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St-Georges to Acquire All Outstanding Shares of Iceland Resources EHF $SX.ca

Posted by AGORACOM-JC at 1:33 PM on Tuesday, November 22nd, 2016

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  • Entered into a binding agreement with Iceland Resources ehf to acquire all its outstanding shares
  • Iceland Resources owns multiple polymetallic exploration & development projects in Iceland and has direct or indirect access to all active mineral tenure, claims and mineral leases in Iceland

Montreal, Quebec / November 22, 2016 – St-Georges Platinum and Base Metals Ltd. (CSE: SX)(OTC: SXOOF) (FSE: 85G1) is pleased to announce that it has entered into a binding agreement with Iceland Resources ehf to acquire all its outstanding shares. Iceland Resources owns multiple polymetallic exploration & development projects in Iceland and has direct or indirect access to all active mineral tenure, claims and mineral leases in Iceland.

The Opportunity

Iceland Resources ehf is a privately-owned Icelandic corporation with gold/silver/copper/cobalt/zinc projects in Iceland.

Iceland is an important producer and developer of geothermal energy. St-Georges management has been active over the last few years in Iceland with the goal of securing access to geothermal operations to test the development of technologies allowing the extraction of lithium and light minerals from the brines being pumped from the geothermal wells and for the extraction of a large variety of precious and base metals found in the mud rejected from the same operations.

Enrico Di Cesare, Director of St-Georges commented: “(…) With St-Georges focused on innovative extraction technologies and working on strategic alliances with several providers, this opportunity is exciting; it is an excellent platform to apply new technologies, monetize tailings and demonstrate our solutions which also address environmental issues. The focus is to economically recover precious and base metals and to provide an avenue for positive environmental remediation of the by-products. St-Georges is also looking at niche and value added products that this opportunity lends itself to.”

Terms of Acquisition

St-Georges will create a subsidiary that will become the owner of Iceland Resources. 40% of this subsidiary will be owned by the Iceland Resources shareholders and the remaining 60% will be owned by St-Georges. Additionally, St-Georges makes the following commitments:

-Issuing 6,000,000 common shares of St-Georges to Iceland shareholders with a 12-month escrow release schedule;

-Issuing a $350,000 debenture, bearing a 6% annual interest (cash or shares), maturing in November 2026 to be distributed to Iceland shareholders and some creditors; and

-$1,000,000 of expenditure on the Iceland assets over the next 24 months, including mineral exploration expenses and metallurgical process research & development.

Iceland Resources Projects

Iceland Resources currently has 9 defined mineral exploration and development projects in Iceland (8 licenses or license applications held directly and one within a Joint-Venture). Other opportunities are being sought after with the collaboration of St-Georges (with the possibility to deploy St-Georges technologies result from its R&D initiatives).

St-Georges intends to direct most of its efforts in the next 24 months to 3 priority projects:

Reykjanes Project (EL 01) (Au-Ag-Cu-Zn)

The 897.5 km2Reykjanes licence area is in close proximity to the capital Reykjavik and the international airport in the town of Keflavik and is supported by good transport infrastructure with main highways running through it. The project is prospective for gold, silver, copper, zinc and cobalt. The Company also plans to apply for licenses to evaluate the lithium potential of the geothermal brines present on the property.

Figure 1. The Reykjanes Project

The Thormodsdalur Project (EL-14) (Au-Ag-Cu)

Thormodsdalur is located about 20km east of the city centre of Reykjavik and south-east of the lake Hafravatn. The project was discovered in 1908. The property produced mineral concentrate from 1911 to 1925 when over 300 meters of tunnels where dug alongside surface excavations. The ore recovered was transported to Germany and historic sources reported values ranging between 11g/t and 315g/t Au. Note: All information pertaining to mineral resources, grades or operational results herewith presented are historical in nature and while relevant, the information was obtained from sources that cannot be independently verified and that are not compliant with National Instrument 43-101 reporting standards.

More recently, visible gold was seen in cores from geothermal wells located on the project. This new discovery compelled the Icelandic government to create a mining entity for gold exploration in Iceland called Malmis.

