Marvel Discovery Corp. (TSX-V:MARV), (Frankfurt:O4T), (OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce that after compilation and interpretation of all existing data plus the results of the recently completed the airborne fixed wing magnetic survey, the Company will focus on the DD Zone for upcoming exploration efforts. The DD Zone represents an area of high merit and potential for success within the KLR and Walker Uranium Project ("the Property") in the Athabasca Basin. The study and recommendation for the DD Zone was completed by Exploration Facilitation Unlimited ("EFU
Highlights of the study prompting Marvel to focus on the DD Zone include:
"The DD Zone represents tremendous upside potential; the project is perfectly situated next to one of the largest Uranium resources in the world being Cameco that has produced some of the highest-grade Uranium. The Walker and KLR claims cover over 14,000 hectares along the Key Lake fault which is home to Canada's largest Uranium reserves. After careful study, compilation, and interpretation, we have narrowed our focus to a manageable area where precision IP has helped define a number of high priority drill targets. All the pieces of the puzzle are falling into place, and we look forward to initiating ground exploration with the anticipation of our inaugural drilling program later in the year." stated Karim Rayani President & Chief Executive Officer, Director.
Figure 1. Location of the Walker- KLR Uranium Project in the WMTZ Zone host to the highest-grade uranium deposits in the world.
The DD Zone is proximal and along strike to Fission 3.0 Hobo Lake uranium properties. Hosted within WMTZ, the DD Zone lies along the Key Lake Shear Zone and hosts 10 uranium showings and multiple unexplored EM targets (Figure 2).
Figure 3. Location of the DD Zone, neighbors, VTEM conductors, uranium occurrences along the Key Lake Shear Zone.
Like its neighbour to the west, the Arrow Deposit, owned by NexGen Energy lies along a similar structural corridor as the Marvel properties. The Arrow Deposit1, which has undergone a Positive Feasibility Study with robust economics contains Probable Reserves of 239.6 million lbs of U3O8 at an average of 2.37% U3O8 and Measured and Indicated Resources of 256.7 million lbs at an average grade of 3.1% U3O8. The Arrow Deposit is the largest undeveloped uranium deposit in Canada.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP has not completed sufficient work to verify the historic information on the Properties, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
Arrow Deposit1 https://www.nexgenenergy.ca/rook-1-project/default.aspx#feasibility-study
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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.
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Project diversity has become one of the resource industry’s best strategies for minimizing risks and maximizing exposure to exceptional discoveries associated with mineral exploration projects. Companies with a diversified portfolio covering battery metals, gold, energy and rare earths demonstrate that mining players don’t always have to put all their eggs in one basket.
Diversification across world-class mining countries like Canada presents even more exceptional economic upside. Investors can gain exposure from Ontario’s prolific multi-million-ounce gold camps while leveraging the country’s hottest iron and copper mines in Newfoundland. With the right company, operating a broad portfolio presents the best of all worlds.
One such company is Marvel Discovery (TSXV:MARV, Frankfurt:O4T1, OTCQB:MARVF), a Canadian mineral exploration company focused on generating, acquiring and exploring mineral opportunities across Canada. The company holds a robust project portfolio covering gold, nickel, PGE’s rare earth and battery metals.
The company’s projects host mineral richness across a wide spectrum of metals and leverage lengthy histories of mining and exploration in prolific jurisdictions, which many are seeing an exciting revitalization of.
Its outstanding gold project portfolio provides the company even more upside potential. Leveraging advantageous positioning in two of Canada’s hottest gold mining provinces, its Blackfly and Camping Lake properties in Ontario and Slip and Victoria Lake gold projects in Newfoundland pose exceptional exploration and high-grade gold mineralization opportunities.
Marvel Discovery’s flagship Blackfly gold property is located in the historic Atikokan district in Ontario. Blackfly is strategically positioned in one of the province’s earliest gold camps and in proximity to Agnico Eagle’s Hammond Reef gold deposit, which has an estimated open pit mineral reserves of 3.3 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold).
The Slip gold project is 10km west of New Found Gold’s (TSXV:NFG) Queensway project, which is “the largest ever consolidation of property within the Central Newfoundland Gold Belt.” Recent drill results at Queensway continue to demonstrate its potential to be a significant high-grade gold discovery. Historic work at Slip Gold indicate that both Queensway and Slip Gold are hosted in similar structural settings.
