Connect with us

Precious Metals

Canstar Seeks to Raise $6M to Expand Exploration of Golden Baie and Buchan’s-Mary March Properties

Toronto, Ontario – TheNewswire – November 15, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the "Company"), is pleased…

Published

on

Toronto, Ontario – TheNewswire – November 15, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”), is pleased to announce its intention to complete a non-brokered private placement financing (the “Offering”) for total gross proceeds of up to $6.0 million, consisting of up to 11,112,000 flow-through units (“FT Units”) of the Company at a price of $0.315 per FT Unit (the “FT Issue Price”) and up to 6,411,000 FT Units at a price of $0.39 per FT Unit (the “Premium FT Issue Price”). The Company reserves the right to increase the size of the Offering, subject to the approval of the TSX Venture Exchange (the “Exchange”).

 

Each FT Unit shall be comprised of one common share of the Company that will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (a “FT Share”) and one half of one common share purchase warrant (each whole warrant a “Warrant”).

 

Each Warrant shall entitle the holder to purchase one common share of the Company at an exercise price of $0.42 for a period of 24 months following the closing of the Offering.

 

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada)(the “Tax Act”), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before December 31, 2022, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2021. The Company intends to use such proceeds primarily on the Golden Baie property, located in south Newfoundland, and the Buchan’s-Mary March property in central Newfoundland.

 

In connection with the Offering, the company may pay finders’ fees in cash or securities, or a combination of both, as permitted by the policies of the Exchange. The Offering is subject to the receipt of all required regulatory approvals including the approval of the Exchange. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance.

 

The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

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, President & CEO

Email:              [email protected]

Phone:             1-647-247-8715

Website:        www.canstarresources.com

 

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.

 

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 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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2021 TheNewswire – All rights reserved.

Author: Author

Precious Metals

Take A Look – Gold Is Still Dirt Cheap!

One of my very favourite charts is gold in relation to the U.S. money supply and the chart below shows that gold is as cheap today as it was in 1970 at…

One of my very favourite charts is gold in relation to the U.S. money supply and the chart below shows that gold is as cheap today as it was in 1970 at $35 or 2000 at $300.

This article by Lorimer Wilson, Managing Editor of munKNEE.com, is an edited ([ ]) and abridged (…) excerpt from an article by . of goldswitzerland.com
Gold price adjusted for money printing shows that it is ripe for gold mania.

…so gold has not yet reflected the massive growth in fiat money that the world has experienced in this century.

Related Articles From the munKNEE Vault:

1. Gold/Monetary Base Ratio Suggests A Significant Monetary Event On the Horizon (+7K Views)

You have been warned! The financial world is descending into the trap of exponentially increasing debt that leads, slowly or rapidly, toward an abyss of monetary madness that can only mean much higher gold and silver prices in the future.

A Few Last Words: 
  • Click the “Like” button at the top of the page if you found this article a worthwhile read as this will help us build a bigger audience.
  • Comment below if you want to share your opinion or perspective with other readers and possibly exchange views with them.
  • Register to receive our free Market Intelligence Report newsletter (sample here) in the top right hand corner of this page.
  • Join us on Facebook to be automatically advised of the latest articles posted and to comment on any of them.
 munKNEE.com has joined eResearch.com to provide you with individual company research articles and specific stock recommendations in addition to munKNEE’s more general informative articles on the economy, the markets, and gold, silver and cannabis investing.
Check out eResearch. If you like what you see then…

 

The post Take A Look – Gold Is Still Dirt Cheap! appeared first on munKNEE.com.









Author: Lorimer Wilson

Continue Reading

Articles

BPM defines 2.2km long gold anomaly at the Santy project

Special Report: BPM Minerals’ first pass aircore drilling at its Santy gold project in WA has defined the 2.2km long … Read More
The post BPM defines…

BPM Minerals’ first pass aircore drilling at its Santy gold project in WA has defined the 2.2km long ‘Santy Prospect’ gold anomaly.

The company is confident there are numerous potential hosts for gold mineralisation along the main trend, as the project lies within the Tallering Greenstone Belt – which is considered prospective for mesothermal gold and VMS base-metal mineralisation.

The Tallering Belt hosts high-grade deposits and historical production from the Mixy Deposit (65,000 ounces gold at 4.3g/t gold), A-Zone (63,000 ounces gold at 2.1g/t gold) and Royal Standard Mine (68,000 tonnes at 13.1g/t gold).

Right project with potential for major gold discovery

This is the first drilling completed at the Santy Prospect that is coincident with previous sampling programs (rock chips up to 100.6g/t gold) and regional magnetic anomalism.

Drilling at magnetic anomaly UM1 intersected anomalous levels of nickel, cobalt and Platinum Group Elements (PGEs) which the company says highlights the potential for Julimar-style ultramafic intrusive mineralisation.

