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New Age Metals Announces Updated Mineral Resource Estimate of the River Valley Palladium Project: 2.3 Million M&I and 1.6 Million Inferred Pd+Pt+Au Ounces

 

October 5, 2021 – TheNewswire – Rockport, Ontario – New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J.F) (“NAM” or “Company”) is pleased…

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October 5, 2021 – TheNewswire – Rockport, Ontario – New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J.F) (“NAM” or “Company”) is pleased to announce the release of an independent National Instrument 43-101 (“NI 43-101”) updated Mineral Resource Estimate for its 100% owned River Valley Palladium Project (“River Valley” or the “Project”) near Sudbury, Ontario
(Figure 1).

 

Harry Barr, Chairman and CEO of NAM, said, “We are very pleased to substantially improve on the previous Mineral Resource Estimates completed for the River Valley Palladium Project. At a CDN$15/t NSR cut-off, Pd+Pt+Au grades and total Measured and Indicated Mineral Resources increased compared to the previous updated 2019 Mineral Resource Estimate. The presence of higher-grade mineralization for many kilometres of strike-length at River Valley at a wide range of cut-offs, within 100 km of the Sudbury mining and processing hub (see Figure 1), bodes well for the ongoing Pre-Feasibility Study. In order to better highlight the potential for economic mining at River Valley, we graduated from a palladium metal grade equivalency used in the 2019 Preliminary Economic Assessment to an NSR-based model in the 2021 updated Mineral Resource Estimate. An advantage of this change is that NSR less the cut-off NSR better showcases the potential positive economics of the River Valley Project. The predominant contribution of palladium to the NSR clearly demonstrates that River Valley is a true PGM deposit, which is very rare outside of southern Africa. In addition, ongoing and future exploration programs will target zones for converting Inferred to Indicated Mineral Resources and new zones nearby with potential to expand the Mineral Resources.”

  


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Figure 1. Location of the River Valley Palladium Property relative to the City of Sudbury and established road and rail infrastructure.  Note that the Property is covered by two Mining Leases (red), which are surrounded by a buffer of mining claims (not shown).

 

Highlights of the updated 2021 Mineral Resource Estimate are as follows:

 

  • – At a cut-off of $C15 NSR/t, pit constrained Measured and Indicated Mineral Resources contain 2.25 Moz Pd+Pt+Au within 89.0 Mt grading 0.79 g/t Pd+Pt+Au or at $C47.6/t NSR and Inferred Mineral Resources of 1.59 Moz Pd+Pt+Au within 92.7 Mt grading 0.53 g/t Pd+Pt+Au or at $C31.1/t NSR.

 

  • – At a CDN$25 NSR/t cut-off, pit constrained Measured and Indicated Mineral Resources contain 1.96 Moz Pd+Pt+Au within 60.1 Mt grading 1.02 g/t Pd+Pt+Au or at CDN$60.5/t NSR and Inferred Mineral Resources contain 1.12 Moz within 48.4 Mt grading 0.72 g/t Pd+Pt+Au or at CDN$41.5/t NSR.

 

  • – Out-of-pit constrained Measured and Indicated Mineral Resources contain 31,000 ounces Pd+Pt+Au within 642,000 tonnes grading 1.49 g/t Pd+Pt+Au or at CDN$88.5/t NSR and Inferred Mineral Resources contain 62,000 ounces within 1.6 Mt grading 1.21 g/t Pd+Pt+Au or at CDN$68.1/t NSR, at a CDN$50 NSR/t cut-off.

 

  • – Recommendations include in-fill drilling to convert Inferred to Indicated Mineral Resources and exploration drilling down-dip/down-plunge of the mineralized zones to potentially expand the Mineral Resources along strike and at depth.

 

The updated 2021 Mineral Resource Estimate for River Valley, with an effective date of September 14, 2021, is summarized in Figure 2 and presented in Table 1.  

 


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Figure 2. Distribution of pit constrained Mineral Resources at CDN$15/t NSR cut-off by mineralized zone at River Valley. Grenville, Huronian and Nipissing units not shown for clarity. Note that the Pine Zone is not exposed at surface. M&I = Measured and Indicated, Ind: = Indicated, Inf = Inferred, NSR = net smelter return.

 

 
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1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.                                                               

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.                               
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

5. The Mineral Resource Estimate is based on US$ metal prices of $1,850/oz Pd, $900/oz Pt, $1,600/oz Au, $3.00/lb Cu, $16/lb Co, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN$ exchange rate used was 0.75.

