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Chilean Metals $CMX.ca $CMETF Arranges $2 Million Financing To Explore Nisk Nickel Project $FCC.ca $CCW.ca $FPX.ca

Posted by AGORACOM-Eric at 7:58 AM on Friday, April 16th, 2021
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Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”) (TSX.V:CMX) (OTCBB:CMETF) (SSE:CMX) (MILA:CMX) has arranged a non-brokered private placement of $2,000,000 dollars, with $1,000,000 being done via issuance of 4,000,000 common shares at $0.25 and $1,000,000 in Flow-through Shares issued at $0.40 per share comprising of 2,500,000 shares. The proceeds from the flow-through shares will be used to incur Canadian exploration expenditures that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)).

The Company intends to pay brokers fees and broker warrants in conjunction with the transaction. Any broker warrants issued on the hard dollar financing will be exercisable at $0.25 per share for 18 months from date of close and any broker warrants issued on the flow-through will be exercisable at $0.40 per share for 18 months. The Financing is subscribed for and is expected to close on April 23, 2021. The closing of the Financing is subject to the approval of the TSXV.

“The additional capital will enable us to commence our initial drill program at our recently acquired option on the NISK Nickel project in James Bay Quebec. Our objective would be to provide an updated 43-101 in late Q3 or early Q4. We are excited about NISK potential to provide a high-grade Nickel Copper Cobalt Palladium project that would be well received in a market where Battery Metal pricing looks better and better!” commented Chilean CEO Terry Lynch.

Funds will also be used in the Company’s proposed Plan of Arrangement. As previously announced Chilean Metals will be changing its name to Power Nickel Inc. and will focus its efforts on the exploration and development of the Nisk project. On February 1, 2021 Chilean Metals completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corporation (TSX-V:CRE, OTCQX: CRECF, FSE:F12). These estimates at the Nisk project are of a historic resource and the Company’s geologic team has not completed sufficient work to confirm a NI 43-101 compliant resource. Therefore, the estimates cannot, and should not be relied upon.

Table ‑1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

Read More: https://agoracom.com/ir/ChileanMetals/forums/discussion/topics/759180-chilean-metals-arranges-2-million-financing-to-explore-nisk-nickel-project/messages/2312269#message

AGORACOM Small Cap 60: Chilean Metals $CMX $CMETF CEO Terry Lynch Discusses Transformation into Power Nickel & Spin-Out of 2 Pubco’s

Posted by AGORACOM-Eric at 1:20 PM on Tuesday, April 13th, 2021
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VIDEO – Chilean Metals $CMX $CMETF Transforms into Power Nickel and Spins-Out 2 New Pubco’s for Shareholders $FCC.ca $CCW.ca $FPX.ca

Posted by AGORACOM-JC at 6:45 PM on Tuesday, March 30th, 2021
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Very few Junior Mining company achieve the level of success Terry Lynch, CEO is creating at Chilean Metals, and he is just getting started.

Having recently acquired a transformative asset in the NIsk Battery Metals property that includes a resource, Chilean suddenly found themselves with a company making asset taking the attention away from their other high quality exploration properties.

Management astutely identified and rapidly created a solution that supports not only Chilean assets, but its shareholders as well. By creating individual companies for each asset, this allows them to represent themselves in their respective markets, and unlock value for shareholders.

Have a seat and listen to this great interview with terry Lynch, CEO of Chilean Metals and soon to be Power Nickel, and Consolidated Gold and Silver.

Chilean Metals $CMX.ca $CMETF to Change Name and Spin Out Two Pubcos Through Proposed Plan of Arrangement $FCC.ca $CCW.ca $FPX.ca

Posted by AGORACOM-Eric at 8:43 AM on Tuesday, March 16th, 2021
  • Chilean Metals Inc. to change its name to “Power Nickel Inc.” to reflect its focus on development of its James Bay High-Grade Nickel Copper Cobalt Palladium “Nisk” Project.
  • Chilean Metals’ subsidiaries currently holding the Company’s Chilean assets will be separated and spun out as a new public company with all of its existing Chilean assets and sufficient capital for one-year of operations
  • Chilean Metals will create a new subsidiary Consolidation Gold and Silver Inc. to be spun out as a separate public company where it will hold the option agreement on the Golden Ivan project and sufficient capital for one-year of operations
  • Shareholders of Chilean Metals will participate in both new public companies and retain their current ownership interest in each Company

Chilean Metals Inc. (the “Company” or “Chilean Metals”) (TSXV:CMX)(OTC PINK:CMETF)(Frankfurt:IVVI) is pleased to announce that the board of directors has approved the Company’s plans to change its name to Power Nickel Inc. and to spin-off two independent public companies to carry forward with its existing Chilean and British Colombia mining assets.

