VVC Exploration Corporation (TSX:VVC), dba VVC Resources, (" VVC ") announces that Proton Green, LLC. has entered into a non-binding term sheet ("Term Sheet") which contemplates the reverse merger ("Merger") with Schmitt Industries, Inc. (NASDAQ: SMIT) ("Schmitt").
VVC is a founding shareholder of Proton Green, which launched in 2021 and currently owns approximately 14% of Proton Green.
"I would like to congratulate our former VVC colleague Steve Looper on his tremendous work building Proton Green into a trailblazer in helium, carbon capture and the global energy transition," said Jim Culver, VVC President and CEO. "We are proud to have supported Proton Green in its start-up phase and be a part of its vision for a 'carbon negative future'. This is an eco-friendly project and great for VVC shareholders. "
The press release issued by Schmitt can be viewed at Cision PR Newswire . For more information on Proton Green, visit www.vvcresources.com/proton-green .
About VVC Resources VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC). To learn more, visit our website at: www.vvcresources.com .
About Proton Green Proton Green, LLC, is a producer of helium and hydrogen, and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache Country, Arizona, Proton controls a helium reservoir and carbon storage basin. Helium remains in short supply and is used to cool magnets in MRI systems, as the temperate of silicon during semiconductor manufacturing, for space and satellite system applications, as well as in many other critical technologies. Carbon capture and sequestration is fast becoming a climate imperative, and Proton has the ability to inject up to 22 million metric tons of CO2 per year at its primary basin, and over one billion tons of total storage capacity. For more information, please see Proton's website at: www.protongreen.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
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VVC Exploration Corp (TSXV:VVC, OTCQB:VVCVF) is a resource company currently working to bring its flagship Samalayuca copper property in Mexico to production. The 4,055-acre Samalayuca property is situated in the northern part of Mexico’s Chihuahua state in the Sierra Madre region 60 kilometers southwest of El Paso, Texas. The project is also supported by infrastructure including an access road and an available mining workforce.
In November 2020, the company, through its wholly owned subsidiary, Camex Mining Development Group Inc., acquired the remaining shares of Samalayuca Cobre S.A. de C.V. (SCSA). SCSA is the owner of the Kaity Property where VVC Exploration’s current flagship project Gloria is located.
Gloria is a sedimentary hosted project with a copper resource of 59.4 million pounds, indicated (9.6M tonnes grading 0.28 percent Cu) and 89.33 million pounds, inferred (14.4M tonnes grading 0.28 percent Cu). VVC has received both Environmental and Land Use Change Permits allowing the Company to initiate pilot mining operations at Gloria.
The company also has an additional two wholly-owned properties in Mexico’s mining-friendly jurisdiction: Cumeral and La Tuna. Both projects are gold-bearing and are at different points in the exploration process. VVC Exploration’s Timmins project in Canada is a greenfield project and the only project outside of Mexico.
VVC Exploration has initiated efforts to secure a position in the helium space by acquiring Plateau Helium Corporation (PHC), a Wyoming-based company focused on helium exploration and development in the western US. The company also purchased the Monarch Lease in the Byerly Field in Greely County, Kansas and the Syracuse Extension 1 in Cheyenne County, Colorado.
VVC Exploration is led by a management team with a wealth of mining experience and is supported by a board of directors with significant influence in both the mining and financial industries. The management and board are also notably invested in the company, with the CEO, members of management and the board of directors listed as top investors. As a whole, the company has a tight share structure with over 90 million shares held by the top 25 investors.
VVC has been involved in the Samalayuca property since October 2013, when the company optioned 33.75 percent of the project and took on management control. In 2015, VVC then increased that option to 67.5 percent.
In January 2021, VVC Exploration acquired Plateau Helium Corporation (“PHC”), a Wyoming Corporation focused on helium exploration and development, primarily in the western US. PHC’s initial target project is located in Kansas and currently comprises 69 leases covering 13,760 acres known as the Syracuse Helium Project.
The Company issued 7,000,000 shares of VVC to the shareholders of PHC in exchange for the 90% interest in PHC and placed the remaining 14 million VVC Shares in escrow, which will only be released from escrow in two tranches of 7 million shares each upon completion of two predetermined benchmarks. Any of the remaining VVC Shares not released from escrow within twelve (12) months will be returned to the treasury of VVC for cancellation. The shares are subject to a Hold Period expiring on May 27, 2021.
VVC also purchased a new helium property called Monarch Lease in April 2021. The transaction bolsters VVC’s ability to capitalize on the growing demand for helium, driven by increased global usage.
The purchase agreement allows MP to retain a 3 percent royalty in the shallow well rights from surface to 3100 feet (the “Shallow Rights”) and a 50 percent non-operated working interest in the deep oil and gas rights below 3100 feet (the “Deep Rights”). In addition to the 3percent royalty, standard industry royalties of 12.5 percent are payable to arm’s length land owners from the proceed of any production.