Studies between 2005 and 2013 identified the project mineralization as a low sulphidation system containing banded chalcedony and ginguro. Petrographic analysis of the vein material identified gold occurring in its free form and as part of an assemblage with pyrite and chalcopyrite. Petrographic and XRD studies show an evolution of the vein system from the zeolite assemblage to quartz adularia and lastly to minor calcite. In the area, 32 holes have been drilled for a total of 2439 meters.Gold values vary from less than 0.5 ppm to the maximum of 415 ppm. (These values were obtained from selected random intervals and cannot be construed to be representative of the any particular thickness or overall length).

Iceland Resources entered in to a Joint Venture agreement with Melmi ehf, Malmis hf (majority government owned) and Gold Island Limited. Melmi is the owner of the Thormodsdalur license that was first granted in October 2004. Melmi is owned by Malmis (51%) and Gold Island (49%).

Figure 2. The Thormodsdalur Project

The Vopnafjordur Project (EL-05) (Au-Ag-Te) (Bi-Co-Sb-Se-Zn)

The Vopnafjordur licence covers 598.5 km2(Maps, fig. 3 & 4) and is valid until July 2021. Exploration in Vopnafjordur was carried out by Malmis between 1991 and 1993 in the form of BLEG surveys and vein sampling. Follow-up work was carried out by Melmi in 1997, which carried out stream sediment and helicopter-assisted rock chip sampling in the Vopnafjordur area. The rock chip sampling programme focused on areas of strong alteration, known quartz-carbonate-pyrite veining and in selected structural settings. The sampling programme indicated anomalous antimony, selenium and tellurium values in the northern rhyolitic centre and further identified anomalous gold, antimony, bismuth and zinc in an acid intrusion in the central southern part of the licence.

Recently, a comprehensive review of the BLEG and rock chip sampling programme was undertaken alongside satellite interpretation of the whole of the Vopnafjordur licence and a short exploration program in August 2016. In addition to the two volcanic centres identified in the 1990s, a number of regional fault zones associated with elevated levels of key pathfinder elements and occasionally gold was identified. The geological team is expecting assay results shortly.

These areas will be investigated further by the Company’s geological team in 2017, which will carry out close-spaced traverse mapping and grab sampling of key fault structures identified by previous exploration.


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Figure 3. Vopnafjordur licence EL-05 is situated in the Nord Austurland region of NE Iceland


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Figure 4. Extent of Vopnafjordur licence boundaries. Map scale 1:200,000


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Figure 5. World map showing Iceland


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Figure 6. Map of Iceland with location of the projects

Icelandic Geology is unique and considered relatively young in geology term. Iceland lies in the divergent boundaries of the Mid Atlantic Ridge. The buoyancy of the Iceland plume leads to dynamic uplift of the Iceland plateau, and high volcanic productivity over the plume has developed an anomalous volume of volcanic material and magma chambers at depth.

Iceland has not been thoroughly mapped and geological exploration has been limited when compared to other jurisdictions. St-Georges now have the unencumbered opportunity to explore Iceland’s potential starting with its most known prospective target sites with data generated from existing geological work and geothermal operations around the country. Furthermore, St-Georges technologies should enable the team of Iceland Resources to unlock the potential for prospective lithium brines and mud tailings that were not considered in the past.

Vilhjalmur Thor Vilhjalmsson, director of Iceland Resources, commented: “The opportunity to combine the resources of both companies, our extensive knowledge of Iceland and its geology and the addition of St-Georges team’s expertise in metallurgical processing and eco-mining environmental friendly solutions, provides a unique offering to the market and stakeholders of both companies (…) St-Georges brings a portfolio of R&D initiatives aimed at reducing the environmental impact of mining activities and improving producers’ financial bottom line. Iceland like the Scandinavian countries is a place of certainty in regulations and mining law with reliable and accessible data available from government bodies thus opening possibilities to get additional licenses with historical data available similar to work previously done in Iceland as well as in Greenland (…) we believe that we found a good home for our shareholders in St-Georges and we are excited at the prospect of the proposed 2017 exploration and development campaigns.”