Proposed Transaction Highlights

Chilean Metals to be renamed Power Nickel Inc. and will focus its efforts on the exploration and development of the Nisk project. On February 1, 2021 Chilean Metals completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corporation (CRE)(CRECF)(F12). These estimates at the Nisk project are of a historic resource and the Company’s geologic team has not completed sufficient work to confirm a NI 43-101 compliant resource. Therefore, the estimates cannot, and should not be relied upon.

Table ‑1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

The information regarding the NISK-1 deposit was derived from the technical report titled “Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec” dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts outside the current resource area. Chilean is focused on expanding its current high-grade nickel-copper PGE mineralization historical resource prepared in accordance with NI 43-101, identifying additional high-grade mineralization, and developing a process to potentially produce nickel sulphates responsibly for batteries for the electric vehicles industry.

  • Shareholders of Chilean Metals will receive shares in the two public companies proposed to be separated out by the plan of arrangement, at ratios to be determined by tax and valuation considerations
  • One public company is proposed to hold all the historic assets in Chile as follows:
    • The 5600-hectare Tierra de Oro (TDO) property located about 70 Kms south of Copiapo. Historically about $6,000,000 has been spent exploring TDO with the most recent drill program completed and reported in January 2021 which highlighted a 2-metre section that returned 716 grams of silver and .45% copper.
    • The 4300-hectare Zulema property located about 50 Kms southwest from Copiapo and adjoining the Candelaria Mine1 property (Over 950 Million Tonnes Copper, Gold & Silver according to NI- 43101 2018 report on Lundin Mining site)) An exploration program at the property in 2018 highlighted a garnet magnetite skarn with multiple lenses of Copper- Magnetite mineralization. Within the skarn, copper ranged from 0.12- 1.19% Cu and between 0.05 – 0.99g/t Au.
    • The 9,000-hectare Palo Negro and Hornitos properties located in Region 3 about 30 Kms west of the Candelaria mine. The properties are currently the focus of a number of geophysical programs including magnetics and IP over portions of the property which have previously been highlighted to be of interest.
    • Assets also include a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, previously sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine2 in Chile’s First Region.
  • Consolidation Gold & Silver Inc. will hold the previously purchased option to acquire the Golden Ivan project in the Golden Triangle. The Golden Triangle is host to numerous past and current mining operations and the region has reported mineral resources that total up to 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper. Recent mineral development activity within the local area includes Ascot Resources recently funded Premier Gold mine3 (2.3 Million oz gold), which has received $105 million in project construction financing for the development of renewed operations at the historic exploited Premier Gold deposit. Other notable active projects in the local area include the neighbouring Silverado project, and Red Mountain, and Homestake projects amongst many others.4 Further to the north Pretivm’s Bruce Jack mine5 (4.2 million oz gold), and the neighboring KSM and Eskay deposits also have significant gold, silver, and copper resources that are yet to be realized.
    • The property hosts two known mineral showings (Gold Ore, and Magee), and a portion of the past-producing Silverado Mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be Polymetallic veins that contain quantities of Silver, Lead, Zinc +/- Gold +/- Copper. Numerous additional mineral occurrences, showings and past-producing mines are located in the immediate areas surrounding the property, further supporting the presence of widespread mineralization in the areas.
    • The property is relatively underexplored. In 2018 Precision Geophysics completed an 88-line kilometre combined magnetic and gamma-ray spectrometry survey on behalf of the vendor (who optioned to Chilean Metals) Granby Gold Inc. Standard magnetic and radiometric data products were prepared and additional interpolate structural analyses were performed on the collected data. A number of areas of coincident magnetic and radiometric anomalism have been identified, additionally ‘structurally prepared’ zones are identified from the structural analysis interpolates. Such characteristics are widely regarded as favorable indicators of widespread hydrothermal alteration aka Porphyries and may aid in vectoring toward any causative source intrusions that may be located on the property. Three preliminary target areas of merit are established as a result of the survey and will be the focus of initial explorations at the site.
  • Shareholders of the three entities should benefit from increased focus on core opportunities that appeal to each different investor base. As Chilean Metals grew through the acquisition of Nisk and Golden Ivan, it is anticipated that the two new public companies could similarly benefit on a go-forward basis.