The Monarch Lease is a 1,720-acre property that is located in the Byerly Field in Greely County, Kansas and includes six formerly producing gas wells that are still connected to the Tumbleweed Midstream pipeline. All wells produced both methane and helium. PHC believes that production on these wells can be restarted with only minor re-work. Re-work on the Byerly field will commence immediately with the current expectation that the existing wells can be fully operational within 60 days.
VVC Exploration through its wholly owned subsidiary PHC, acquired a new gas property known as Syracuse Extension 1. Extension 1 is a 320-acre property located in Cheyenne County, Colorado and includes 2 gas wells drilled in 1989-1990 which were never put into production.
This property is adjacent to the Tumbleweed Midstream pipeline which is linked to a helium processing plant. Both wells contain methane and helium. At the time of drilling, one well had tested over 2,000 mcf per day and the other, over 3,000 mcf per day, of helium rich gas. These historical results have not been verified by PHC or any other independent party.
In March 2019, VVC Exploration released an updated resource estimate for the Samalayuca property. The report outlined an indicated resource of 59.4 million pounds of copper and an inferred resource of 89.33 pounds of copper.
“The 2019 resource estimate was generated using all exploration data up to December 2018. Whereas, the previous resource estimate in 2013 showed only an inferred resource, now both indicated and inferred resources are being reported. With a base case resource of 59.40 million pounds of copper indicated and 89.33 million pounds of copper inferred, VVC has a solid basis for treating Samalayuca as an attractive, viable project,” said VVC Exploration Chairman Terrence Martell.
Dr. James Culver has spent his over 40 years in the fields of commodities, international trade and trade finance, holding posts in government, academia and the private sector. For the last 20 years, he has focused on commodity finance and commodity project finance, primarily in mining and metals and agricultural products. He spent 22 years working in New York City where he most recently managed two private commodity asset-based lending companies and developed hedge funds to support their lending activities.
Previously, Dr. Culver served as Chief Economist and Director of the Economics and Education Division for the Commodity Futures Trading Commission where he was responsible for market surveillance and new product approvals. He also served for five years on the staff of the Committee on Agriculture of the US House of Representatives. In addition, Culver has been an active participant in a family-owned and operated business, The Parsons Group International Education Inc., for-profit educational services company. He earned his B.Sc. at the University of Tennessee Martin and his M.Sc. and Ph.D. degrees from the University of Tennessee Knoxville.
A Canadian mining engineer and geologist residing in Chihuahua, Mexico, Andre St-Michel has over 30 years of experience in the mining business with a focus on mine development, mill operation, administration and finance. He has spent the last 10 years working in Mexico where he currently serves as President and CEO of Freyja Resources.
From 2003 to 2008, he was a senior executive of Dia Bras (now Sierra Metals), responsible for its exploration programs and the start-up of its Bolivar copper and zinc mine. From initial start-up of the mine in 2005, production reached 450 tons per day in 2006 with annual projected revenues of approximately $27 million and cash flows of approximately $10 million, Prior to 2003, he served as President of ECU Silver Mining, developing programs and properties in the US, Brazil and Mexico. He holds a degree from the Laval University Engineering School and a Master’s degree in Project Management from University du Quebec. He is a professional engineer.
Michael Lafrance has been VVC Exploration’s Secretary and Treasurer and geological consultant since December 2012. Since 1980, he has served in similar roles with many other publicly-traded exploration companies. He is also the corporate secretary of POET Technologies Inc. (formerly Opel Technologies), a pioneer in the field of integrated circuits. He is a graduate of the University of Ottawa.
Kevin Barnes has served as the corporate controller and CFO of various public and private companies over the last 12 years. He also served in the role of IT Manager and Senior Accountant with Duguay and Ringler Corporate Services, a firm which provides corporate accounting and secretarial services to publicly-traded companies. He served as the Controller of Canada’s Choice Spring Water, one of Canada’s first publicly-traded bottled water companies.
He currently serves as CFO of Poet Technologies Inc., a pioneer in the field of integrated circuits and Controller of an international training institute with revenues of $100 million. Barnes received a computer operations diploma from Careers Development Institute and has a Certified Management Accountant designation from the ICMA Australia. In 2006, he became a member of the Institute of Chartered Secretaries and Administrators of Canada.
Dr. Terrence Martell is the Director of the Weissman Center for International Business at Baruch College and the Saxe Distinguished Professor of Finance where he oversees a myriad of international education programs and projects. He is also the Chairperson of the University Faculty Senate and an ex-officio member of the Board of Trustees at The City University of New York. His area of expertise and research is international commodity markets.