General Disclaimer: The current press release contains references to mineral sampling results that are provided by Iceland Resources or were sourced in the geological literature published by the Icelandic government or its departments. St-Georges has not sampled and analysed these samples. Readers should exercise caution as real width, depth or length of the mineralisation encounter is not defined. No resource estimate that is compliant with the standard of the National Instrument 43-101 is currently available.

The technical information in this release has been reviewed and approved by Mr. Herb Duerr, P. Geo. a ‘qualified person’ as defined by National Instrument 43-101Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD OF DIRECTORS

“Frank Dumas’

FRANK DUMAS, PRESIDENT & CEO

About St-Georges

St-Georges is developing new technologies to solve the biggest environmental problems in the mining industry. If thesenew technologiesare successful, they should improve the financial bottom line of current mining producers. The potential success of these technologies would also involve upgrading certain current known metal resources to economic status while addressing the environmental and social acceptability issues. The Company also explores for Nickel on the Julie Nickel Project & for industrial minerals on the Quebec’s North Shore and for Lithium and rare metals in Northern Quebec and in the Abitibi area.Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com

About Iceland Resources EHF

Iceland Resources ehf is a junior mineral exploration company with a focus on the Scandinavian region. The company has one licence in the Vopnafjordur area in Iceland and further seven areas pending issue totalling over 4,000km2. The company also has an earn-in agreement with Melmi ehf and Gold Island Ltd to earn into the well-known Thormodsdalur licence where gold grades up to 415 g/t have been identified and the partners are working towards a NI 43-101 compliant resource.http://www.icelandresources.is

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

Finore Mining to Acquire 100% interest in Panther Creek Cobalt Property, Idaho, Changes Name to Hybrid Minerals Corp. $FIN.ca

Posted by AGORACOM-JC at 10:44 PM on Thursday, October 6th, 2016

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  • Signed a Definitive Agreement with Utah Mineral Resources LLC to acquire 100% interest on the Panther Creek Cobalt property, East-Central Idaho
  • Located in the heart of the Idaho cobalt belt, home to the Salmon Canyon and Iron Creek Deposits
  • Road accessible
  • Consists of 50 lode mining claims with a total area of 1000 acres located in Lemhi County

Vancouver, B.C. / October 6, 2016 – FINORE MINING INC. (CSE: FIN; OTCQX: FNREF) (the “Company” or “Finore”) -announces that the Company signed a Definitive Agreement with Utah Mineral Resources LLC (“UMR”) to acquire 100% interest on the Panther Creek Cobalt (“Co”) property, East-Central Idaho.

The Panther Creek Cobalt Property (“the Property”) is located in the heart of the Idaho cobalt belt which is home to the Salmon Canyon and Iron Creek Deposits. The property is road accessible and located 26 miles west of the Salmon, East-Central Idaho. The property consists of 50 lode mining claims with a total area of 1000 acres located in Lemhi County.

The Property is well located within the vicinity of the Blackbird copper-cobalt Mine in the famous Blackbird District. The copper-cobalt mineralization is hosted in the micaceous quartzites of the Apple Creek Formation of the well-known Idaho Cobalt Belt. A historic mine adit on the property was channel sampled by US Geological Survey and returned 1.04% cobalt and 4.14% copper across 10 feet or 3.04 metres (Re: US Geol. Surv. Open File Report 98-478). Extensive exploration consisting of detailed geological mapping emphasizing stratigraphy and structure, systematic geochemical soil sampling and trenching is required to confirm the historical result as this does not conform to the NI 43-101 rules and regulations.

Idaho cobalt belt

The Idaho cobalt belt trends northwest-southeast for nearly 60 km in east-central Idaho (Fig. 1). Included within this belt are numerous historic mines and prospects of the centrally located Blackbird district, the Salmon Canyon deposit at the northwest end, and deposits of the Iron Creek area at the southeast end (U.S. Geological Survey, 2010). The Idaho cobalt belt is important nationally because it contains the largest known cobalt resources in the United States (Slack et al., 2012). Ecobalt Solutions Inc. is developing the Idaho Cobalt Project, located in the Blackbird district. Ecobalt completed a Preliminary Economic Assessment with a measured and indicated resource of 3.48 million tonnes grading 0.55% Co and 0.85% Cu.