The Victoria Lake gold project in Newfoundland is also another one to highlight from Marvel Discovery’s portfolio. Historic work at Victoria Lake has indicated that it is hosted within similar structural settings to Marathon Gold’s (TSX:MOZ) Valentine Lake gold deposit, which is only 18 km away. Valentine Lake is poised to be the largest gold mine in Atlantic Canada. Preliminary grab samples from Victoria Lake ranged in value from 15.5 to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.
Future plans for the company include the continued development of its flagship Blackfly and secondary Slip gold project. In May 2021, Marvel Discovery received its work permit issued by the Ontario Ministry of Northern Development and Mines for Blackfly and its 2021 exploration program is ongoing. First results have been reported, with 40 of the 78 samples returned assays greater than 100 ppb gold, and 7 samples graded from 1.00 g/t and up to 2.99 g/t gold.
The company also acquired a significant land position within the Hope Brook Area where it staked 763 claims (19,075 hectares) which are strategically located and contiguous to First Mining Gold and to Sokoman Minerals-Benton joint venture. The new land position is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property is proximal to two major structures linked to significant gold prospects (Cape Ray, Matador Mining) and deposits (Hope Brook, First Mining) in southern Newfoundland.
Marvel Discovery’s six rare earth, nickel and uranium projects span across the entire country. This diverse spread of assets includes the Serpent River, Wicheeda North, Duhamel, Uranium City and Ungava & Overtime properties. The projects offer the company excellent exposure to Canada’s most prospective base and battery metal mining jurisdictions, including Ontario, British Columbia, Quebec and Saskatchewan.
The Blackfly gold property comprises 64 unpatented mining claims totaling 1,296 hectares near the historical Atikokan gold camp in Ontario, Canada. The property is located along and within the Marmion Lake fault zone, approximately 13.6 kilometers southwest along the strike of Agnico Eagle’s Hammond Reef gold deposit, which has an estimated 208 million tonnes grading 0.67 grams/tonne gold containing 4.5 million ounces of gold
Initial work documented by D.K. Burke in 1941 reported two gold vein shoots to the north and south of the property. The southern shoot averaged 11.9g/t gold over a thickness of 0.33 meters along a strike of 21.6 meters and the northern shoot averaged 13.44g/t gold over 0.27 meters within a 32-meter strike length.
The next step for the Blackfly gold project is to validate the 2012 drilling results through exploration. The first batch of 78 assay results from Blackfly were released in June 2021, and 40 of the 78 samples returned assays greater than 100 ppb gold.
The project presents exciting exploration potential as a high-grade system that has never been drilled to depth. Marvel has the option to earn 100 percent in the project subject to cash and exploration conditions.
The Slip Gold project spans approximately 3,700 hectares in the mining-friendly and resource-rich province of Newfoundland, Canada. The property leverages strategic positioning within the Exploits Subzone, a hotspot for a potential district-scale gold camp. Likewise, Slip Gold boasts similar structural settings to New Found Gold’s Queensway project and is tied to Marathon Gold, which is the northern Atlantic’s largest gold deposit hovering 4.6 million ounces.
The project hosts gold mineralization within altered intrusive rocks and quartz veins, historically sampling up to 44.5g/t gold at surface level. Additionally, Slip lies along a major regional structural thrust feature known as the Dog Bay Line and displays characteristics and gold values aligned with possible orogenic epizonal-type deposits. This unique geological profile warrants further exploration and development of the tremendous land package.
Marvel plans to begin exploration immediately and conduct the first phase of prospecting along the gold-bearing trends. The company plans to initiate soil and rock geochemistry and structural mapping to narrow down prospective grids for airborne magnetic and TDEM geophysical surveys and later drill targeting with the data collected.
The Serpent River project is located in Elliot Lake, Ontario and hosts a 20 million tonne uranium historical resource. This geological profile is consistent with high levels of chromium and nickel as well. With established mining companies nearby, the company is hopeful Serpent River will demonstrate similar high-quality mineralization and development opportunities.