He is a Director of the Intercontinental Exchange (ICE) where he serves on the Audit Committee and has many roles. He serves on the Board of the Manhattan Chamber of Commerce and is a member of their Executive Committee. He is also a member of the New York City District Export Council of the US Department of Commerce and a member of the Reuters/Jefferies CRB Index Oversight Committee. Dr. Martell received his B.A. in Economics from Iona College and his Ph.D. in Finance from the Pennsylvania State University.
Peter Dimmell is a geologist and prospector who has been involved in mineral exploration in Canada, the United States and overseas for 38 years. He is experienced in all aspects of the mining industry and has guided on-site operations from exploration through to production. He is a past president of the Prospectors and Developers Association of Canada (PDAC), a director and former chairman of the Newfoundland and Labrador Chamber of Mineral Resources and a councilor and member of the Geological Association of Canada. He sits on the Board of Directors of four other public companies: Arehada Mining Ltd, Linear Gold Corp, Pele Mountain Resources Inc and Silver Spruce Resources Inc, for which he also serves as CEO.
Bruno Dumais is Vice President, Finance, for BroadSign International, a Montreal-based provider of digital signage solutions. He possesses over 20 years of experience in financial, forecast and strategic planning and is responsible for overseeing global financial activities. Prior to joining BroadSign, he was the Chief Financial Officer, Vice President of Finance and a Consultant at Mitec Telecom for seven years. He has also held senior level positions in companies crossing a variety of sectors, such as Gestion Exponent, Nortel Networks and Premier Tech. Dumais is a Chartered Professional Accountant and holds both a Bachelor in Business Administration from the University of Quebec in Rimouski and an International MBA from the University of Ottawa.
Patrick Fernet is a legal, operations, and corporate governance expert with more than twelve years’ experience in Canadian small-cap public corporations. He serves as a consultant to VVC on a variety of corporate matters. He has more than 15 years of governance experience with small-cap Canadian corporations.
Scott Hill has served as Chief Financial Officer of Intercontinental Exchange Inc (ICE) since May 2007. He is responsible for all aspects of ICE’s finance and accounting functions, treasury, tax, audit and controls, business development, human resources and investor relations. Hill also oversees ICE’s global clearing operations. Prior to joining ICE, Hill was Assistant Controller for Financial Forecasts and Measurements at IBM, where he oversaw worldwide financial performance and worked with all global business units and geographies. Hill began his career at IBM and held various accounting and financial positions in the US, Europe, and Japan, including Vice President and Controller of IBM Japan, and Assistant Controller, Financial Strategy and Budgets.
Emily King is a professional geologist specializing in building and leading multi-disciplinary teams to achieve clients’ high-priority objectives. She is the Founder and CEO of Global Ventures Consulting (GV), a mining and natural resources consulting firm. She is also the President of DZG, focused on partnering North American and Afghan capital to develop Afghanistan’s mining sector, and Senior Geological Advisor for SODEVCO, a chromite toll processing company.
Prior to founding GV, King led the $40 million per year mineral exploration, investment and promotional activities for an economic development task force in the US Department of Defense where she oversaw a team of over 40 experts. In that role, she explored 15 mineral deposits throughout Afghanistan, promoting and tendering four early-stage copper and gold deposits in partnership with the Afghanistan Ministry of Mines and Petroleum, Afghanistan Geological Survey and the US Geological Survey. She earned a degree in Geology from Bowdoin College, where she recently was a guest lecturer for the Earth and Oceanographic Science Department. She is also the Founder and active leader of Women in Mining: USA.
Leon Shivamber is a transformation leader with more than three decades of successful transformations under his belt. He learned about Strategy and Business Integrity during his years at McKinsey & Company, Change Management, and Rapid Transformation during his New York Consulting Partners years and High-Performance Acquisitions during his years at Arrow Electronics. He spent five years leading the prize-winning Supply Chain and Operations transformation at then Harris Corporation (now L3 Harris Technologies. For three years after that role, Leon extended and applied his transformation experience as a leader and general manager building an international joint venture in the Middle East.
Thereafter, Leon spent three years as CEO leading the vibrant UAE headquartered Atlas Group with strategic businesses in communications, defense, energy, food, healthcare, hospitality, public safety, and security. He also spent two additional years advising Atlas Group and other Middle-East-based corporations on their transformation efforts. Since that time, Leon has returned to the United States and has been acting as a Senior Advisor to several corporate transformations. He is a Fellow, Life Management Institute (FLMI), and a Trustee of the Board of Directors of Baruch College Fund.
VVC Exploration CORPORATION [TSXV: VVC] (the "Company") announces the extension of the expiry date of the following warrants:
These warrants were attached to private placements and debt financings approved by the TSXV in November 2017, December 2017 and January 2018. The warrants are not currently in-the-money, and no warrants were exercised. An aggregate of 7.73% of these warrants are held by insiders of the Company. The warrant extension is conditional on obtaining TSXV approval.
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Gloria Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com .