6. The NSR estimates use flotation recoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% for Co, 90% for Ni, 80% for Rh and 65% for Ag and smelter payables of 80% for Pd, 80% for Pt, 85% for Au, 85% for Cu, 50% for Co, 90% for Ni, 80% for Rh and 65% for Ag.

7. The pit optimization used a mining cost of $2.25/t mined, combined processing and G&A costs of CDN$15/t, and pit slopes of 50º. The out-of-pit Mineral Resources used underground mining, processing and G&A cost of CDN$50/t.                                                                                 

At a cut-off of $CDN25/t NSR, pit constrained Mineral Resources are presented in Table 2.
The Measured and Indicated MRE relative metal contribution to the NSR is presented in Table 3. The predominant contribution of Pd + Pt (88.4%) is particularly noteworthy, given the rarity of such true PGM deposits in secure and established mining jurisdictions globally.

 


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Table 3.                                 Measured & Indicated MRE Metal Contribution to NSR at River Valley

Metal

Contribution (%)

Pd

74.6

Pt

13.8

Au

4.0

Cu

4.2

Ni

0.8

Co

0.2

Rh

2.1

Ag

0.3

Total

100.0

Detailed sensitivities of pit constrained and out-of-pit Mineral Resource Estimates by mineralized zones at River Valley are provided in the Appendices. More detailed breakdowns of the NSR-based cut-off sensitivity analyses for the pit constrained and out-of-pit Mineral Resource Estimates are outlined in the Appendices.  

The updated 2021 Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. (Brampton, Ontario) (“P&E”) using the drill hole database provided by NAM. The drill hole database consisted of 723 diamond drill holes totalling 156,421 m, which were drilled in many exploration campaigns completed between 2000 and 2020.

Comparison to Previous Mineral Resource Estimate

In 2019, an updated Mineral Resource Estimate and a Preliminary Economic Assessment of the River Valley Palladium Project were released.  The updated 2019 Mineral Resource Estimate was completed by WSP Canada Inc. with an effective date January 9, 2019. The Mineral Resource Estimate with pit constrained and out-of-pit cut-offs 0.35 g/t PdEq and 2.0 g/t PdEq, respectively, is presented in Table 4.

 

Table 41-7                                                                                                                                                                                    River Valley Updated Mineral Resource Estimate Effective January 9, 2019

Class

Cut-off

Tonnes

Pd

Pt

Rh

Au

Cu

Ni

Co

PdEq

PdEq (g/t)

(g/t)

(g/t)

(g/t)

(g/t)

(%)

(%)

(%)

(g/t)

Total Measured

0.35

56,025,400

0.54

0.20

0.013

0.03

0.06

0.02

0.006

0.94

2

71,300

2.33

0.75

0.036

0.09

0.12

0.02

0.002

3.38

0.35+2.00

56,096,700

0.54

0.20

0.013

0.03

0.06

0.02

0.006

0.94

Total Indicated

0.35

43,153,300

0.49

0.19

0.003

0.03

0.05

0.02

0.006

0.84

2

5,200

2.23

0.60

0.003

0.11

0.03

0.04

0

3.20

0.35+2.00

43,158,500

0.49

0.19

0.003

0.03

0.05

0.02

0.006

0.84

Total Meas + Ind

0.35

99,178,700

0.52

0.20

0.009

0.03

0.06

0.02

0.006

0.90

2

76,500

2.32

0.74

0.034

0.09

0.11

0.02

0.002

3.37

0.35+2.00

99,255,200

0.52

0.20

0.009

0.03

0.06

0.02

0.006

0.90

Inferred

0.35

52,306,000

0.31

0.15

0.012

0.04

0.04

0.02

0.001

0.63

2

0.35+2.00

52,306,000

0.31

0.15

0.012

0.04

0.04

0.02

0.001

0.63

  1. 1.CIM definition standards were followed for the Mineral Resource Estimate. 

  1. 2.The 2019 Mineral Resource models used Ordinary Kriging grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids. 

  2. 3.A base cut-off grade of 0.35 g/t PdEq was used for reporting Mineral Resources in a constrained pit and 2.00 g/t PdEq was used for reporting the Mineral Resources under the pit. 