History and production

Production in the Blackbird district began in 1917 following initial discovery of the sulfide deposits in 1893. Minor Co was produced from 1917 to 1920 at the Haynes-Stellite Mine (Bennett, 1977). Major production began in 1949 and continued intermittently to 1960 at the Blackbird (Uncle Sam) underground mine and the Blacktail open pit, which together yielded ca. 5 Mt of ore averaging 1.5 wt % Cu and 0.6 wt % Co.

The location of the Idaho Cobalt Belt with the historic mines and occurrences is shown in the figures below. The Panther Creek prospect is located in the Blackbird district.


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Map of central Idaho showing location of mineral deposits (modified, Lund, et al, 2011. Econ Geol. v.106) Dot overlay shows location of Idaho cobalt belt. Index map is (upper right) shows location of Late Cretaceous Idaho batholith relative to area of this figure. Numbers refer to important named mines and prospects: 1 = Yellowjacket mine, 2 = Salmon Canyon copper mine, 3 = more than 40 deposits of the Blackbird district including the Panther Creek property, 4 = Musgrove prospect, 5 = Blackpine mine, 6 = Iron Creek prospect, 7 = Spring Creek deposits, 8 = Shoup area mines, 9 = Pine Creek mines, 10 = Diamond Creek mines, 11 = Copper King mine, 12 = Pope Shenon mine, 13 = Woods Creek deposit, 14 = McConn Creek deposit, 15 = Ulysses mine, 16 = Lemhi Pass thorite mines and prospects, 17 = Copper Queen Mine


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FIG. 2. Generalized geologic map of the Blackbird district showing strata-bound and discordant mineral deposits ((Slack, 2012. Econ.Geol. v.107).

Why Cobalt?

The Board of Directors are looking forward to be exploring for Cobalt in the well-known Idaho Cobalt Belt. Cobalt is considered to be a metal of the future with growing demand in technology, health and energy industries. The main components of electric vehicle motors and many rechargeable Lithium-ion batteries, contain as much as 60% cobalt. A sustained cobalt price growth could occur over the next few years as battery demand grows, driven by electric car battery market expansion in line with demand for low emission vehicles

Consideration for the Property:

To acquire 100% of the Panther Creek Cobalt Property, the Company will:

Fund and incur Exploration Expenditures of $375,000 over an Earn-In-Period of three (3.) years from the date of signature of the Option Agreement.

-on or before the first anniversary of the Execution Date: $ 75,000 (seventy five thousand dollars)

-on or before the second anniversary of the Execution Date: $ 100,000 (one hundred thousand Dollars.

-on or before the third anniversary of the Execution Date: $ 200,000 (one hundred thousand Dollars).

In addition to incurring the above Exploration Expenditures, Finore will pay UMR each of the following option premium amounts during the Earn-In Period in cash or shares in the Company

.

-on the Execution Date: $ 25,000 within 14 days of Exchange Acceptance and issue to UMR a total of 3,500,000 common shares of Finore at a deemed value of $0.05 per share;

-on or before the first anniversary of the Execution Date: the sum of $ 150,000 or the equal value in common shares of Finore; and

-on or before the second anniversary of the Execution Date: the sum of $ 150,000 the equal value in common shares of Finore.

-In the event that proven and probable mineral resources for the purposes of NI 43-101, of at least of 4 million tonnes grading a minimum 0.25% Co is determined on the Property by Finore or before the 5 year anniversary of the Effective Date, Finore shall issue to UMR an additional 2,000,000 common shares in the capital of Finore.

Name Change

The Company is planning to apply to regulatory authorities for a name change to Hybrid Minerals Corp.

Private Placement:

The Company also announces that it will conduct a non-brokered private placement of up to 20,000,000 units (the “Units”) at a price of $0.10 per Unit to raise total gross proceeds of up to $2,000,000. Each Unit will consist of one common share of the Company (a “Share”) and one half (1/2) transferable common share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to acquire one additional Share for a period of two (2) years from the closing of the Private Placement at an exercise price of $0.25 per share. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.