On Behalf of the board of Directors
For further information, please contact:
Patrick Fernet - (514) 631-2727 or Trevor Burbank - (214) 641-1041 E-mail: pfernet@vvcexploration.com E-mail: trevor@vvcexpl.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E 7 – Tel: 416- 61 9 -5304
News Provided by GlobeNewswire via QuoteMedia
VVC Exploration Corporation (“VVC” or the “Company”) (TSXV:VVC) announces the following:
Private Placement Financing VVC is raising up to CA$3.3 million (US$2.5 million) in a non-brokered private placement of units of the Company at a price of CA$0.05 per Unit. Each Unit consists of one common share and one common share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of three years, at an exercise price of CA$0.075 per share. The Company will pay a Finder’s Fee, not to exceed 7% of the aggregate amount raised by arm’s length finders, which fee may be paid in cash or by the issuance of common shares and warrants. It is expected that a maximum of 1 million shares and warrants will be issued to the Finders.
The Company expects to close the Private Placement in early September, subject to the acceptance of TSX Venture Exchange (“TSXV”). All securities issued pursuant to the offering will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
Net proceeds of the Financing, after paying the general costs of the issue and the cash portion of the Finder’s Fee, will be used will be used as needed for (a) development on the Kaity Property in Chihuahua, Mexico, including costs associated with various permits, metallurgical bench testing of the copper mineralization, and investigation, evaluation and implementation of the Gloria Pilot Mining Project, (b) option payments in Mexico, (c) current accounts payable, (d) general administrative expenses, and (e) working capital.
Annual Shareholders Meeting The Company’s shareholders’ meeting (the “Meeting”) will be held virtually on Friday, August 28, 2020 at 10:00 am. For more information please read the Information Circular available for download at www.vvcexpl.com/shareholder-meeting. The deadline for Proxy Voting is 10 am on Wednesday, August 26, 2020. To attend the Meeting as a shareholder or a guest, please register at https://www.vvcexpl.com/2020-agm-register.
Following the formal business session, management will present an update on the Samalayuca Project and other Company activities, and will be available to answer questions from shareholders, subject of course to respecting Securities Laws regarding “Selective Disclosure”.
Risk Factors The Company’s business involves a variety of operational, financial and regulatory risks that are typical in the natural resource industry. These risk factors are more fully described in the “Financial Instruments and Risk Management” section and the “Business Risks” section of its Management’s Discussion & Analysis (MD&A) which are prepared quarterly in conjunction with its Financial Statements and filed on SEDAR (www.sedar.com).
About VVC Exploration Corporation VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
For further information, please contact:
Patrick Fernet – (514) 631-2727 E-mail: pfernet@vvcexploration.com or Trevor Burbank – (214) 641-1041 E-mail: trevor@vvcexpl.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with VVC Exploration Corporation (TSXV:VVC) for an Investor Presentation.
VVC Exploration Corporation (“VVC” or the “Company”) (TSXV:VVC) announces the following:
VVC closed subscriptions for Tranche 1 of a non-brokered Private Placement financing, previously announced on February 5, 2020. To-date, VVC raised CA$951,560 (about US$722,000) and will issue to the placees an aggregate of 19,031,200 Units at a price of CA$0.05 per Unit. Each Unit consists of one common share (“Share”) and one-half of one common share purchase warrant (Warrant”), each full Warrant entitling the holder to purchase one additional Share of the Company at an exercise price of CA$0.06 per Share for a period of three years.
The proceeds of the Financing are for development on the Kaity Property in Mexico, including costs associated with various permits, metallurgical bench testing of the copper mineralization, and investigation, evaluation and implementation of the Gloria Pilot Mining Project. In addition, the proceeds are being used for option payments in Mexico, current accounts payable, general administrative expenses, and working capital as needed.
The TSX Venture Exchange (“TSXV”) conditionally accepted this Private Placement. The Company has requested an extension of 30 days in order to finalize and close a second tranche. The Company expects to raise an additional $200,000 to $500,000 within the next 30 days.
The Units for Tranche 1 will be issued later this week following the TSXV granting the extension. All securities issued pursuant to the Financing will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions. The Finder’s Fee will be paid on Final Closing.
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
For further information, please contact:
Patrick Fernet – (514) 631-2727 or Eugene Braigen – (214) 641-1041 E-mail: pfernet@vvcexploration.com
E-mail: trevor@vvcexpl.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with VVC Exploration Corporation (TSXV:VVC) for an Investor Presentation.
VVC Exploration Corporation (“VVC” or the “Company”) (TSXV:VVC) announces the following:
VVC is raising up to CA$2.0 million (US$1.5 million) in a non-brokered private placement of units of the Company at a price of CA$0.05 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of three years, at an exercise price of CA$0.06 per share. The Company will pay a Finder’s Fee, not to exceed 7% of the aggregate amount raised by the Finder, which fee may be paid in cash or by the issuance of up to 2,800,000 common shares and 1,400,000 warrants.