  3. 4.Palladium Equivalent (PdEq) calculated using (US$): $950/oz Pd, $950/oz Pt, $1,275/oz Au, $1,500/oz Rh, $2.75/lb Cu, $5.25/lb Ni, $36/lb Co. 

  4. 5.Numbers may not add exactly due to rounding. 

  5. 6.Mineral Resources that are not Mineral Reserves do not have economic viability. 

  6. 7.The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 

 

The updated 2021 Mineral Resource Estimate is based on all historical and 2020 diamond drilling, more conservative mineralized domain wireframing strategy and revised mineralized domain modelling, inverse distance grade interpretation methodology, and higher overall metal prices, particularly for palladium. As a result, Measured and Indicated Mineral Resources increased compared to the previous Mineral Resource Estimate. At the CDN$15/t NSR cut-off, the pit constrained Measured & Indicated Mineral Resources total of 89 Mt grading
0.79 g/t Pd+Pt+Au (2.3 Moz) reported herein significantly exceeds the potentially mineable resources total of 78 Mt grading 0.79 g/t Pd+Pt+Au (2.0 Moz) reported in the 2019 Preliminary Economic Assessment of River Valley.

 

Pre-Feasibility Study Update

 

A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press release dated April 2021.  At this point, fresh drill core samples from the Dana North, Dana South, Lismer North and Lismer Ridge Zones are being processed, prepared and assayed for mineral processing and metallurgical testwork at SGS Lakefield. The geomechanical drill programs are underway on the Lismer and Dana Zones and the geotechnical site investigation program is to start imminently by Knight-Piésold. Environmental baseline sampling during seasonal low water conditions will be carried out by Story Environmental in Q4 2021.  

 

Exploration Update

 

Exploration in 2021 is focused on identifying opportunities for converting Inferred to Indicated Mineral Resources and for expanding the known Mineral Resources. An induced polarization geophysical survey and four drill holes totalling 1300 m have been completed at Banshee Zone.  Mineralization was intersected and assays are pending from the laboratory. A new trench has been excavated and more mineralization exposed to the east adjacent to the known mineralization at Dana South Zone. Mapping and sampling are underway and will be completed in Q4 2021.

About River Valley

 

The River Valley Palladium Project is located 100 road-km east from the City of Sudbury.
The Project area is linked to Sudbury by a network of all-weather highways, roads and rail beds and is accessible year-round with hydro grid and natural gas power nearby.  River Valley enjoys the strong support of local communities, like the village of River Valley, 20 km to the south.
A fully executed Memorandum of Understanding is in place with a local First Nation.  Environmental baseline studies re-commenced in 2020.

 

The current Mineral Resource Estimate is the subject of this press release. At cut-offs of CDN$15NSR/t (pit constrained) and CDN$50NSR/t (out-of-pit), the Mineral Resource Estimate consists of: 89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$47.58 NSR/t in the Measured and Indicated classifications; and 94 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$31.69 NSR/t in the Inferred classification. Contained metal contents are 2.3 Moz Pd+Pt+Au in the Measured and Indicated classifications and 1.6 Moz Pd+Pt+Au in the Inferred classification.  

 

The 2019 PEA results for the River Valley Palladium Project were announced in a press release dated June 27, 2019, and are based on the updated 2019 Mineral Resource Estimate. The 2019 PEA outlines a 20,000 t/day open pit mine and processing plant operation producing an average of 119,000 ounces of PdEq per year over a mine life of 14 years.  Using base case metal prices of US$1,200/oz Pd, $1,050/oz Pt and $3.25/lb Cu, the PEA showed a pre-tax NPV5% of US$261 million and a pre-tax IRR of 13%. At a +20% palladium price of $1,440/oz Pd, the pre-tax NPV5% increases to $501M and the pre-tax IRR to 19%.

 

The updated 2021 Mineral Resource Estimate will form a basis for the ongoing Pre-Feasibility Study of the River Valley Palladium Project.

 

About NAM

New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The Company has two divisions; a Platinum Group Metals division and a Lithium/Rare Element division.

 

The PGM Division includes the 100% owned, multi-million-ounce, district scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated
100 km from Sudbury, Ontario. The Company completed a positive Preliminary Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre-Feasibility Study on the Project in 2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and has plans to complete a surface mapping and sampling program in 2022.

