Silver Spruce Samples More High Grade Gold Surface Mineralization at Cocula Advanced Gold Project
Momentum Public Relations
Press Release: September 12, 2019
Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) (“Silver Spruce” or the “Company”) is pleased to announce that it has received gold, silver and base metal assays from new rock chip samples taken from the surface at the Cocula gold project in Jalisco State, Mexico, as part of the due diligence program being conducted by the Company.
Nine out of 26 rock chip samples recently taken from surface outcrop returned gold assay values of 0.88 g/t gold up to 12.55 g/t Au. These recent sample assays continue to confirm the presence of widespread gold mineralization at surface.
Selected assays from the Cocula sampling program.
Sample |
Width |
Weight |
Au |
Ag |
Cu |
Pb |
Zn |
13369 |
1.5 |
1.62 | 0.88 | 12.9 | – | 0.76 | 0.13 |
13370 |
0.5 |
1.86 | 1.25 | 36.0 | – | 0.57 | 0.12 |
13374 |
0.4 |
3.02 | 12.55 | 53.2 | – | 2.60 | 0.24 |
13376 |
0.6 |
2.64 | 1.40 | 36.7 | – | 5.07 | 0.13 |
13377 |
0.4 |
3.34 | 1.68 | 35.9 | – | 4.40 | 0.16 |
13378 |
0.6 |
2.14 | 2.70 | 28.1 | – | 0.51 | – |
13379 |
0.5 |
2.60 | 5.89 | 41.4 | 0.22 | 0.67 | – |
13385 |
0.4 |
2.40 | 1.60 | 12.6 | 0.11 | 0.24 | – |
13393 |
1.0 |
2.18 | 0.94 | 34.7 | – | 7.36 | 0.17 |
The samples were taken during a two week mapping program over the main mineralized area at Cocula. Three types of spatially related mineralization/alteration were recognized: a westernmost area of massive and milky quartz veining with pyrite, galena and oxide copper minerals hosted by chloritized andesite with disseminated pyrite and local epidote interpreted as propylitic alteration. Quartz types and textures are believed to be indicative of higher temperatures. A central zone of quartz matrix breccia and stockwork quartz veining with iron oxides and jarosite exhibits epithermal textures and less pyrite and galena consistent with lower temperatures of formation, The easternmost zone of crystalline quartz- and massive to bladed barite veining with manganese oxides that may postdate other mineralization. All of these zones are associated with gold mineralization and may represent a zoned system. To the south of the main stockwork zone, the wallrock adjacent to the main structure are strongly argillized. This zone overlaps the stockwork mineralization and extends along the main NW-SE mineralized structure.
The recent work indicates that past drilling may have inadequately explored the geometry of the mineralization over several targets. The previous drilling was done by the reverse circulation method and no structural information was obtained. Many of the drill holes in the main structure are vertical and do not cross structures interpreted as steeply dipping whereas drill holes to the west are angled, though too short to intersect the main mineralization tested by the vertical holes. The Company intends to test these areas during its first drill program.
Quality Assurance and Quality Control
Samples collected by ProDeMin on behalf of Silver Spruce were analyzed by ALS Global, a worldwide analytical testing laboratory well-known in the exploration and mining community. Samples submitted to ALS consisted of rock chip samples that were analyzed for gold by the Au-AA26 method, consisting of a 50 g fire assay with an AA finish. Silver and base metals were analyzed with the 25 gram ME-TL43 package using aqua regia digestion and ICP-MS finish. Blind control samples consisting of a standard pulp and a coarse blank were inserted in the sample stream and laboratory also uses standards and blanks as part of its routine QA-QC program.
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, is responsible for the technical content of this press release.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino de Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
- Published in Mining, News Home, Silver Spruce Resources
Sirona Biochem Adopts Shareholder Rights Plan
Momentum Public Relations
Press Release: September 11, 2019
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (“Sirona“) is pleased to announce that its board of directors has approved the adoption of a shareholder rights plan (the “Rights Plan”). The Rights Plan is subject to acceptance by the TSX Venture Exchange (“TSXV”) and ratification by Sirona’s shareholders within six months. If the shareholders do not ratify the Rights Plan at the AGM, the Rights Plan and all the rights outstanding at the time will terminate.
The Rights Plan, also commonly referred to as a poison pill, is designed to ensure that, in the context of a bid for control of the Company through an acquisition of shares, all shareholders have an equal opportunity to participate in, and adequate time to assess, the bid. The Rights Plan is not intended to prevent take-over bids that treat shareholders equally and offer fair value. The Rights Plan expressly permits certain take-over bids, referred to as “permitted bids”, that meet basic requirements intended to protect the interests of shareholders.
Under the terms of the Rights Plan, one right (a “Right”) will be issued by the Company for each outstanding share. The Rights become exercisable only if a person acquires 20% or more of the shares of the Company without complying with the “permitted bid” provisions of the Rights Plan or without the approval of the Company’s board of directors. Once exercisable, the Rights entitle holders (other than such acquiring person, its affiliates, associates and joint actors) to purchase shares of the Company at a substantial discount to the prevailing market price at the time that the Rights become exercisable.