The Company expects to close the Private Placement in February 2020.
VVC is also raising up to US$7.5 million in a 5-Year Note Debt Financing, with a Par Value of US$8.4 million, on a non-brokered private placement basis, with a Final Closing expected on April 30, 2020, with 2 possible earlier Closings. Each $100,000 unit (Par Value $112,00) comprises (i) one Promissory Note of US$112,000 Par Value and (ii) 200,000 VVC share purchase warrants (“Warrants”) to purchase VVC shares at the greater of the Market Price at time of Closing or CA$0.06 expiring five years following the first Closing. Twelve Percent (12%) interest on the Par Value to start accruing on March 31, 2021, and to be payable quarterly with first payment due on June 30, 2021.
A Finder’s Fee of up to 4% may be paid to qualified arm’s-length person instrumental in introducing investors to the Company. In addition, the Finders could receive 25,000 Warrants for every Unit subscription received before February 28, 2020 and 12,500 Warrants for every Unit subscription received thereafter.
The total number of warrants to be issued to the investors and to Finders must not exceed the allowable amount under TSXV Policy 5.1 which will depend on the Market Price at each Closing. However, it is unlikely that the number of warrants to be issued at each Closing will exceed the said limits.
Net proceeds of both Financings, after paying the general costs of the issue and the cash portion of the Finder’s Fee, will be used for (i) the development of a Pilot Mine at the Company’s Gloria Copper Project in Chihuahua, State, Mexico, (ii) all Pilot Mine start-up costs, including but not limited to equipment, construction, supervision, and community activism, (iii) maintenance fees, permitting fees, exploration and option payments on all of the Company’s current and future mining projects, and, (iv) current accounts payable, (v) current general administrative expenses in Canada and in Mexico, and (v) working capital.
Only Accredited Investors can participate in these Financings. Both Financings are subject to the acceptance of TSX Venture Exchange (“TSXV”).
The Company’s business involves a variety of operational, financial and regulatory risks that are typical in the natural resource industry. The plans for the Company’s proposed Pilot Mining Operation, including the economic case for it, have been prepared internally by the management team. No independent National Instrument 43-101 (NI 43-101) compatible Feasibility Study (FS), Pre-Feasibility Study (PFS), Preliminary Economic Assessment (PEA) or other economic assessment has been carried out on the project, and therefore, there is no independent confirmation that the project will be economic.
The Company is exposed to price risk with respect to commodity price movements and volatilities, in particular, the variability of copper prices.
The Company will attempt to mitigate these risks and minimize their effect on its financial performance, but there is no guarantee that the Company will be profitable in the future, and investment in the Financing should be considered speculative.
The Corporation is subject to many other risk factors that are more fully described in the “Financial Instruments and Risk Management” section and the “Business Risks” section of its Management’s Discussion & Analysis (MD&A) which are prepared quarterly in conjunction with its Financial Statements and filed on SEDAR (www.sedar.com).
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
For further information, please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with VVC Exploration Corporation (TSXV:VVC) for an Investor Presentation.
VVC Exploration Corporation (“VVC” or the “Company”) (TSXV:VVC) announces the following:
The Company announced in a news release of October 21, its intention to convert certain outstanding indebtedness as at October 31, 2019, into Units of the Company, up to CA$175,000. The Company has received the necessary documentation from the participants and finalized this Debt Conversion. As such, an aggregate of CA$200,910 of indebtedness was converted into 4,018,200 common Shares (“Shares”) and 2,631,000 common share purchase warrant (“Warrants”), each Warrant entitling the holder to purchase one additional common share of the Company at an exercise price of CA$0.06 per share, expiring October 25, 2022. Two Insiders of the Company participated in the Debt Conversion, but were not entitled to receive Warrants. The Company is awaiting final acceptance of the TSXV. These securities will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
The Company closed, on October 25, a Private Placement financing for approximately CA$2 (US$1.5) million at a price of CA$0.05 per unit. The Company has now reopened a new Private Placement financing (the “Financing”) for CA$2 (US$1.5) million at a price of CA$0.05 per unit. Each unit (“Unit”) comprises one common share and one-half of one common share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of three years, at an exercise price of CA$0.06 per share. A finder’s fee may, in certain circumstances, be paid to certain individuals who will be instrumental in introducing investors to Company in conjunction with the Financing, and the finder can elect to take his fee in Units instead of cash.
The proceeds of the new Financing were for development on the Kaity Property in Mexico, including permits and associated costs, metallurgical testing, investigations, evaluations and implementation of the Gloria Pilot Mining Project. In addition, the proceeds will be used for option payments on our properties in Mexico, exploration on other properties in Mexico, current accounts payable, general administrative expenses, and working capital.