Company CEO and Director Mr. Terry Lynch stated, “The result of this proposed transaction will be three stand-alone companies with attractive assets focused on specific opportunities to grow and create value for their shareholders. The driving force behind the change is to communicate in a very clear way our focus on the NISK Battery Metals project. It is rare to find a project with a historical resource that we believe has a credible chance to become a mine. The electrification movement in Automobiles and Industry is growing more and more every day and this growth will be very supportive to the price curves in Nickel, Copper, Cobalt, and Palladium. We look forward to concentrating our efforts on NISK and moving it from Historical resource through the mine development process as quickly as possible.

Read More:https://agoracom.com/ir/ChileanMetals/forums/discussion/topics/757415-chilean-metals-inc-to-change-name-and-spin-out-two-pubcos-through-proposed-plan-of-arrangement/messages/2308350#message

VIDEO – Chilean Metals $CMX.ca $CMETF Acquires The NISK Property with NI 43-101 Resource and Big Plans For Providing Metals to the #EV Industry $FCC.ca $CCW.ca $FPX.ca

Posted by AGORACOM-JC at 5:36 PM on Thursday, February 25th, 2021

Chilean Metals possess a robust portfolio of land packages in Canada and Chile, diversifying in both Base metals and Precious metals markets. Chilean has just made a significant property acquisition in Quebec with the Nisk property, providing the company a High-Grade Historical Nickel – Copper – Cobalt – PGE Resource.

Chilean can earn 80% of the property that already possesses a 43-101resource in Nickel and PGM’s and is a project that is just getting started. Acquiring a project with a resource is a major accomplishment for a junior mining company and Chilean has plans for accelerated development to target the emerging EV Battery market through the development of a process to potentially produce nickel sulphates responsibly.

Sit back and have enjoy as Terry Lynch CEO of Chilean breaks down the #next #SmallCap company you need to be aware of.

Chilean Metals $CMX.ca Closes NISK Acquisition Providing the Company a High-Grade Historical Nickel Copper Cobalt PGE Resource $FCC.ca $CCW.ca $FPX.ca

Posted by AGORACOM-Eric at 7:42 AM on Thursday, February 25th, 2021

Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”) (TSXV:CMX)(SSE:CMX)(MILA:CMX) s pleased to announce it has received TSXV conditional approval on its announced agreement to acquire 80% of the NISK property via a series of option payments and work commitments as further detailed below.

Option Terms:

Grant of first option

Critical Elements Lithium Corp. (“Critical Elements”) (CRE)(CRECF)(F12) has granted to Chilean Metals, as the “Optionee”, the exclusive right and option to acquire, on or before the date that is three (3) years from the TSX.V approval (the “Effective Date”) (the “First Option Period“), an initial 50% Earned Interest in the Property (the “First Option“), free and clear of all Encumbrances other than the Permitted Encumbrances and the Royalty, subject to the terms and conditions in this Agreement.

Requirements to Exercise the First Option

In order to acquire the 50% Earned Interest under the First Option, the Optionee must:

a. make cash payments totaling $500,000 to Critical Elements (the “Cash Payments“) on or before the dates set out below:
i. a non-refundable amount of $25,000 on the date of execution of the agreement; (COMPLETED)
ii. an amount of $225,000 within a delay of five (5) Business Days following the Effective Date; and (COMPLETED)
iii. an amount $250,000 within a delay of six (6) months from the Effective Date;
b. issue to Critical Elements within five (5) Business Days following the Effective Date, 12,051,770 Shares (the “Share Payment“) of the Optionee. The Shares issued will be issued as fully paid and non-assessable free and clear of all liens, charges, and Encumbrances, and subject only to a four-month and one-day resale restriction under applicable Securities Laws and the policies of the TSXV;
c. incur an aggregate of $2,800,000 of Work Expenditures on the Property on or before the dates set out below:
i. $500,000 in Work Expenditures on or before the date that is one (1) year from Effective Date;
ii. $800,000 in Work Expenditures on or before the date that is two (2) years from Effective Date; and
iii. $1,500,000 in Work Expenditures on or before the date that is three (3) years from Effective Date; and