The Rights Plan was not adopted in response to any specific take-over bid for the Company that has been made or that the Company is aware of. The Rights Plan is similar to plans adopted by other Canadian companies. The Rights Plan also addresses concerns that a person may acquire control of Sirona through market purchases of shares, known as a “creeping bid”, without paying fair value for a control position or sharing a control premium equally among all shareholders.
A copy of the Rights Plan will be filed on SEDAR at www.sedar.com following the approval of shareholders and the acceptance by the TSXV.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.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 press release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2019/11/c0783.html
Contact:
regarding this press release, please contact: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in Life Sciences, News Home, Sirona Biochem
Crystal Lake Mining Provides an Update on Designed Exploration for High-Grade Gold within the Newmont Lake Gold Corridor, NW BC, Golden Triangle, Eskay Camp
Momentum Public Relations
Press Release: September 10, 2019
Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG) (“Crystal Lake” or the “Company“) is pleased to provide an update on exploration designed to test the Newmont Lake corridor for high grade gold mineralization on the Company’s roughly 700 km2Newmont Lake Project in the heart of BC’s Golden Triangle. The Newmont Lake corridor contains the historic Newmont Lake gold mineral resource, which sits at the western flank of the strongly endowed Eskay Rift. Geological work has established potential for the known deposit to be open along strike. A thorough review of historic drill core, assaying of previously untested drill core, and construction of a 3D model underpins a new understanding of the deposit and has provided a number of targets along strike from the historic resource where potential extensions or new mineral zones may exist.
High-Grade Gold Targets in the Newmont Lake Gold Corridor
Assay results from an extensive program of surface mapping and geochemistry of rock chip samples and previously unsampled core have shown that high grade gold mineralization follows the trend of the McLymont Fault Zone (please see the Company’s News Release dated September 4th, 2019) over a strike length of >8kms centered along the trend of the Newmont Lake resource.
Multiple boulders containing high grade gold mineralization with up to 84.4 g/tonne gold have been traced back to a new target in the Arseno Zone. The boulders are selected samples that are not in situ, the source of these samples is not known and is not necessarily indicative of mineralization hosted on the property. Similar mineralization in outcrop has been traced back to a possible source which is interpreted to be covered by ice. This target is a step-out along trend from the historic Newmont Lake deposit, and drilling is being guided by a combination of outcropping mineralization, alteration, and chargeability response in the IP survey.
Plan View of the Newmont Lake Gold Corridor between NW Zone and Arseno showing locations of IP lines, and the location of the historic NW Zone resource. Historic and 2019 assays are collected from multiple historic boulder samples inferred to be locally sourced. The boulders are selected samples that are not in situ, the source of these samples is not known and is not necessarily indicative of mineralization hosted on the property.
The first 3 drill holes at the NW Zone tested the northern portion in the footprint of the historic inferred resource that contains 1,406k tonnes at an average grade of 4.43 g/t Au, 0.22% Cu and 6.4 g/t Ag at a projected “base case” cut-off grade of 2 g/t Au containing 200,000 oz Au, 6.79 million lbs of copper and 291,000 oz of silver (Mineral Resource Estimate on the North West Zone, Newmont Lake Property, submitted to Romios Gold Resource Inc., May 11, 2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980’s and early 1990’s. The objective of the initial drilling is to better understand the geological controls on mineralization and evaluate whether historic sampling adequately reflects the grade. Drilling beyond the northern and southern trend of the historic resource is designed to identify extensions of mineralization based on the newly developed geological model. The drill targets have been constrained based on the geological data together with the trend of mineralization and the chargeability response from the 2019 IP survey.
The mineral estimate cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
Crystal Lake Expands the Newmont Lake Project
Crystal Lake has staked an additional 5,423 hectares of claims contiguous with the Newmont Lake and Foremore Claims Properties. The total land package now comprises a total 728km2 (72,800 hectares), which makes Crystal Lake the holder of one of the largest and most prospective projects within the Eskay Camp.
Maurizio Napoli P. Geo., VP Exploration of Crystal Lake commented, “Our 2019 exploration program has indicated that the McLymont Fault running through the centre of our Project is an important control of the high-grade gold mineralization in the historic resource of 200,000 ounces completed in 2006. Our sampling campaign of historic drill core that had not been previously assayed has demonstrated that there are unsampled gold bearing intervals within the resource volume implying that a significant amount of gold, silver and copper values may be under-reported within the area of the historic resource. The objective of our current drilling campaign is to expand the current resource and, to discover new high-grade gold zones along the McLymont Fault.”
Crystal Lake’s land package in the Eskay Camp including the newly conjoined Newmont Lake and Foremore properties.