The Financing is expected to close in early 2020 and will be subject to obtaining the acceptance of the TSXV, and all securities to be issued pursuant to the Financing will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, specifically the Kaity Copper Project located in in Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of Northern Ontario. Visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
For further information, please contact:
Patrick Fernet – (514) 631-2727 or Eugene Braigen – (646) 245-3409 E-mail: pfernet@vvcexploration.com E-mail: eugene@vvcexpl.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with VVC Exploration Corporation (TSXV:VVC) for an Investor Presentation.
Not for distribution to United States newswire services or for dissemination in the United States.
ValOre Metals Corporation ("ValOre", or the "Company") (TSX-V: VO, OTC: KVLQF, Frankfurt: KEQ) today announced the closing of the non-brokered private placement financing (the "Offering") disclosed on August 19, 2022. ValOre issued 7,440,000 units ("Units") at a price of $0.40 per Unit for gross proceeds of $2,976,000. Each Unit will consist of one common share (a " Share ") in the capital of ValOre and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant being a " Warrant "). Each Warrant will be exercisable to acquire one Share at a price of CDN$0.60 per Share for a period of 24 months, expiring August 30, 2024.
ValOre intends to use the net proceeds raised from the Offering for additional exploration work on ValOre's Angilak Property uranium project in Nunavut Territory, Canada and the Company's Pedra Branca palladium platinum project in Brazil, as well as for general working capital.
All securities issued under this placement are subject to TSXV and securities regulatory legends expiring on December 31, 2022. Finders' fees of $3,840 and 9,600 Warrants were issued to various finders under the Placement. The finders' warrants have the same terms and conditions as the Warrants issued to the subscribers under the Placement.
Certain insiders of ValOre acquired Units in the Offering. Any participation by insiders in the Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") . However, the Company expects such insider participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would not exceed 25% of the Company's market capitalization. There are no material facts or material changes regarding the Company that have not been generally disclosed.
ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre's team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
On behalf of the Board of Directors,
James R. Paterson, Chairman and CEO
For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at contact@valoremetals.com .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
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 Statement Regarding Forward-Looking Information
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") has announced that it has obtained a final receipt for the final base shelf prospectus (the "Base Shelf Prospectus") it filed with the securities regulatory authorities in each of the provinces and territories of Canada.
The Base Shelf Prospectus allows the Company to qualify the distribution by way of prospectus of common shares, warrants, units and subscription receipts (all of the foregoing, collectively, the "Securities") or any combination thereof for aggregate gross proceeds of up to $15 million during the 25-month period that the Base Shelf Prospectus remains effective. The specific terms of any offering of Securities will be set forth in a prospectus supplement to the Base Shelf Prospectus, which will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
"Factors affecting the uranium fuel cycle and the global capital markets have been changing quickly. This base shelf prospectus provides Purepoint additional financial flexibility and efficient access to institutional capital so we can rapidly close on fundraisings when access to capital is available at reasonable terms", said Chris Frostad, President & CEO of Purepoint.
The Company has not entered into any agreements or arrangements to offer or authorize the sale of any Securities at this time.
In connection with the filing of the Base Shelf Prospectus filing, the Company has re-filed a technical report entitled "Technical Report on the Hook Lake Uranium Project Northern Saskatchewan, Canada" dated August 8, 2022 which amended the original technical report dated April 19, 2022 (the "Amended Technical Report"). A copy of the Base Shelf Prospectus and the Amended Technical Report can be found under the Company's profile at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Purepoint Uranium Group Inc. actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 175,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.
For more information, please contact:
Chris Frostad, President & CEO Phone: (416) 603-8368 Email: cfrostad@purepoint.ca
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Not for Dissemination in the United States or through U.S. Newswire Services
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135326
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Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the "Company") is pleased to announce that it has retained PI Financial Corp. (" PI ") to provide market making services in accordance with TSX Venture Exchange policies.
PI will trade the securities of the Company on the TSX-V for the purposes of maintaining an orderly market. In consideration of the services provided by PI, the Company will pay PI a monthly cash fee of $4,000 for minimum term of three months and renewable thereafter. The Company and PI are unrelated and unaffiliated entities. PI will not receive shares or options as compensation and does not hold any shares in the Company for long term investment purposes for the benefit of PI Financial. The capital used for market making will be provided by PI.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
______________________________________ Nikolaos Cacos , President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Blue Sky Uranium Corp.
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Skyharbou r Resources Ltd . (TSX-V: SYH ) (OTC QB : SYHBF ) (Frankfurt: SC1P ) (the " Company ") announces that it has closed a non-brokered private placement financing for total gross proceeds of CAD $3,500,319.84 (the "Private Placement"). The Private Placement was subscribed for by two strategic institutional investors.