Upon the Optionee having completed the Cash Payments, the Share Payment and incurred or funded the Work Expenditures on or before the expiry of the First Option Period, the Optionee may exercise the First Option by delivering notice to Critical Elements to that effect and confirming exercise of the First Option (the “First Option Exercise Notice“). Upon delivery of the First Option Exercise Notice, the Optionee shall have earned a 50% Earned Interest in the Property.

Grant of second option

Subject to the Optionee having exercised the First Option, Critical Elements also grants to the Optionee the exclusive right and option (the “Second Option”) to increase its Earned Interest in and to the Property from 50% to 80% by incurring or funding additional Work Expenditures for an amount of $2,200,000, including the delivery of a Resource Estimate, for a period commencing on the delivery of the First Option Exercise Notice and ending on the date that is four (4) years from Effective Date (the “Second Option Period”).

Following the exercise of the Second Option, until such time as a definitive Feasibility Study (the “Definitive Feasibility Study“) regarding extraction and production activities on the Property is delivered to the Joint Venture, Critical Elements shall maintain a 20% non-dilutive interest in the Joint Venture and shall not contribute to any Joint Venture costs.

Operatorship

During the currency of the Agreement, except as otherwise contemplated under the Agreement, Chilean Metals shall act as the operator (the “Operator“), and as such, shall be responsible for carrying out and administering the Work Expenditures on the Property, in accordance with work programs (the “Programs“) approved by the Technical Committee. The Operator shall be entitled to receive a management fee equal to 10% of the amount of Work Expenditures incurred on internal work and equal to 5% of the amount of Work Expenditures incurred on contract work carried by third-party contractors or consultants.

In the event, Chilean Metals exercises the First Option and subsequently elects not to exercise the Second Option, or in the event, the Second Option is terminated, whichever the case, Chilean Metal’s right to act as Operator shall immediately terminate and Critical Elements shall become the Operator for the future conduct of Work Expenditures and Programs on the Property.

Royalty

Following the exercise of the First Option by Chilean, and in addition to the obligations of Chilean under the First and Second Option, if applicable, Critical Elements shall receive, in the event of a Lithium discovery, a royalty equal to 2% net smelter returns (the “Royalty“) resulting from the extraction and production of Lithium products, including Lithium ore, concentrate and chemical, resulting from the extraction and production activities on the Property, including transformation into chemical products. Chilean shall have the right at any time to purchase 50% of the Royalty and thereby reduce the Royalty to 1% by paying to Critical Elements a total cash amount of $2,000,000.

Read More: https://agoracom.com/ir/ChileanMetals/forums/discussion/topics/756056-chilean-metals-closes-nisk-acquisition-providing-the-company-a-high-grade-historical-nickel-copper-cobalt-pge-resource/messages/2305331#message

CLIENT FEATURE: Glacier Lakes ( GLI.V ) Colt Mesa Property – Past Producing Mine Samples 2.31% Cobalt

Posted by AGORACOM-Eric at 11:45 AM on Friday, January 25th, 2019

GLI:TSX

  • Property covers the past producing Colt Mesa Mine, a copper deposit with associated cobalt, zinc, nickel and molybdenum mineralization.
  • Recent sampling (CM-18-01) returned values of 0.88(%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn), +1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface exposure near the adit portal.
  • Area recently became open for staking and exploration after a 21 year period moratorium, due to the reduction of the “Grand Staircase Escalante National Monument” by President Trump in December 2017.
  • 1975 grab sampling reported values from 0.07% to 29.50 % copper (Cu), 0.01% to 0.67 % cobalt (Co), 0.03% to 3.30 % zinc (Zn), 0.02% to 0.27 % nickel (Ni), and trace to 0.17 % molybdenum (Mo). The Company cautions investors grab samples are selected samples and are not necessarily representative of the mineralization on the Colt Mesa property.
  • Sedimentary (sandstone) hosted, tabular strata-bound mineralization.
  • Excellent year-round logistics, road accessible. No reclamation issues from historic mining activity.