Marvel has spent upwards of CAD$300,000 in VTEM surveying across the property’s six-kilometer-long and three-kilometer-wide anomaly. This unique Pecor anomaly is a strong regional magnetic high that has never been drilled at depth.
The Wicheeda North project is a rare earth elements property that spans 1,444 hectares of claims in the Cariboo mining division, British Columbia. The claim block adjoins the Defense Metals (TSXV:DEFN) Wicheeda rare earth mineral project hosts an indicated 4.9 million tonne rare earth deposit in Prince George, British Columbia.
Past exploration on the property includes airborne geophysical surveying from 2010, which successfully mapped Wicheeda’s magnetic and conductive geological properties across a 29.4 square kilometer area. The property remains highly prospective for Marvel.
For the past 15 years, Karim Rayani has focused on financing domestic and international mineral exploration and development. Most recently, Rayani was head of Bloomberry Capital Group, a Vancouver-based merchant bank and capital advisory firm. Prior, he worked independently as a management consultant and Financier. He is currently chair of R7 Capital Ventures Ltd; director of Fiber Crowne Manufacturing Inc., chair of District 1 Exploration Corp. Rayani has developed an extensive network of contacts throughout North America and Europe, focusing on Corporate Development and Finance.
Geoff Balderson has over 20 years of capital markets experience, having worked in public and private practice. Balderson is a senior officer and director of several TSX Venture listed companies and currently runs a private consulting practice Harmony Corporate Services Ltd., providing corporate advisory, accounting, filing and secretarial services to many publicly traded companies. Before, Balderson was an investment advisor at Union Securities and Georgia Pacific Securities and a University of British Columbia graduate in Marketing and Sales Management.
Gary Musil has more than 30 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1988. This experience has resulted in overseeing the financial aspects and expenditures on exploration projects in Peru, Chile, Eastern Europe, British Columbia, Ontario, Quebec, and New Brunswick (Canada). Prior, he was employed for 15 years with Dickenson Mines Ltd. and Kam-Kotia Mines Ltd. as a controller for the producing silver-lead-zinc mine in the interior of British Columbia, Canada.
Mark Luchinski holds degrees in Biochemistry & Microbiology from the University of Victoria and an Associates degree in Chemistry from Camosun College in British Columbia. Luchinski is an experienced board member, having served as an officer and director of many TSX Venture listed issuers. He is well versed in corporate governance, compliance and the administration of publicly traded companies.
Fraser Rieche has a BA in Economics and has 25 years of experience in international project management, logistics planning and corporate finance, having worked with resource-based industries and financial institutions worldwide. He has helped develop and finance mining projects in both North America and South America along with energy projects, oil and gas projects, fisheries projects and forestry projects in many different areas of the world.
TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce it has completed a structural interpretation of the high-resolution magnetic survey at the Gander East Project, Central Newfoundland. Several prominent shear and deformation zones have been identified that require follow-up prospecting, mapping, and soil sampling. Results of the boots on the ground campaign together with the favourable structural features will aid Marvel in targeting those areas of high merit for its inaugural Phase I drilling program
The Gander East Project consists of 274 claims totaling 6,850 hectares, which have been strategically positioned adjacent to New Found Gold's ("NFG") Queensway Project and along strike from both Exploits Discovery Middle Ridge Project and Sassy Resources Gander North Project (Figure 1). The Queensway Project is undergoing a 400,000 m drill campaign targeting 20 km of prospective strike along the regional scale Appleton and Dog Bay fault zones (Figure 2). NFG's most recent news release dated June 6, 2022, reported 9.12 g/t Au over 8.2 m and 42.6 g/t Au over 11.75 m beginning at only 8.8 m downhole. Parallel structures to those hosting gold in the Queensway and Middle Ridge project areas intersect the Gander East Project including a segment of the Gander River Ultrabasic Line (GRUB Line) that defines the easternmost bounding structure of the regionally prospective Exploits Subzone. Furthermore, the Gander East Project lies along strike to the south of a new regional gold trend defined by Sassy Resources as a part of their Gander North Project. The Structure is integral to the numerous gold occurrences and drill intersections within the Exploits Subzone.
Figure 1: Gander East Location Map Showing Strategic Location Adjacent to New Found Gold.