Skyharbour has allotted and issued 7,292,333 units (the "Units") at a price of CAD $0.48 per Unit. Each Unit is comprised of one flow-through common share and one-half of one warrant (each whole, a "Warrant"). Each Warrant will entitle the holder to purchase one non-flow through common share for a period of three (3) years at a price of CAD $0.65 per share.
In addition, the Company has paid finder's fees of $50,016 and issued 104,200 finder's warrants (the "Finder's Warrants") to an arm's-length party. Each Finder's Warrant is exercisable into one common share for a period of up to three (3) years at a price of CAD $0.48.
The Company intends to use the proceeds from this Private Placement for exploration and upcoming drilling programs. The Private Placement is subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-and-one-day hold period.
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen projects, ten of which are drill-ready, covering over 450,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour is actively advancing these projects through exploration and drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin: http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble" Jordan Trimble President and CEO
For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drilling results from its maiden exploration drilling program on the 100% owned Murmac Uranium Project ("Murmac" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2).
The drilling program, which tested regional targets across the Project, identified elevated radioactivity in multiple drill holes within favorable geological settings for high-grade, unconformity-related basement-hosted deposits typical of the Athabasca Basin.
Results included near-surface intersections of elevated radioactivity (measured in counts per second or "cps"), between 20 and 150 metres below surface, within prospective graphitic units associated with favourable structure and hydrothermal alteration.
" This exploration drilling program represents our first pass testing Murmac for high-grade uranium deposits. The initial results demonstrate we are exploring fertile corridors for these deposits, and importantly, the intersections of elevated radioactivity within a number of drill holes indicate potential proximity to high-grade uranium mineralization. The Project has significant scale with over 30 kilometres of prospective graphitic rocks, and we see potential to make new discoveries through the follow-up of these results and testing of numerous other targets on the Project." commented Eric Bort, Exploration Manager for Fortune Bay.
Dale Verran , CEO for Fortune Bay, added " Nuclear energy is set to play a critical role in the drive toward a clean energy future, and now is the time to be exploring for uranium resources to meet the demand from the growing number of nuclear reactors globally. The Company's uranium projects present compelling exploration opportunities, with the right geological ingredients for Athabasca Basin basement-hosted uranium deposits, and proximity to local infrastructure within a historical uranium mining district in Saskatchewan ."
A total of 15 drill holes (3,168 metres) were completed at Murmac between June 16 and August 7, 2022 to test targets documented in the News Release dated June 16, 2022 along the Pitchvein, Armbruster and Howland Corridors. Drill holes targeted compelling geophysical features selected from VTEM TM (electromagnetic and magnetic) and ground gravity datasets, often associated with favourable structural settings and historical exploration results of interest. Operational efficiencies during the drilling program allowed the Company to increase the previously announced drill meterage from an estimated 2,500 metres to 3,168 metres. Drill hole collar information is summarized in Table 1, drill hole locations are shown in Figure 3, and select drill core photographs are provided in Figure 4 and Figure 5.
Table 1: Murmac Drill Hole Summary
Notes: Coordinates are reported in UTM NAD83 Zone 12N. Azimuth is true north. Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.
In summary, the drill holes encountered highly favorable geological settings for high-grade basement-hosted deposits associated with the Athabasca Basin. This included:
A summary of elevated radioactivity (>300 cps) encountered is provided in Table 2, with descriptions of the relevant lithological, structural and alteration features. Final drill results will be announced following receipt of uranium assay, geochemical and reflectance spectrometry data.
Table 2: Summary of Elevated Radioactivity Intersected
Disseminated radioactivity along foliation and locally along fractures in graphitic pelite, below the contact with overlying quartzite. Associated with hematization, chlorite alteration, graphitic shearing and faulting.
Disseminated radioactivity in chlorite altered graphitic pelite, proximal to a graphitic fault.
Radioactivity occurs at the base of a semipelite, associated with hematitic brecciation. Significant faulting within hole associated with cross-cutting Heatherington Fault.
Disseminated radioactivity within graphitic pelite in a hematized graphitic shear / breccia zone.
Disseminated to fracture-hosted radioactivity, within a graphitic pelite characterized by patchy hematization, chloritic shears, pyrite, local quartz flooding and disseminated sericite. Bleaching and clay alteration continues below zones of radioactivity.
Drill hole located approximately 225 m SW (along strike) of mineralized intersections from historical core holes, including 1.01% U 3 O 8 over 2.0 m (56.0 to 58.0 m in drill hole CKI-9) and 2.19% U 3 O 8 over 0.5 m (68.0 to 68.5 m in drill hole CKI-10).
Radioactivity associated with vuggy texture in psammite with bleaching, hematization, chloritization and elevated pyrite content.
Disseminated and fracture-controlled radioactivity, within a locally brecciated graphitic pelite with increased sulphide content. Association with chloritic shearing.