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$GR.ca Great Atlantic Resources Option Partner Completes Drill Program on Kagoot Brook Co-Mn Base Metals Project, New Brunswick

Posted by AGORACOM-Eric at 9:44 AM on Monday, January 21st, 2019
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  • Option partner completed maiden drill program at the Kagoot Brook Cobalt/Manganese base metals property in New Brunswick
  • The two holes, 500 metre program was designed to drill along one transect across the target stratigraphy within the 4 x 1 km target area.

GREAT ATLANTIC RESOURCES CORP. (TSX-v: GR) (the “Company” or “Great Atlantic”) is pleased to announce its option partner Explorex Resources Inc. has completed its maiden drill program at the Kagoot Brook Cobalt/Manganese base metals property in New Brunswick prior to the Christmas Break. The Company completed two holes for a total 500 metres. This initial two-hole drilling program was limited in scope and designed to drill along one transect across the target stratigraphy within the 4 x 1 kilometre target area.

The Explorex geological crew has returned to New Brunswick to finish processing the core produced during the December 2018 drilling program. It is anticipated that the processing of the core will take one week to complete, and results should be available mid to late February.

Kagoot Brook Co – Mn – Base Metals Project

Historical work at Kagoot Brook has delineated two drainages, two kilometres apart, that exhibit a series of remarkably anomalous cobalt values up to 6,000 ppm* in the silts (see Explorex news releases dated May 31 and February 14, 2018).

Follow-up stream silt sampling programs performed by the Explorex during 2018 revealed:

  1. a significant concentration of and a strong relationship of cobalt with manganese and associated base metals (nickel, copper, lead and zinc);

  2. the relative percentage of the cobalt to manganese indicates a favourable high cobalt tenor (i.e. grade component); and

  3. a distinct upstream cut-off of the cobalt mineralization (see Explorex news release dated November 5, 2018).

The project area is blanketed by a thin till cover with little or no outcrop and the in-stream silt grade cut-offs are interpreted to closely reflect the southern contact of the underlying mineralized horizon. The grade cut-offs align well with stratigraphy adding confidence to the >2 km inferred potential length of mineralization along the geological trend.

*Note: The stream silt samples reported in this release are solely designed to show the presence or absence of mineralization and to characterize the mineralization. Silt samples are by definition selective and not intended to provide nor should be construed as a representative indication of grade or mineralization at the projects.

Technical Information in this news release has been reviewed by David Martin, P Geo., a Qualified Person as that term is defined in NI 43-101.

Option agreement

The Kagoot Brook property is 100 per cent owned by Great Atlantic Resources and is subject to an underlying agreement with Explorex Resources Inc. Explorex Resources is acquiring up to a 75-per-cent interest in the project (please see Great Atlantic Resources’ news release dated Feb. 14, 2018).

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.

On Behalf of the board of directors

“Christopher R Anderson

Mr. Christopher R. Anderson “Always be positive, strive for solutions, and never give up”
President CEO Director
604-488-3900 – Dir

$GR.ca Great Atlantic Exploration Update on Its Kagoot Brook Cobalt Project $ANX.ca $MOZ.ca $LAB.ca

Posted by AGORACOM-Eric at 8:49 AM on Tuesday, September 25th, 2018

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  • Historical work at Kagoot Brook has delineated two drainages, two kilometres apart, that exhibit remarkably high cobalt values up to 6,000 ppm in the silts
  • Recent silt sampling results has fully corroborated the existence and intensity of the cobalt mineralization
  • Significant occurrence of manganese and base metals (nickel, copper, lead and zinc) with the cobalt mineralization.

Vancouver, British Columbia (FSCwire)GREAT ATLANTIC RESOURCES CORP. (TSX.V: GR) (the “Company” or “Great Atlantic”) is pleased to provide this update in regard to its Kagoot Brook Cobalt project.