Figure 2: Gander East Location Map Showing Strategic Location and major fault positions.
The high-resolution magnetic survey was an extremely effective tool that enhanced the magnetic signature of the Property (Figure 3).
Figure 3: Contrast of regional government magnetic data left with magnetic signatures of a high-resolution magnetic survey right.
Other magnetic products from the high-resolution survey define and enhance the various rock types and structural features consistent with orogenic gold occurrences and deposits of the Exploits Subzone (Figure 4).
Figure 4: Magnetic inversions left aid in defining discrete magnetic units and structural features with increased amplitude effects right defining various rock types by their magnetic intensity.
As a result of the study of the magnetic products from the high-resolution survey, a major sigmoidal shear is interpreted through the central part of the property. Six areas of high merit will be targeted for follow-up prospecting, mapping, and soil sampling. These areas are deemed to have a high rate of success for orogenic gold mineralization based on known mineralization and alteration styles adjacent to the Property, folded and sheared sediment rocks, predominant shear zones, and numerous minor faults. (Figure 5).
Figure 5: Interpreted location of the predominant shear zone in the central part of the Property, left, and the 6 areas of interest targeted for follow-up exploration, right.
"The Gander East Project is a strategic land position for Marvel within the Central Newfoundland gold belt. The effectiveness of the high-resolution magnetic survey defines structural features that we know have been integral to the success of New Found Golds Queensway Project and the high-grade Keats Zone. Our robust magnetic dataset clearly enhances our structural and lithological understanding of the Property and vectors our next exploration phase to those areas of high merit for gold mineralization. Once the results of this next phase are received, Marvel will initiate an inaugural drill campaign", stated Karim Rayani, President & Chief Executive Officer, Director.
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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.
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Conifex Timber (TSX:CFF) announces Q1 2022 results
Conifex Timber (CFF) reported results for the first quarter ended March 31, 2022. Conifex Timber Inc. is a Canada based forestry company. Conifex Timber opened trading at C$1.82 per share. Ken Shields, CEO of Conifex sat down with Folake Ekwubiri to highlight the results. For the full interview with Ken Shields and to learn more about Conifex Timber, click here
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Marvel Discovery (MARV) has announced a Joint Venture agreement to expand its land position in the Rocky Mountain Rare Metal Belt. The company has a right to earn a 50 per cent interest in a 507-hectare claim block adjacent to the Wicheeda Project. Karim Rayani, President and CEO of Marvel Discovery sat down with Coreena Robertson to discuss the news. For the full interview with Karim Rayani and to learn more about Marvel, click here Trillion Energy (CSE:TCF) provides SASB drilling program update
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For the full interview with Art Halleran and to learn more about Trillion Energy, click here
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Marvel Discovery Corp. (TSXV:MARV), (FRA:O4T1), (OTCQB:MARVF); ("Marvel", or the "Company") is pleased to announce a Joint Venture agreement to expand our land position within the Rocky Mountain Rare Metal Belt. The Company has the right to earn a 50% interest from a private company, Eagle Bay Resources, upon completion of at least 2 (two) drill holes. The 507 hectarehectare claim block is located immediately adjacent to the west of the Wicheeda Project of Defense Metals
Defense Metals has recently been expanding the value of their Wicheeda Project through deposit definition drilling. Recently announced results (April 21, 2022) include 3.81% TREO over 116.8 metres, including two separate higher-grade intervals averaging 4.33% TREO over 38.8 metres, and 4.87% TREO over 37.5 metres. (Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Marvel's Property.)
Karim Rayani, President and Chief Executive Officer, commented, "We are very excited with the current developments coming out of the Wicheeda Camp. Marvel is in a great position now as we control a sizeable area of influence, and we look forward to working with our new partner Eagle Bay Resources to explore this new territory."
The Defense Metals Wicheeda REE Property is located in the Foreland Belt of the Canadian Cordillera, within the structurally dominant NW-trending Rocky Mountain Trench. The Rocky Mountain Trench is recognized for the occurrence of several Paleozoic carbonatite-syenite intrusion-related complexes that were geologically deformed, tilted, and transported to the east in thrust panels. The REE-enriched carbonatites located on the Defense Metals property is part of a narrow, elongate, southeast-trending intrusive carbonatite-syenite complex utilizing a structural panel within sedimentary sequences of the Cambrian to Ordovician Kechika Group.