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Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
Quality Assurance/Quality Control
Rock samples from the Northwest Gold Zone were sent to MSA Labs’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA Labs’ analytical facility in Langley, B.C, where they were analyzed for gold using method FAS-121 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock samples were analyzed for 53 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.
Crystal Lake Mining conducts its own QA/QC program where three standard reference material pulps, two blank reference material samples are inserted for every 100 samples when analyzing rock samples.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
For further information please contact:
MarketSmart Communications
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email: info@marketsmart.ca
Momentum Public Relations
Tel: +1 (514) 815-7473
Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Mining, News Home
Silver Spruce Files NI 43-101 Technical Report on Cocula Gold Project
Momentum Public Relations
Press Release: September 10, 2019
Silver Spruce Resources Inc. (“Silver Spruce” or the “Company”) is pleased to announce that it has filed the first NI 43-101 technical report for the Cocula gold project on www.sedar.com. The report, dated August 27, 2019, is entitled, “Geology and Exploration of the Cocula Project, Municipality of San Martin Hidalgo, Jalisco State, Mexico” and was prepared for the Company and authored by Francisco Manual Carranza, CPG, of Hermosillo, Sonora State, Mexico.
“We are pleased to have filed the maiden NI 43-101 technical report for the advanced Cocula gold project. This marks another step completed in our due diligence program, which is progressing and generating new data,” stated Karl Boltz, CEO of Silver Spruce. “The occurrence of widespread gold mineralization at surface, including grades up to 16.65 grams per tonne (g/t) gold assayed from rock chip sampling, indicate robust gold mineralization along with significant presence of lead, zinc, silver and copper.”
The Company will continue its due diligence activities designed to support a definitive purchase decision, subject to its binding Letter of Agreement with ProDeMin, SA de CV (“ProDeMin”).
Qualified Person
Dr. Craig Gibson, Ph.D., CPG, Qualified Person, is responsible for the technical content of this press release.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company pursuing development of the Pino de Plata project, located in the prolific Sierra Madre Occidental region of western Chihuahua State in Mexico. The Company has signed a binding Letter of Agreement to acquire 100% of the advanced Cocula gold project in Jalisco State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Contact:
Silver Spruce Resources Inc.
Karl Boltz, President/CEO/Director
(866) 641-3397
info@silverspruceresources.com
www.silverspruceresources.com
SOURCE: Silver Spruce Resources Inc.
- Published in Mining, News Home, Silver Spruce Resources
EXMCeuticals Inc. provides Corporate Update
Momentum Public Relations
Press Release: September 10, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a cultivator and producer of cannabis extractions and refined ingredients for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries is very pleased to provide a corporate update following a series of announcements in the last few months.
Addition of cannabis industry leader Tripp Keber
Recently, EXM announced that cannabis industry leader and former Dixie Brands’ CEO Tripp Keber is joining the Company as Strategic Advisor to the Board. Mr. Keber now works closely with the Board of Directors and existing executive management team to assist with the future development of the Company, bringing his significant professional experience and connectivity totalling more than a decade within the industrial cannabis, cannabinoid ingredients and hemp industries.
Significant progress in Portuguese Operations with R&D facility, new project and pilot-scale refinery
The initial operations are now fully installed, staffed and functional. Progress includes new Research and Development (R&D) facility working on new CBD and terpene protocols and research opportunities for various industries. Research projects are already underway as part of the Portugal 2020 grant initiatives.
New strategic initiative with Haywood Securities Inc.
Also, the Company announced it has appointed Haywood Securities Inc. as its Canadian adviser. Haywood is a full-service investment bank that seeks to work with young companies and offers an impressive team of investment banking professionals. EXM has subsequently signed an agreement with Momentum PR who will represent the Company, convey our plans, and engage proactively with investors in Canada.
EXM in Uganda
EXM has commenced the initial test cultivating of cannabis in Uganda and is further developing its nursery operations and farming infrastructure. Nursery activities are currently focused on establishing high CBD content strains that will then grow well in the local environment. Total available cultivatable land is in excess of 2,000 hectares. EXM has already built and installed a fully operational extraction plant which has been tested with harvested cannabis.
“This is a very exciting time for EXM and I’m truly happy with the way things are going,” said Jonathan Summers, Chairman of EXM. “The best part about all these announcements is that this is only the beginning in reaching our short-term milestones,” he added.
Upcoming updates: Portugal activities, GFR & Malawi Cannabis
In addition, EXM’s Portugal team is excited about significant progress that has been achieved in reaching the Company’s technical and scientific objectives in regard to its activities in Portugal. The team is expecting to receive the initial license in September which would allow the Company to import, research and refine cannabinoids within Europe, utilizing the pilot facility that has already been built and staffed. EXM intends to submit the application for a commercial production license shortly. With regard to EXM’s R&D activities we are on the verge of signing a partnership with a leading UK university, in addition to the partnership already in place with Nova University, Lisbon.