To view the graphic in its original size, please click here

Kagoot Brook Co-Mn-Base Metal Project, New Brunswick Historical work at Kagoot Brook has delineated two drainages, two kilometres apart, that exhibit remarkably high cobalt values up to 6,000 ppm in the silts (see Company news releases dated May 31 and February 14, 2018).  The recent results from a complementary silt sampling program has:

1)            Fully corroborated the existence and intensity of the cobalt mineralization; and

2)            Revealed a strong relationship and significant occurrence of manganese and base metals (nickel, copper, lead and zinc) with the cobalt mineralization.

The observed suite of elements and local geological units supports a ferromanganese marine environment indicating a strong affinity and trap for cobalt and base metals; a setting similar to the well-known ferromanganese stratiform mineralizing models around the world.

Of note:

1.  The amount of manganese and iron in the cobalt enriched silts, upwards to 4.1% and 26.7% respectively, indicates a prevalent source with size potential; and

2.  The relative percentage of the manganese to cobalt indicates a favourable high cobalt tenor (i.e. grade component).

As a result, Great Atlantic’s optionee has initiated a follow-up stream silt sampling program with tightly spaced sample stations to better frame the contact of the underlying target mineralized horizon.  In conjunction, a detailed magnetometer and very low frequency electromagnetic (“VLF-EM”) survey has been initiated to map the underlying stratigraphy to assist with the targeting.

Once these additional surveys have been completed and integrated with the historical work, a drill program is planned.

No drilling has ever been conducted and no source of the historic geochemical anomalies is known on the property.

Note(*): The surface rock grab and stream silt samples reported in this release are solely designed to show the presence or absence of mineralization and to characterize the mineralization.  Grab and silt samples are by definition selective and not intended to provide nor should be construed as a representative indication of grade or mineralization at the projects.

Option Agreement

The Kagoot Brook property is 100% owned by Great Atlantic and is subject to an underlying agreement with a Explorex Resources Inc. ( EX.v ).  Explorex is acquiring up to a 75% interest in the project. (See News Release dated February 14,2018)

Technical Information in this news release has been reviewed by David Martin, P Geo., a Qualified Person as that term is defined in NI 43-101.

On Behalf of the board of director

“Christopher R Anderson”

Mr. Christopher R. Anderson ” Always be positive, strive for solutions, and never give up ”

President CEO Director

604-488-3900 – Dir

Investor Relations:

Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free: 888-280-8128

E-mail: [email protected]

 

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Cobalt, Zinc, Tungsten and Gold.

$GLI.ca Acquisition of Colt Mesa Copper-Cobalt Property, Utah, Surface Grab Samples Return 0.88% Copper and 2.31% Cobalt $JAX.ca

Posted by AGORACOM-Eric at 8:31 AM on Wednesday, June 13th, 2018

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  • Announced the acquisition of the “Colt Mesa” copper-cobalt property in Garfield County, south central Utah.
  • Colt Mesa mine is associated cobalt, zinc, nickel and molybdenum mineralization
  • Recent sampling (CM-18-01) by Company personnel, on a site visit with the vendor of the property, returned values of 0.88 percent (%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn), +1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface exposure near the adit portal

 

VANCOUVER, British Columbia, June 13, 2018 (GLOBE NEWSWIRE) — Glacier Lake Resources Inc. (TSXV:GLI) – (“Glacier” or the “Company”) is pleased to announce the acquisition of the “Colt Mesa” copper-cobalt property in Garfield County, southcentral Utah. The property is readily accessible by gravel roads from Boulder, the closest community with services and support. Key takeaways:

  • Property covers the past producing Colt Mesa mine, a copper deposit with associated cobalt, zinc, nickel and molybdenum mineralization.
  • Recent sampling (CM-18-01) by Company personnel, on a site visit with the vendor of the property, returned values of 0.88 percent (%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn), +1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface exposure near the adit portal. Tables below,
  • Area recently became open for staking and exploration after a 21 year period moratorium, due to the reduction of the “Grand Staircase Escalante National Monument” by President Trump in December 2017.
  • 1975 grab sampling reported values from 0.07% to 29.50 % copper (Cu), 0.01% to 0.67 % cobalt (Co), 0.03% to 3.30 % zinc (Zn), 0.02% to 0.27 % nickel (Ni), and trace to 0.17 % molybdenum (Mo). The Company cautions investors grab samples are selected samples and are not necessarily representative of the mineralization on the Colt Mesa property.
  • Sedimentary (sandstone) hosted, tabular strata-bound mineralization.
  • Excellent year-round logistics, road accessible. No reclamation issues from historic mining activity.