Carbonatite-related rocks are exceptionally rare, with less than 700 complexes known worldwide. They are a major host for rare metals (REE's), such as niobium and tantalum, and rare earth elements (REE's), and are also known to host economic concentrations of copper, goldgold, and other base metals. The world's largest niobium mine, Araxa in Brazil, and several of the world's largest-rare earth element deposits, including Lynas Corporation's Mt. Weld deposit in Australia and MP Material's Mountain Pass Deposit in the United States, are all hosted by carbonatites. Mineralization and REE deposits described above are not necessarily indicative of the mineralization on the Property.
Marvel's original Wicheeda North Property, consists of two mineral claims, which encompass 2023 ha. This new JV brings the company's total land holdings within the Wicheeda Rare Earth Metal Belt to 2530 ha covering a total of 4 claims.
The technical content of this news release has been reviewed and approved by Neil McCallum, P.Geo., of Dahrouge Geological Consulting Ltd., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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.
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Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); (the "Company") is pleased to announce that it has closed the non-brokered private placement to raise a total of $401,500 by issuing 1,470,588 Flow-Through Units (the "FT") and issuing 1,044,828 Non Flow-Through Units (the "NFT
Each FT unit priced at $0.17 per unit will consists of one flow-through common share and one-half of one common share purchase warrant; each whole warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.30 for a period of 24 months following the acceptance date. The shares and warrants are subject to a four-month hold (as per TSX Venture Exchange policy).
Each NFT unit priced at $0.145 per unit will consists of one common share and one common share purchase warrant; each warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.25 for a period of 24 months following the acceptance date. The shares and warrants are subject to a four-month hold (as per TSX Venture Exchange policy).
The aggregate gross proceeds from the sale of the FT Offering will be used for exploration and development of the Company's British Columbia, Ontario, Quebec, and Newfoundland projects.
In total, Finders' fees totaling $15,000 will be paid in connection with the offering in accordance with the TSX Venture Exchange policies.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering, and payment of the Finders' fee are subject to the approval of the Exchange.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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.
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Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF); (the "Company") is pleased to announce a non-brokered private placement to raise a total of $400,000 by issuing 1,470,588 Flow-Through Units (the "FT") and issuing 1,034,483 Non Flow-Through Units (the "NFT
Each FT unit priced at $0.17 per unit will consists of one flow-through common share and one-half of one common share purchase warrant; each whole warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.30 for a period of 24 months following the acceptance date. The shares and warrants are subject to a four-month hold (as per TSX Venture Exchange policy).
Each NFT unit priced at $0.145 per unit will consists of one common share and one common share purchase warrant; each warrant ("Warrant") entitling the holder to subscribe for and purchase one non-flow-through common share ("Warrant Shares") at a price of $0.25 for a period of 24 months following the acceptance date. The shares and warrants are subject to a four-month hold (as per TSX Venture Exchange policy).
The aggregate gross proceeds from the sale of the FT Offering will be used for exploration and development of the Company's British Columbia, Ontario, Quebec, and Newfoundland projects.
A Finders' fees may be paid in connection with the Offering in accordance with the policies of the TSX Venture Exchange (the "Exchange").
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering, and payment of the Finders' fee are subject to the approval of the Exchange.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD Marvel Discovery Corp. "Karim Rayani" Karim Rayani President/Chief Executive Officer, Director Tel: 604 716 0551 email: k@r7.capital
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
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.
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Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost" or the "Company") (www.foremostlithium.com), is pleased to announce a non-brokered private placement for the sale of an aggregate of 1,992,814 flow through common shares of the Company (the "FT Shares") at a price of $0.34 per FT Share for gross proceeds of approximately C$677,556.76, (the "Offering"). The Company has received signed subscription agreements for the above targeted amount.
An amount equal to the gross proceeds from the Offering will be used for exploration expenses on the Company's mineral properties in Manitoba, which will qualify as "Canadian Exploration Expenses", will be either expenses that qualify for the "critical mineral exploration tax credit" or "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada), and will be "flow-through mining expenditures", as defined in the Income Tax Act (Manitoba). These expenseswill be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2022.