EXM is in the process of finalising its planned joint venture with GFR Pharmaceutical. GFR is Canada’s biggest white-label nutraceutical company and the soon-to-be-named joint venture will establish and operate a state-of-the-art production facility to distribute full spectrum hemp oil products across North America. EXM will supply full spectrum hemp oil ingredients to the joint venture on a cost-plus basis and will own 50% of the entity and the products that are created.
With regard to Malawi, the Company will complete in a near future the signing of formal agreements for the acquisition of the entirety of the prize farming and processing asset in the country. This asset is arguably being acquired on very attractive terms for EXM shareholders and has been fully funded by the seller through to the end of Q1 2020 as part of the transaction terms. This 2000-hectare farm and the factory is fully staffed and operational, already generates revenues, and is actively growing and distributing mangos to Europe and India. Perhaps most importantly “We hope and expect our Malawi operations to receive a Cannabis cultivation and export license before the middle of October,” said Summers.
Loan Agreement
The Company announces that it has entered into two agreements with Jonathan Summers, President of the Company providing for a loan of $600,000 and a loan facility of up to $1,400,000. Amounts funded under the loans are unsecured, repayable in December 2019 and January 2021, respectively, and bear interest at a 10% and 12% per annum respectively. The company issued bonus special warrants to the lender which entitle the lender to acquire bonus shares at a price of $1.35 per share for 20% of the principal amount actually funded under the loans. The special warrants convert into shares only if the lender subscribes to a future Company financing in the amount equal to outstanding loan amount prior to the maturity date. The Company may elect to repay principal and interest drawn under the $1.4 million loan facility in cash or shares, provided that shares will be priced at the time of repayment. Proceeds from the Loan will be allocated to ongoing business initiatives and general working capital purposes.
The $1.4 million loan facility agreement also provides for the grant of performance-based warrants, entitling the lender to acquire between 10% and 50% of the principal amount funded under the loan facility in shares at a price of $1.35 per share. The percentage will be determined based on the Company’s share price at the time the loan is repaid, with a sliding scale starting from $1.35 to above $6.00.
Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) the Company advises that the loan agreements are related party transactions under MI 61-101 and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of the instrument.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover+44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
- Published in Cannabis, CBD, EXMceuticals, Marijuana, News Home
Canada Cobalt Closes First Tranche, Increases Financing To $600,000
Momentum Public Relations
Press Release: September 10, 2019
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that crews are mobilizing next week to the Castle Silver-Cobalt mine near Gowganda, Ontario, to commence a Phase 2 underground drill program and accelerate a series of additional initiatives.
The Company has closed the first $475,000 of its recently announced private placement (refer to August 23, 2019 news release) and has increased the financing with strategic investors to $600,000 or two million units at 30 cents per unit (see below for full terms). The second and final tranche will close during the week of September 9.
Canada Cobalt issued 1,583,333 units at 30 cents per unit in this first tranche with each unit consisting of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of 24 months from the closing of the offering at an exercise price of 50 cents per share. No finders’ fees are payable in this first tranche. All securities are subject to a four-month and a day hold period expiring on January 7, 2020 in accordance with applicable securities laws and the private placement is also subject to the final approval of the TSX Venture Exchange.
About Canada Cobalt Works Inc.
Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service 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 statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.
SOURCE Canada Cobalt Works Inc.
View original content: http://www.newswire.ca/en/releases/archive/September2019/06/c0597.html
Contact:
Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, mb@buffaloassociates.com, +44-7725-960939
- Published in Canada Cobalt Works, Mining, News Home
Crystal Lake Mining Provides an Extensive Exploration Update on the Newmont Lake Project – Golden Triangle, Eskay Camp, Outlining 2 Major Target Areas for High-Grade Gold, Silver and Copper Systems
Momentum Public Relations
Press Release: September 4, 2019
Crystal Lake Mining Corporation (TSXV: CLM) (OTC Pink: SIOCF) (FSE: SOG-FF) (“Crystal Lake” or the “Company“) is pleased to announce further positive results from the ongoing exploration program on the Company’s Newmont Lake Project in the heart of BC’s Golden Triangle, Eskay Camp. Drilling and surface work continue to expand known zones and turn up new discoveries with expansive footprints.
The in-field exploration program that started in May 2019 has collected approximately (approximate values are given as exploration is ongoing):
- 2,500 soil samples for assay
- 1,500 rock samples for assay
- 4,500 hyperspectral samples analyzed in-house via TerraSpec Halo
- 700 core samples from historic un-sampled core for assay
- 12 line-km of induced polarization (IP) geophysical survey
- 300 km2 of geological mapping in a variety of detail
- Over 4,000 meters of diamond drilling with all samples submitted for assay
- Extensive 3D deposit modelling
- Construction of a brand new state-of-the-art 50-person exploration camp
- Construction of a logistical network for future lower-cost exploration
The results of the program have delineated major new discoveries in the Burgundy Ridge Copper-Gold-Silver (Cu-Au-Ag) alkalic porphyry trend, as well as new high-grade gold (Au) targets near the historic gold resource at the NW Zone and along the greater 10km long Newmont Lake Gold Corridor along the Mclymont Fault.