 

The Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. Plans for 2021 include drone geophysics on at least five of the Company’s seven projects and a maiden drill program on the Company’s Lithium Two Project. On September 28, the Company announced a partnership with Mineral Resource Limited (MRL, ASX: MIN), the world’s fifth largest lithium producer to explore and develop the Company’s lithium project portfolio.

 

Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to [email protected] or Harry Barr at [email protected] or Cody Hunt at [email protected] or call 613 659 2773.

Opt-in List

 

If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news.

Qualified Persons

Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc., and an independent Qualified Person and Competent Person has reviewed and approved the technical content of this news release.

The contents contained herein that relate to the scientific and exploration results for the River Valley Project is based on information compiled, reviewed or prepared by Dr. Bill Stone, P.Geo., a consulting geoscientist for New Age Metals. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.

A Technical Report in support of this updated 2021 Mineral Resource Estimate for the River Valley Palladium Project will be prepared in accordance to NI 43-101 and filed on SEDAR (www.sedar.com) within 45 days of this news release.

On behalf of the Board of Directors

Harry Barr”

Harry G. Barr

Chairman and CEO

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 Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties.  These statements may differ materially from actual future events or results and are based on current expectations or beliefs.  For this purpose, statements of historical fact may be deemed to be forward-looking statements.  In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions.  These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.  The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.  Investors should not place undue reliance on forward-looking statements.

  

Appendices


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West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options

Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…

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Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (“West High Yield” or the “Company“) announces that its board of directors has approved and authorized the grant of 350,000 stock options (the “Options“) to a consultant of the Company effective October 21, 2021. The Options are granted in accordance with the terms of the stock option plan of the Company. All of the Options vest on their date of grant and every one (1) Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.34 per common share for a period of five (5) years from the Option grant date.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100621





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Scorpio Gold – Arranges Short-Term Credit Facility with Board

VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V:SGN) reports that certain of the directors…

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VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:SGN) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company’s activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.

As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.

Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company’s adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.

The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Brian Lock
Chief Executive Officer

Brian Lock
Tel: (604) 889-2543
Email: [email protected]

Anthony Simone
Tel: (416) 881-5154
Email: [email protected]
Website: www.scorpiogold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Goldwedge and Manhattan mines project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

SOURCE: Scorpio Gold Corporation

View source version on accesswire.com:
https://www.accesswire.com/669314/Scorpio-Gold–Arranges-Short-Term-Credit-Facility-with-Board





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Canstar Adopts Advance Notice By-law

 

Toronto, Ontario – TheNewswire – October 22, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”) announces…

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Toronto, Ontario – TheNewswire – October 22, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”) announces that its board of directors approved the adoption of an advance notice by-law (the “Advance Notice By-law”), establishing a framework for advance notice of nominations of directors by shareholders of the Company (“Shareholders”). Among other things, the Advance Notice By-law fixes certain deadlines by which Shareholders must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that must be included in the notice.  

The Advance Notice By-law provides a clear process for Shareholders to follow for director nominations and sets out a reasonable time frame for the submissions of nominees and the accompanying information. The Advance Notice By-law will help to ensure that all Shareholders receive adequate notice of the nominations to be considered at a Shareholder meeting at which directors are to be elected and can thereby exercise their voting rights in an informed manner. The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies.

More specifically, the Advance Notice By-law requires advance notice to the Company in circumstances where nominations of persons for election as a director of the Company are made by Shareholders other than pursuant to a request for a meeting or through a Shareholder proposal, in each case in accordance with the Business Corporations Act (Ontario) (the “OBCA”)

In the case of an annual meeting of Shareholders, notice to the Company must be given not less than 30 or more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of Shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Advance Notice By-law is effective immediately and will be placed before Shareholders for approval, confirmation and ratification at the next annual and special meeting of Shareholders of the Company to be held on November 29, 2021 (the “Meeting”). Pursuant to the provisions of the OBCA, the Advance Notice By-law will cease to be effective unless approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by Shareholders at the Meeting.

 

About Canstar Resources Inc.

Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

 

For further information, please contact:

Rob Bruggeman P.Eng., CFA

President & CEO

Email: [email protected]

Phone: 1-647-247-8715

www.canstarresources.com

 

Forward-Looking Statements

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 certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the obtaining of Shareholder approval at the Meeting in respect of the Advance Notice By-law, the expected timing of the Meeting, the Company’s expectation that the Advance Notice By-law will provide the Company’s shareholders, directors and management with a transparent, fair and structured framework under which Shareholders may submit director nominations, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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