The FT Shares will be offered pursuant to available prospectus exemptions under NI 45-106 - Prospectus Exemptions in all the provinces of Canada and will be subject to a hold period in Canada of four months and one day following the closing date.
Closing of the Offering is subject to the satisfaction of certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals and compliance with the Policies of the Canadian Securities Exchange. Finder's fees of 7% cash consideration and 7% finder's warrants ("Finder's Warrants") may be paid to eligible arm's length finders in connection with the financing. Each Finder's Warrant will be exercisable to acquire one common share of the Company at a price of $0.20 per share for a period of 24 months from the date of issue.
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a resource exploration company driven to become one of the first North American Companies to provide lithium used to produce high quality battery-grade lithium hydroxide domestically to fuel the electric vehicle and battery storage market. Given the importance and global focus on increasing energy decarbonization, especially when it comes to vehicles, the company is hyper-focused in continued exploration and growth on its five lithium properties: Jean Lake, Grass River, Zoro and Jol located in Snow Lake, Manitoba, and Hidden Lake in the Northwest Territories. Foremost also holds its Winston Gold/Silver Project in New Mexico, USA
For further information please contact:
John Gravelle President and CEO Foremost Lithium Resource &Technology Ltd. Email: info@foremostlithium.com Phone: +1 (604) 330-8067
Follow us and contact us on social media:
Twitter: @foremostlithium Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology/mycompany Facebook: https://www.facebook.com/ForemostLithium
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the Company's properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the Company's projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases or decreases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, changes in applicable laws or stock exchange policies and receipt of any requires regulatory approvals and political and economic developments in areas in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.
UNITED STATES ADVISORY. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128823
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About Fortune Minerals Limited: Fortune Minerals Limited (TSE:FT) (FRA:FMP) (OTCMKTS:FTMDF) is a North American development stage mining company and past producer. Fortune is currently focused on advancing the vertically integrated NICO cobalt-gold-bismuth-copper project, comprised of a proposed mine and mill in the Northwest Territories that will produce a bulk concentrate for shipment to a refinery that the Company plans to construct in southern Canada.
Contact: Nancy Massicotte IR Pro Communications Inc. www.irprocommunications.com t: +1 604-507-3377 e: nancy@irprocommunications.com
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International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce assay results for Phase 1 of the diamond drilling program at the Raleigh Lake Lithium project near Ignace, Ontario, Canada.
Further to Company news releases dated February 9, March 21, and May 17, 2022; ILC is conducting a minimum of 5,000 metres core drilling at the Raleigh Lake project in two phases. Phase 1 ran during the winter months of March and April 2022 where ten (10) holes were drilled for a total of 2,053 metres (Table 1 and Figure 1). Eight holes targeted Pegmatite 1 in Zone 1 and two holes targeted Pegmatite 2 in Zone 2. All drill holes in Zone 1 encountered spodumene bearing pegmatites.
Pegmatite 1 Spodumene Zone Intersection Highlights*
Pegmatite 1 Rubidium Bearing Microcline Intersection Highlights*
* True thickness, where reported, is based on the interpreted geometry of the pegmatite bodies, the orientation of the drill holes and structural measurements from oriented drill core, otherwise the reported intervals are drill intercept widths.
All eight holes from the 2021 maiden drilling campaign were cored in Zone 1 and tested the up-dip and eastern extent of Pegmatites 1 and 3. Zone 1 is a stacked set of shallow dipping pegmatite dykes that make up the main target of the Raleigh Lake project. Eight holes from Phase 1 were cored into Zone 1 and and all eight intersected spodumene-bearing pegmatites with holes DDH22-09 and DDH22-10 intersecting 8.5 metres and 13 metres true thicknesses of spodumene-bearing pegmatite respectively; at an approximated vertical depth of less than 100 metres (see Company news release dated March 21, 2022).
Zone 1 pegmatites have been defined by drilling and surface exposures in an area exceeding 600 metres x 400 metres for Pegmatite 1. The Phase 1 drill holes were drilled interstitially to historic drill holes at step outs of 50 metres or more (if possible) to provide quantifiable data that can be used in a maiden resource calculation.