The program continues to produce new mineral discoveries on surface on a weekly basis and, two diamond drill rigs are still turning on both the Burgundy Ridge Copper-Gold-Silver System and the Newmont Lake Gold Corridor Trend.
Burgundy Ridge Cu-Au-Ag Alkalic Porphyry
Results from the 2019 surface exploration and diamond drilling program have confirmed the presence of a large Cu-Au-Ag alkalic porphyry trend over an area which includes Burgundy, Telena and the 72 Zone 2.3 kms away.
Crystal Lake is very pleased by the performance of SwiftSure Diamond Drilling as their drill continues to turn on the first ever diamond drill holes at Burgundy Ridge (See images of 2019 diamond drill core from Hole #7 below). Initial results have visually delineated a Cu-Au-Ag porphyry with related high-grade skarn system first sampled in 2012. No significant work was completed past 2014 until Crystal Lake intersected mineralization at depth in a late-season RC drill program in October 2018. (see press release March 7th, 2019). Preliminary interpretations of surface and drill core indicate a large high-grade skarn body adjacent to megacrystic syenite / epidote-garnet hydrothermal breccia porphyry system.
Newmont Lake’s Burgundy Ridge Copper-Gold-Silver Zone Displaying Completed Drill Hole Orientations and Mineralization Showings
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Further drilling approximately 2.3 kilometers to the northeast along the Burgundy – Telena – 72′ Zone trend intercepted new mineralization hosted in potassic/hematite altered intrusions in the form of disseminated, and vein-hosted chalcopyrite + bornite adjacent to historic high-grade Cu-Au-Ag skarn-type mineralization.
Unprecedented ice/snow retreat is exposing new mineral showings on surface along the trend consisting of potassic/hematite altered megacrystic to porphyritic syenites with a variety of chalcopyrite mineralization styles.
Chalcopyrite with minor malachite mineralization dominating the cement of a hydrothermal breccia with K-feldspar altered megacrystic syenite clasts. Assays pending. Image starting at 169m in BRDDH19-013; the 7th diamond drill hole at Burgundy Ridge. Note mineralization is visually high-grade and not representative of the entire hole.
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Massive chalcopyrite mineralization within potassic-altered megacrystic syenite hydrothermal breccia. Assays pending. Image starting at 172m in BRDDH19-013; the 7th diamond drill hole at Burgundy Ridge. Note mineralization is visually high-grade and not representative of the entire hole.
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K-feldspar altered megacrystic syenite with chalcopyrite mineralization found in outcrop at “Rock Island II”; a new showing ~470 meters NE of Burgundy Ridge. Assays pending. Approximate discovery date: August 15th, 2019.
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Chalcopyrite, pyrite, and sphalerite mineralization with potassic altered syenite clasts of a hydrothermal breccia at “Green Rock”; a new showing ~175m south of drill pad “C-2” along the Burgundy Ridge Trend. Assays pending. Approximate discovery date: September 1st, 2019.
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Chalcopyrite mineralization hosted in a potassic, hematite, and carbonate altered porphyritic syenite found at outcrop on “Rock Island I”; a new showing ~700m NE of Burgundy Ridge and ~500m NW of Telena. Assays pending. Approximate discovery date August 10th, 2019.
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Chalcopyrite, chalcocite, and malachite mineralization. Image starting at 77.5m in BRDDH19-001; the 1stdiamond drill hole at Burgundy Ridge. Note mineralization is visually high-grade and not representative of the entire hole. Assays pending.
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Chalcopyrite, chalcocite, and malachite mineralization within k-feldspar altered hydrothermal breccia. Image starting at 282.4m in BRDDH19-004; the 3rd diamond drill hole at Burgundy Ridge. Note mineralization is visually high-grade and not representative of the entire hole. Assays pending.
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Chalcopyrite and pyrite mineralization starting at 197m in BRDDH19-001; the 1st diamond drill hole at Burgundy Ridge. Note mineralization is visually high-grade and not representative of the entire hole. Assays Pending.
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Disseminated chalcopyrite with chalcopyrite and magnetite/hematite mineralization in carbonate veins hosted within potassic altered bimodal syenite. Image starts at 231.4m of STDDH19-006; the 3rddiamond drill hole at 72′ Zone in 2019. This target area is apart of what is believed to be a 2.3km Cu-Au-Ag rich trend including the Burgundy Ridge – Telena – 72′ trend. Note mineralization is visually high-grade and not representative of the entire hole. Assays pending.
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Webby bornite-chalcopyrite and chalcopyrite stringers within hematite altered bimodal syenite. Image starts at 234.3m of STDDH19-006; the 3rd diamond drill hole at 72′ Zone in 2019. Note mineralization is visually high-grade and not representative of the entire hole. Assays pending.