“This is a great start to exploration at Santy, with the definition of a large anomalous gold trend in wide-spaced aircore drilling providing a high level of confidence that we have the right project with the potential to deliver a major gold discovery in the Murchison Region,” BPM Minerals (ASX:BPM) CEO Chris Swallow said.

“As many recent Western Australian gold discoveries have highlighted, exploring under- cover requires multiple stage exploration programs to deliver a fusion of geological and geophysical data, guiding the geological understanding guiding future drill programs.

“Our work at Santy is just in its infancy, but we are excited by the opportunity and believe the project has all the hallmarks for a potential gold discovery.”

Pic: Santy Gold Project with newly identified 2.2km-long gold trend which remains open in all directions.

H1 2022 exploration planned

Follow-up exploration planned for H1 2022 with programs included a detailed drone aeromagnetics program in early January to assist with geological interpretation and drill targeting beneath cover.

Step-out drilling is also planned as mineralisation at the main Santy Prospect (IZ5) remains open in all directions.

The company expects new step-out aircore traverses to grow the gold footprint.

Infill drilling will be undertaken to define the primary source of the gold mineralisation in advance of Reverse Circulation drilling – with three high priority targets (IZ6,7 and 8) remaining untested.

 


 

 

This article was developed in collaboration with BPM Minerals Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post BPM defines 2.2km long gold anomaly at the Santy project appeared first on Stockhead.


Author: Special Report

Continue Reading

Articles

Great Southern is taking in the big picture of gold at Duketon

Special Report: Great Southern has embarked on a quest to sniff out the regional mineralisation across its 450sqkm Duketon gold … Read More
The post…

Great Southern has embarked on a quest to sniff out the regional mineralisation across its 450sqkm Duketon gold project with drilling starting at the Amy Clarke prospect.

The drilling of about 200 aircore holes for up to 8,000m of drilling is designed to test for gold anomalism, which is typically above 8 parts per billion gold to 690ppb gold, over at least 4km of strike at the prospect.

What’s notable about Amy Clarke is that it is just 3km along strike from Regis’ recently exhausted 322,000oz Erlistoun open pit gold mine, which supports the likelihood of a gold system being present at the prospect.

It also marks the first of several regional first-pass aircore drill programs that Great Southern Mining (ASX:GSN) is carrying out across the project as part of its ongoing exploration plans.

Recent drilling had returned some tasty high-grade hits at the Southern Star deposit with a top result of 4m at 15.3 grams per tonne (g/t) gold from 89m and 5m at 7g/t gold from 114m within 68m at 1.9g/t gold from 61m.

“We are excited to be back in the field again with this latest drill program at Amy Clarke,” chief executive officer Sean Gregory said.

“The drilling targets were defined after GSN’s extensive data compilation and confirmed by a successful soil sampling program earlier this year.

“We anticipate this to be the first of several regional first-pass drilling campaigns across key areas of the many kilometres of mineralised trends that strike through our Duketon Gold Project tenure.”

Aircore drilling at the Amy Clarke prospect. Pic: Supplied

Amy Clarke

Great Southern first acquired tenement E38/3518 in 2020.

Its review of extensive historical data – including 24,000 soil samples and 12,000 drill holes – led the company’s geologists to pick up a 2014 regional soil survey that identified a 2km area with anomalous gold and silver that became the Amy Clarke prospect.

Adding further interest, a rotary airblast program carried out by Sons of Gwalia in 1996 to the east of the anomalous area was also uncovered that included a 9m deep hole that finished in 3m grading 340ppb gold in a mineralised quartz vein.

The company subsequently followed up on this prospect with a more detailed soil survey this year that expanded the gold anomaly.

Notably, many of the pathfinder element anomalies, such as tungsten, arsenic and bismuth, are coincident with the gold anomalies supporting the theory that the gold source is nearby.

This soil anomaly also has similar size and tenor to Regis Resources’ (ASX:RRL) 2.1Moz Garden Well gold mine – the largest gold deposit in the broader Duketon Greenstone Belt.

Great Southern’s aircore program is expected to take about two weeks to complete with first assays expected early in 2022.

 

Other drilling

Besides the aircore drilling, the company has also secured a diamond drill rig and a reverse circulation drill rig for the summer of 2021-22.

These will be deployed to follow-up on the exceptional results at Southern Star, which included a new discovery zone 200m to the south of the deposit that will be the focus of extensional drilling.

This article was developed in collaboration with Great Southern Mining, a Stockhead advertiser at the time of publishing.  

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Great Southern is taking in the big picture of gold at Duketon appeared first on Stockhead.





Author: Special Report

Continue Reading

Trending