Designed as a follow-up hole testing approx. 50 m down-dip from elevated radioactivity intersected in M22-013.
Elevated radioactivity occurs along shears and fractures. A bleached and hematized fault zone is intersected immediately below zone of radioactivity.
Notes: Radioactivity is total gamma from drill core measured with a Super-SPEC RS-125 handheld spectrometer reported in counts per second ("cps"). The cps values are averages for the reported drill interval. The Company considers values > 300 cps to be elevated for the Project based on measurement of background lithologies. Measurements of total gamma cps are an indication of the presence of uranium, thorium and/or potassium, but may not directly correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be used directly to quantify uranium concentrations in the drill core samples. True thicknesses of the drill core intersections are yet to be determined. Target prefix A= Armbruster Corridor; H = Howland Corridor; P = Pitchvein Corridor.
The Company also announces that at its Annual General and Special Meeting of Shareholders (the "Meeting") held on June 20, 2022 , the Company's disinterested common shareholders approved the adoption of its amended DSU Plan (the "Plan"). Under the amended Plan, the maximum number of common shares which the Company may issue from treasury in connection with the redemption of DSUs granted under the Plan has been increased from 500,000 to 1,000,000. The Plan is fully described in the Company's management information circular dated May 16, 2022 (the "Circular"). The full text of the Plan is also appended to the Information Circular as Appendix "B", a copy of which has been filed on SEDAR at sedar.com under the Company's profile.
All drilling is being carried out with NQ2 or NQ diameter. Radioactivity measured in counts per second ("cps") has been measured using a Super-SPEC RS-125 Scintillometer. The measurements reported in this News Release are the measurements over 0.1 metre core increments, which is the approximate width of the instrument sensor. Core is removed from the core box and moved, if necessary, to a location where the instrument reads below background, and the measurement is collected by placing the sensor against the core at the required location. Background radioactivity is estimated at 200 cps, and values > 300 cps are considered to be elevated. The oriented drill cores are being subjected to comprehensive logging and sampling to characterize mineralization, alteration and structure. Drill core samples will be submitted to the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories (ISO/IEC 17025:2005 accredited) for uranium assay and multi-element characterization. Reflectance spectrometry will be undertaken on additional core samples to determine the presence of indicator clay alteration.
Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the Saskatchewan Mineral Assessment Database references 74N07-0310 and 74N07-0311.
The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.
Fortune Bay Corp. (TSXV:FOR, FWB: 5QN, OTCQX: FTBYF) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.
On behalf of Fortune Bay Corp.
"Dale Verran" Chief Executive Officer 902-334-1919
Cautionary Statement Regarding Forward-Looking Information Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or "the Company") is pleased to announce the commencement of an airborne electromagnetic (EM) and magnetic survey on its Wollaston uranium project, located 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of OranoDenison's McClean Lake Uranium Mill in the northeastern Athabasca Basin.
Ken Wheatley, Vice President, Exploration stated, "Drilling in the winter of 2022 demonstrated the uranium potential of the property with the discovery of the Gizmo zone. The airborne survey will aid with structural interpretations and precisely locate the EM conductors for identification of continuing gravity surveys. This will set the project up for investigating numerous high-priority targets with future drill programs, starting in 2023."
The Axiom Exploration Group Ltd. Is flying a Time Domain Electromagnetic survey (Xcite TDEM) and coincident magnetic survey over the whole project area (Figure 1). The lines will be completed at 100m spacing for an approximate total of 1650 line kilometres (Figure 2). Results from this survey will be available in September and will allow for the development of further drill targets on the project.
Figure 1: The Axiom Xcite TDEM airborne system in action.
To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_003full.jpg
Figure 2: Airborne EM and Magnetic Survey over the Wollaston Project.
To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4908/134428_bca52816b4d49baa_004full.jpg
The project is located on Highway 905, 10km south of Cameco's Rabbit Lake Uranium Mill and 30km south of Orano/Denison's McClean Lake Uranium Mill. The survey area is outlined in red. The two areas of current gravity coverage are shown, with the Gizmo showing located.
The Gizmo showing was discovered from last winters' drill program with five holes defining a very strong zone of alteration with uranium mineralization up to 0.21% U3O8 and boron (an indicator element) up to 2,200 ppm (see June 29 news release for details). A number of gravity lows are evident further to the south that have not been investigated by historic drill programs, and the EM/Magnetic survey will aid in prioritizing these targets.
Ken Wheatley, P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is a diversified energy metal company with uranium, copper, nickel, and cobalt projects in Saskatchewan, Canada's Number One Rated mining province for exploration and development, a strategic uranium land position in Nunavut and a strategic cobalt land position in the Idaho Cobalt Belt. For further information: https://www.forumenergymetals.com/
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo. President & 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.
Rick Mazur, P.Geo., President & CEO mazur@forumenergymetals.com Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134428
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