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Disseminated chalcopyrite with chalcopyrite-carbonate veins with shreddy biotite halo hosted in a K-feldspar altered bimodal syenite. Image starts at 240.3m of STDDH19-006; the 3rd diamond drill hole at 72′ Zone in 2019. Note mineralization is visually high-grade and not representative of the entire hole. Assays pending.
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The combination of new surface mineralization discoveries, lithological orientations, and mapping along the 2.3 km trend are all further evidence for the presence of a “large” alkalic, silica-undersaturated porphyry with adjacent high-grade skarn system. This preliminary model is geologically synonymous to the world-class Galore Creek Cu-Au-Ag porphyry deposit (814.7 million tonnes of 0.50% Cu, 0.31 g/t Au, 5.21 g/t Ag – BC MINFILE #104G 090) located 30 km to the NW.
Cole Evans, President / CEO of HEG commented: “The vastness of copper with associated gold and silver mineralization of multiple styles starting at surface is really impressive. Our team has been tracking ice and snow retreat with a variety of tools. As it retreats, we are consistently being rewarded with new exposures of high-grade mineralization on surface. The first ever look at the subsurface from 2019 diamond drilling is giving us the confidence to make aggressive step outs with mineralization open along trend and at depth. Drilling continues while we eagerly await assays. The potential to have a large-scale copper-gold-silver deposit with similar lithologic, mineralization, alteration, and orientation characteristics of our world-class neighbour Galore Creek 30km to the northwest is very encouraging. An important distinction is the Burgundy Ridge Trend is roughly 1/5th the distance from road and power infrastructure making it a much more attractive system from that perspective.”
Newmont Lake Gold Corridor | High-Grade Au-Ag-Cu System
The technical team is pleased with the results of a recently completed IP survey by Walcott Geophysics and new high-grade Au discoveries at outcrop with highlights of 23.08 g/t Au, 6.49 g/t Ag, and 0.16% Cu (Sample ID B0003502) that has identified new drill targets with the potential for high-grade Au discoveries along the Mclymont Fault; a known prolific high-grade Au conduit with multiple showings over the 20km trend. Chargeable IP anomalies in the footwall of the Mclymont Fault system like those of the historic high-grade gold resource extend to the northeast and southwest of the NW Zone. This fault system has been mapped for 20km with 95% held within the Newmont Lake Property. Brand new discoveries adjacent to receding ice/snow of massive/semi-massive sulphides (pyrite and chalcopyrite) synonymous with high-grade Au in the area have also been discovered with assays pending.
Furthermore, new 3D modelling of the NW Zone high-grade Au system has outlined significant areas for expansion of the non-compliant historic inferred resource that contains 1,406 ktonnes at an average grade of 4.43 g/tAu, 0.22%Cu and 6.4 g/tAg at a projected “base case” cut-off grade of 2 g/tAu containing 200,000 oz Au, 6.79 million lbs of copper and 291,000 oz of silver (Mineral Resource Estimate on the North West Zone, Newmont Lake Property, submitted to Romios Gold Resource Inc., May 11,2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980’s and early 1990’s. Hy-Tech Drilling has commenced the first-ever oriented, HQ drill core holes in the NW Zone targeting new high-grade Au with the objective to significantly expand the size of the known Au zone, and acquire oriented core data to aid in the vectoring of more high-grade Au targets in the area.
Several maps containing the surface geochemical results along with the completed geophysics data will be available on the website, www.crystallakemining.com, shortly.
Maurizio Napoli P.Geo., VP Exploration of Crystal Lake commented: “We have been patient with the NW Zone to give our technical team the proper time required for thorough due diligence of this high-grade Au system developing along the 20km long Mclymont Fault Trend. Brand new high-grade gold discoveries have been made on surface with corresponding geophysical anomalies that suggests there is more high-grade Au in this area than previously understood. In addition, the non-compliant historic resource of 200,000 ounces gold completed in 2006 was limited to 1980’s drilling where the majority of core was not assayed or oriented. Our team has been able to model the deposit with the latest in 3D software and have identified probable extensions of the system. We have managed to prove this theory with brand new high-grade Au intercepts from previously unsampled drill core. When we factor in gold prices that have more than tripled since resource work was last done, and a new road and powerplant 10 miles down the valley; the potential is there for this to become one of the most important high-grade Au corridors in the district. Crystal Lake’s dominant land package is poised to capitalize on this.”
Cautionary Statement of Photo Gallery:
Please note the visualizations are selected images highlighting strong visual mineralization from a variety of new showings and recent diamond drill core. Mineral identification has been determined visually by geologists and cross-referenced via mobile X-ray Fluorescence elemental geochemical techniques (ThermoScientific Niton XL5 pXRF). Portable XRF data is not provided as it is not an indicator of representative geochemistry of the entire rock mass. The reader should also note that while relative spatial information is provided, mineralization is not necessary representative of space between any given location and it should not be assumed that lateral continuity exists. Also note that mineralization in drill core is visually high-grade and should not be considered representative of the entire drill hole. The reader is encouraged to exercise caution, complete their due diligence, and determine their own conclusions with the information provided.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
On Behalf of the Board of Directors,
CRYSTAL LAKE MINING CORP.