The first holes to be drilled at Zone 2 were targeting the down dip extension of Pegmatite 2, a small surface exposure of spodumene bearing pegmatite approximately 750 metres northwest of Pegmatite 1 with a similar structural orientation. Drilling locations were limited by topography resulting in a large step-out relative to the Pegmatite 2 outcrop. Encouragingly both holes DDH 22-17 and DDH 22-18, separated by a strike length of approximately 125 metres, intersected multiple metre and sub-metre scale pegmatite veins including a one metre scale vein (interpreted to be Pegmatite 2) containing moderate, patchy spodumene.
A summary of the analytical results for Phase 1 is given in Table 2.
As reported on May 17, 2022 The focus for Phase 2 was to test numerous lithogeochemical anomalies and alteration corridors identified in Zones 2, 3, 5 and 6 while continuing to test the extents of Pegmatite 1 and 3 in Zone 1. The Company is experiencing longer than anticipated wait times for the drilling permit to test targets defined in Zones 3, 5, and 6. As a result, drilling has remained within Zone 1 and 2.
At writing, the program has surpassed its targeted 5000 metres of drilling and will likely pause drilling for a few weeks while the permit process runs its course. The Company has re-prioritized drilling in the Zone 1 area where the high grade-spodumene and rubidium core can be traced closer to surface between the large gaps in the historic drilling. This will provide a much clearer picture of the mineralized zones to be used in an upcoming maiden resource estimate scheduled for later in 2022.
Table 1: Summary of drill holes cored during Phase 1 of the 2022 drill program at Raleigh Lake.
To view an enhanced version of Table 1, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_003full.jpg.
Table 2: Summary of significant mineralized intersections from Phase 1 Drilling at Raleigh Lake.
** All intervals reported in this table are downhole core lengths. Accurate true widths are unknown at this time but are estimated to be within 60-80% of the reported intervals based on the geometry of the bodies and structural measurements on oriented core.
Figure 1: Location of the Phase 1 drill holes at Raleigh.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_004full.jpg.
Figure 2: Approximate surface trace outline of Pegmatite 1 showing pierce points from drilling. Pegmatite 1 appears to have an enriched core trending updip toward the northwest. The Company is waiting on permits and will investigate this enrichment trend as soon as practical.
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_005full.jpg.
John Wisbey, Chairman and CEO of International Lithium Corp. commented:
"These are very encouraging analysis results from Zone 1 of our Raleigh Lake drilling based on the results from Phase 1 of our drilling. We are now well on the way to being able to release a maiden resource estimate for Zone 1 of Raleigh Lake late in 2022. The grades of lithium analysed so far are at the upper end of our expectations with up to 3.46% discovered. The rubidium also remains very interesting with up to 1.38% discovered.
Our Phase 2 drilling program at Raleigh Lake has now reached the 5,000 metres anticipated, with more good core samples from Zone 1, but with Zone 2 not very interesting and not a priority for further drilling. Owing to lack of permitting we have not yet been able to drill further north in Zone 1 to analyse the extent of the continuation of the Zone 1 pegmatites which we have already drilled extensively, nor have we been able to start drilling in Zone 5 which had the very high readings of rubidium and caesium as well as lithium that we announced on January 17, 2022. We will be starting drilling again as soon as practicable after receiving these permits which we now anticipate receiving at the end of July 2022. The permits have taken longer than usual, but our understanding is that this has been primarily due to staff shortages and turnover.
We will also shortly be starting aerial magnetic work on other parts of our wider Raleigh Lake claims and on our newly optioned Wolf Ridge property in Ontario.
Further announcements will be made at the appropriate time."
Photo 1: Upper rubidium zone as indicated by the monomineralic megacrystic microcline and the lithium rich spodumene core zone of Pegmatite 1 as encountered in RL22-09.
To view an enhanced version of Photo 1, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_006full.jpg.
Photo 2: RL22-10 showing Pegmatite 1 zonation of the spodumene core and a less developed microcline cap.
To view an enhanced version of Photo 2, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_007full.jpg.
Photo 3: RL22-13 showing the intense microcline mineralization of the rubidium zone in Pegmatite 1 with no associated spodumene zone.