“The Colt Mesa acquisition broadens our focus on sedimentary hosted copper deposits, with a significant bonus of cobalt and nickel mineralization indicated. There is strong investor interest in the “Battery Metals” sector, including cobalt, nickel and copper. With this new interest coupled with the growth of the EV sector and strong demand for cobalt, the Colt Mesa project is a welcome addition to the Company’s ever growing portfolio of projects,” says Saf Dhillon, president and chief executive officer. “Surface exploration work will start this summer on the Colt Mesa property and drill permitting will be initiated shortly.”

The Colt Mesa deposit was discovered in 1968 and was mined intermittently from 1971 to 1974. While little data survived from the copper mining activities, a 1975 Master Thesis (G.M. Collings, 1975, Geology and Geochemistry of the Colt Mesa Copper Deposit”) completed at the University of Utah, is an invaluable source of information on the geology and mineralization at the Colt Mesa mine.

Tabular, strata-bound copper mineralization lies within a paleochannel at the contact of two distinct sedimentary (sandstone) units. The trackless, room-and-pillar mining was focused on the copper mineralization meaning the mine and surrounding area were never systematically explored for cobalt mineralization.

All of the above samples were taken at surface, near the adits. The underground working was examined (see website for photos), but not sampled. Samples CM-18-01, 02, and 03, were chip sampled from the same location over a width of 1.35 meters, averaging 0.52 % Cu, 1.51 % Co, 6.52 % Zn, 0.79% Pb, and 0.17 % Mo. Sample CM-18-01 and CM-18-03 had conspicuous “cobalt bloom”, whereas CM-18-02 was barren, unmineralized sandstone. Sample CM-18-04 was a select grab sample of bright, copper oxide float from the dump. The Colt Mesa is renowned for brilliant, multicolored copper oxides, attributed to the association with cobalt and molybdenum.’

The 1975 Master Thesis reports: “The ore body is tabular in form and is composed of chalcopyrite, bornite, digenite, covellite and chalcocite”. Sampling of the underground mineralized zone was completed in 1975 with a total of eight samples from the mineralized zone taken as follows:

Again, the Company cautions investors grab samples are selected samples and are not necessarily representative of the mineralization on the Colt Mesa property.

The Colt Mesa area has seen significant exploration for uranium in the 1950s and 1960s, modest exploration for copper and base metals but minimal exploration was focused on cobalt and nickel. The Colt Mesa mine area was sterilized from exploration and development in 1996, when President Clinton created the “Grand Staircase Escalante National Monument”, however, the size was recently reduced by Presidential proclamation in 2017, placing Colt Mesa outside the new boundaries of the restructured national monument.

For more information on the Colt Mesa project go to https://www.glacierlake.ca/colt-mesa/

In consideration for the property, Glacier Lake will issue one million common shares, and make a cash payment of US $120,000, staged over a two (2) year period. The vendors retain a one-and-three-quarters percent (1.75%) Net Smelter Returns (“NSR”). Glacier shall be entitled to purchase one percent (1.00%) of the Royalty at any time through a one-time cash payment of $1,000,000 to the vendors. Completion of the acquisition is subject to the approval of the TSX Venture Exchange. All common shares issued will be subject to a four-month-and-one-day statutory hold period. A finder’s fee may be payable related to this acquisition.

Quality assurance/quality control

All recent surface samples from the Colt Mesa property were hand delivered to the ALS Minerals Ltd. North Vancouver, B.C., laboratory, an 17025:2005 certified facility. All samples were collected by Company personnel and securely stored until delivery to ALS Minerals. At this early stage of exploration, Glacier Lake is relying on the certified standards utilized by ALS Minerals as part of it analysis protocols. No QA/QC anomalies were noted in the analyses.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo, a member of the Glacier Lake advisory board and a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.
For additional information please feel free to contact:

Saf Dhillon
President/CEO
Glacier Lake Resources Inc.
Tel:866-687-7059
Dir: 604-688-2922
[email protected]

Please visit our Website at: www.glacierlake.ca