“Richard Savage”
President & CEO
Email: info@crystallakemining.com
www.crystallakemining.com
For further information please contact:
MarketSmart Communications
Tel: +1 (604) 261-4466
Toll Free: +1 (877) 261-4466
Email: info@marketsmart.ca
Momentum Public Relations
Tel: +1 (514) 815-7473
Email: mark@momentumpr.com
- Published in Crystal Lake Mining, Mining, News Home
Bluestone Announces Consistent High-Grade Channel Sampling Results in Development Drift averaging 22.4 g/t Au and 122 g/t Ag over 22 meters along vein
Momentum Public Relations
Press Release: September 4th, 2019
Bluestone Resources Inc. (TSXV: BSR) (OTCQB: BBSRF) (“Bluestone” or the “Company”) is pleased to announce results from channel sampling of high-grade veins within two separate development headings in both the North and South zones of the Cerro Blanco underground workings.
Early underground development and mining activities using Bluestone’s mine equipment and personnel are being undertaken as part of an operational readiness and project de-risking initiative ahead of development. Assay results from the successive channel sampling of two different development drifts, on two individual veins, one located in the North Zone (VN_10) and the other in the South Zone (VS_10), are presented in this press release. Sampling of the veins was done at the face after each successive blast as the drift advanced. The objective of this ongoing work is to improve ore body knowledge by providing valuable information on grade continuity, vein orientation, and the applicability of mining methods.
Darren Klinck, President and CEO commented, “Sampling during the advancement of the drift along the strike of the vein has returned consistent grade and widths with good continuity. We are pleased to see vein VS_10 in the South average 22 g/t Au over the 22 meters of development completed. We continue to improve our orebody knowledge as we prepare for underground mining and construction-related activities next year.”
About Bluestone Resources
Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned high-grade Cerro Blanco Gold project located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.
Table 1. Underground Channel Sample Assays – Drift S314 (South Zone)
SAMPLE ID | HEADING | WIDTH (m) | Au g/t | Ag g/t | VEIN ID |
RCB-3527 | L4_S314_W | 1.2 | 23.8 | 192 | VS_10 |
RCB-3528 | L4_S314_W | 1.1 | 23.9 | 116 | VS_10 |
RCB-3529 | L4_S314_W | 0.9 | 20.3 | 77.2 | VS_10 |
RCB-3531 | L4_S314_W | 1.0 | 26.3 | 72.6 | VS_10 |
RCB-3160 | L4_S314_E | 0.7 | 18.4 | 85.0 | VS_10 |
RCB-3161 | L4_S314_E | 0.6 | 38.3 | 200.0 | VS_10 |
RCB-3166 | L4_S314_E | 0.7 | 21.5 | 236.0 | VS_10 |
RCB-3168 | L4_S314_E | 0.6 | 22.3 | 97.0 | VS_10 |
RCB-3188 | L4_S314_W | 1.00 | 37.6 | 157 | VS_10 |
RCB-3192 | L4_S314_E | 1.0 | 23.2 | 96.7 | VS_10 |
RCB-3193 | L4_S314_E | 1.0 | 33.1 | 142.0 | VS_10 |
RCB-3523 | L4_S314_E | 1.2 | 17.2 | 92.5 | VS_10 |
RCB-3524 | L4_S314_E | 1.0 | 10.5 | 60.3 | VS_10 |
RCB-3525 | L4_S314_E | 1.0 | 22.6 | 158 | VS_10 |
RCB-3526 | L4_S314_E | 1.0 | 21.6 | 70.4 | VS_10 |
RCB-3530 | L4_S314_E | 1.0 | 22.3 | 175 | VS_10 |
RCB-3443 | L4_S314_E | 1.2 | 21.4 | 94.2 | VS_10 |
RCB-3658 | L4_S314_E | 1.0 | 20.2 | 162 | VS_10 |
RCB-3659 | L4_S314_E | 1.0 | 18.8 | 147 | VS_10 |
RCB-3660 | L4_S314_E | 1.0 | 12.7 | 65.6 | VS_10 |
RCB-3664 | L4_S314_E | 1.0 | 14.0 | 51.9 | VS_10 |
RCB-3666 | L4_S314_E | 1.0 | 12.9 | 80.9 | VS_10 |
RCB-3675 | L4_S314_E | 1.0 | 26.2 | 132 | VS_10 |
RCB-3711 | L4_S314_E | 1.0 | 25.4 | 69.7 | VS_10 |
RCB-3712 | L4_S314_E | 1.0 | 48.5 | 214 | VS_10 |
RCB-3713 | L4_S314_E | 1.0 | 14.8 | 73.1 | VS_10 |
RCB-3714 | L4_S314_E | 1.0 | 17.0 | 83.9 | VS_10 |
RCB-3715 | L4_S314_E | 1.0 | 14.6 | 71.4 | VS_10 |
RCB-3716 | L4_S314_E | 1.0 | 19.3 | 93 | VS_10 |
RCB-3718 | L4_S314_E | 1.0 | 25.3 | 127 | VS_10 |
RCB-3719 | L4_S314_E | 1.0 | 26.3 | 74.2 | VS_10 |
Table 2. Underground Channel Sample Assays -Drift N636 (North Zone)
SAMPLE ID | HEADING | Width_(m) | Au g/t | Ag g/t | VEIN ID |
RCB-3339 | L6 N636 NE | 1.0 | 16.4 | 84.7 | VN_10 |
RCB-3554 | L6 N636 NE | 1.0 | 36.1 | 70.5 | VN_10 |
RCB-3555 | L6 N636 NE | 1.0 | 23.2 | 62.2 | VN_10 |
RCB-3556 | L6 N636 NE | 1.0 | 60.5 | 68.9 | VN_10 |