To view an enhanced version of Photo 3, please visit: https://orders.newsfilecorp.com/files/3232/128731_0fff1d171455090e_008full.jpg.
Quality assurance/quality control procedures
International Lithium Corp. has implemented a rigorous quality assurance/quality control program to ensure best practices in sampling and analysis of diamond drill core. All assays are performed by Activation Laboratories Ltd. (ActLabs), with sample preparation and analysis carried out in their full-service facility in Dryden, Ontario. Sample preparation involves crushing the entire sample to 80% passing 2 mm, riffle split 250g and pulverize to 95% passing 105 µm (Code RX1).
Primary analysis method: Peroxide (Total) Fusion, ICP-OES & ICP-MS with 55 elements that include detection levels for Li of 15ppm - 50,000ppm and rubidium of 0.4 to 5,000 ppm (Lab code UT7). Sodium peroxide fusion provides total metal recovery and is effective for the decomposition of sulphides and refractory minerals which are common to pegmatite.
Over limit analysis method: Samples that return with results above the instruments detectable levels for lithium (50,000 ppm) and Rb (5,000 ppm) are then re-analyzed by Assay Grade, Peroxide (Total) Fusion (Code 8 Peroxide ICP-OES).
The drill program was under the control of a Professional Geoscientist, registered with Engineers & Geoscientists British Columbia. The Company and its contractors carried out the program under full compliance with COVID-19 protocols based on guidelines issued by Public Health Ontario and provincial health authorities of Ontario to ensure the safety and health, for all personnel.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits.
A key goal has been to become a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is now well placed in that respect with a strong net cash position.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
The Company's primary strategic focus at this point is on the Raleigh Lake lithium, rubidium and caesium project in Canada and on identifying additional properties.
The Raleigh Lake project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is ILC's most significant project in Canada. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a "green tech" sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has verified the disclosed technical information and has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520.
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128731
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Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce the results of its annual general meeting ("AGM") of shareholders held on June 22, 2022.
Shareholders holding a total of 62,309,179 common shares of the Company attended the AGM in person or were represented by proxy, representing over 47.1% of the 131,381,712 common shares issued and outstanding.
Robert Wares, Amy Satov, Jeffrey Hussey, Pierre Colas, Mathieu Savard and André Lebel were re-elected to the board of directors. The shareholders also re-appointed Raymond Chabot Grant Thornton LLP as auditors for the ensuing financial year.
Following the AGM, the Company approved the grant of an aggregate of 2,500,000 incentive stock options to directors, officers, employees and consultants of the Company. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.21. The stock options have been granted pursuant to the Company's Stock Option Plan and are subject to applicable securities laws and TSX Venture Exchange policies.
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under symbol BRW. The Company is focused on grassroot exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin, nickel and copper. The company is focused on rapidly advancing the most extensive grassroots lithium exploration claim package in Eastern Canada.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation 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 Corporation 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. 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 news release.
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Sandy MacDougall, CEO of Noram Lithium Corp. ("Noram" or the "Company") (TSX.V:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-80 (PH-12) and release of the final assay results. The Company completed core hole CVZ-80 at a depth of 356 feet (108.5 m). Sampling for assay began at 118 ft (36.0 m) and continued to the bottom of the hole, an interval thickness of 238 ft (72.5 m) was intersected. The hole ended in mineralization and the weighted average lithium values present were as follows
"Like CVZ-79 just to the north of it, CVZ-80 was drilled along the eastern edge of the Zeus property. These holes continue to extend the known lithium mineralization in that direction while upgrading a portion of the inferred resource to the indicated category. We are very pleased with these thick intersections of excellent grade material" comments Brad Peek, VP of Exploration and geologist on all six phases of Noram's Clayton Valley exploration drilling.
Table 1 - Sample results from CVZ-80 from 118 ft to a depth of 356 ft.
The samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.
Figure 2 - Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed for Phase VI. Phase VI holes are indicated in purple.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project as defined under National Instrument 43-101.
Noram Lithium Corp. (TSX.V:NRM) (OTCQB:NRVTF) (Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company's flagship asset is the Zeus Lithium Project ("Zeus"), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that 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 statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, 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. Noram 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 applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
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