information on Quebec Silica. is available at www.quebecsilica.com.
On Behalf of the Board of Directors,
“Raymond Wladichuk, P.Geo.”
Chief Executive Officer
For further information, please contact:
Elyssia Patterson – CFO
Tel: +1 (833) 474-5422
Email: [email protected]
Neither the Canadian Securities Exchange nor it’s Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Quebec Silica’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Although Quebec Silica believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Quebec Silica to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107002
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