RCB-3557 | L6 N636 NE | 1.0 | 18.3 | 51.3 | VN_10 |
RCB-3698 | L6 N636 NE | 1.0 | 21.6 | 81.3 | VN_10 |
RCB-3699 | L6 N636 NE | 1.0 | 82.5 | 150 | VN_10 |
RCB-3700 | L6 N636 NE | 1.0 | 25.3 | 49 | VN_10 |
RCB-3701 | L6 N636 NE | 1.0 | 22.2 | 30.9 | VN_10 |
RCB-3702 | L6 N636 NE | 1.0 | 25.6 | 70.9 | VN_10 |
RCB-3727 | L6 N636 NE | 1.0 | 11.2 | 31.1 | VN_10 |
Plan, sections and photos can be accessed by clicking HERE.
Sampling Methodology
For each heading, several channel samples were taken perpendicular across the vein, and where possible, along the roof of the drift at spacings of approximately 1.0 meter using a portable core saw. Sampled faces are approximately 3 – 4 meters apart (depending on the advance of each blast) and vein widths varied between 0.65 – 0.85 meters (VN_10) and 0.45 – 0.75 meters (VS_10). In each case, sample widths of 1.0 meter were taken to include some hanging wall and footwall dilution around the veins and represent a minimum mining width. Veins comprise white chalcedonic quartz and minor adularia with dark grey banding due to the inclusion of silver sulphides and gold.
Development Drift S314 (South Zone)
Vein VS_10 is a new vein that was discovered by Bluestone early in its exploration program. While only contributing approximately 35,000 oz to the current reserve model, it was selected for trial mining as an example of a narrow, moderately dipping vein in the upper part of the South Zone orebody (see photos and plans). VS_10 averages 50 degrees and is hosted within gently dipping fine-grained sandstones (Mbt). The average grade of 31 vein samples taken from the faces over the 21.6-meter length of the drift was 22.4 g/t and 114 g/t Ag. Grades show remarkable consistency as seen in Table 1, with a minimum assay of 10.5 g/t Au and maximum assay of 48.5 g/t Au.
Of note in the drift are several narrow (approximately 20 cm) sub-horizontal conjugate veins in the footwall that eventually merge to VS_10 that also contain high grade gold values (see photo). Four 1.0-meter samples incorporating both vein and wall rock dilution assayed from 7.3 g/t to 73.8 g/t Au. A full table of all assay results (Table 3) is included in the attached figures.
Development Drift N636 (North Zone)
Vein VN_10 is one of the main targeted veins in the current infill drill program and is exposed in a new development drift in the lowest section of the North Ramp. The vein averages 0.65 – 0.8 meters in width and dips at 70 degrees. The average grade of 12 samples taken in 5 successive headings over the 14.9- meter length of the drift was 31.2 g/t and 68 g/t Ag, including wall rock dilution. Assays ranged from 11.2 g/t Au and 82.5 g/t Au showing consistency of high grades, similar to VS_10. Recent infill drilling (hole CB 409) intersected and extended this vein some 62 meters down dip (see press release January 9, 2019).
Precious metal mineralization at Cerro Blanco is associated with classic low sulphidation adularia-sericite epithermal quartz veins and vein swarms hosted in altered sequence of volcanoclastic and sedimentary rocks. Higher grades (>20 g/t Au and >60 g/t Ag) are associated with visible gold and silver sulphides in ginguro-style colloform-banded veins.
Quality Analysis and Quality Control
Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories. Sampling was undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone under the supervision of David Cass, Qualified Person for Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation. Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analysed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory. Additionally, pulps and coarse rejects are routinely submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.
Qualified Person
David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.
On Behalf of Bluestone Resources Inc.
“Darren Klinck”
Darren Klinck | President, Chief Executive Officer & Director
For further information, please contact:
Bluestone Resources Inc.
Stephen Williams | VP Corporate Development & Investor Relations
Phone: +1 604 646 4534
info@bluestoneresources.ca
www.bluestoneresources.ca
- Published in Bluestone Resources, Mining, News Home
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