The net proceeds from the Offering will be used for the option payments and first year work program on the Panther Creek Property, general working capital, clearing outstanding payables and for evaluating other green metal properties.

The non-brokered private placement is subject to the completion and execution of appropriate documentation, acceptance for filing by the Canadian Securities Exchange and receipt of any required regulatory approvals.

Mohan R. Vulimiri, M.Sc., P.Geo, Director of Finore, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release

On behalf of the board of directors of Finore Mining Inc.,

“Peter Tegart”

Peter Tegart

President & CEO

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

Additional Encouraging Results from the Julie Nickel-Copper Discovery; 1.82% Nickel Over 11.64 Metres Channel Intersection

Posted by AGORACOM-JC at 3:15 PM on Monday, January 26th, 2015

Baie-Comeau, Quebec / January 26, 2015 / St-Georges Platinum and Base Metals Ltd. (CSE: SX) (FSE: 85G1) (US OTC: SXOOF) is pleased to announce today that a new series of results increased the size and grades of the previously reported mineralized T1 Zone, as well as additional positive results from the T2 Zone from its wholly owned Julie Nickel-Copper project on the Quebec North Shore.

Results from T1 Zone

The initial discovery on the T1 Zone which yielded 1.71% Nickel over 8.49 meters was reported on December 29, 2014. New results from the Channel #1 on the T1 Zone extend the length of the intersection an additional 3.15 meters grading 2.14% Nickel, 0.33% Copper and 0.04% Cobalt. These compiled results are highlighted in the table below:

From To Interval* Nickel Copper Cobalt
(Metres) (Metres) (Metres) (%) (%) (%)
T1 Channel 1Including new result

Including already reported*

08.490 11.6411.64

8.49

11.643.15

1.71

1.822.14

0.27

0.290.33

0.27

0.040.04

0.03

* Reported channel sections are not true widths there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.

The starting point of the channel cut was located at N49? 57.463′ W69? 27.045′

Zone T1 is an area measuring 70 metres by 56 metres. The ultramafic intrusive suite that hosts the new discovery can be traced along a magnetic conductor identified in 2011, which runs for approximately 13 kilometres in a WSW to ENE trend.

Results from T2 Zone

The T2 Zone is a surface mineralized zone measuring 52 metres by 18 metres. This zone is located 116 metres away from the initial discovery of “T1″ on an East-North-East trend. It is categorized by a series of small gossans within a larger zone of mafic and ultramafic rocks at or near surface.

When added to the T1 Zone already identified it covers a total strike length of 238 meters of mineralisation and coincides with the ultramafic intrusive suite which hosts the new discovery.

The table below outlines the results from an 18.68 metre channel sample taken sub-parallel the mineralized body at surface and starts approximately 171 meters away from the end of the channel #1 on T1 zone:

From To Interval* Nickel Copper Cobalt
(Metres) (Metres) (Metres) (%) (%) (%)
T2 Channel 3Including

Including

09.339.33 18.6818.68

13.62

18.689.35

4.29

1.101.45

1.56

0.230.28

0.28

0.030.03

0.03

* Reported channel sample sections are not true widths. An apparent surface width of 8 meters can be calculated but at this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.

The starting point of the channel sample was located at N49? 57.515′ W69? 26.910′

Quality Control

Mr. Joel Scodnick (P.Geo.), Vice-President Exploration of the Company, is the independent qualified person for the technical disclosure contained in this news release. Mr. Scodnick has supervised the work programs on the Julie Project, examined the samples summarized in this release, discussed, reviewed the results with the Company’s geological staff and reviewed the available analytical and quality control results.

Channel cuts samples and drill core samples were transported in sealed bags from Baie-Comeau to a warehouse facility in Montreal. There they have been opened, washed, photographed again, logged, resealed and transported to Agat Laboratories in Dorval, Quebec. Agat Laboratories transported the samples to their analytical facilities in Mississauga, Ontario. Base metal analyses were initially obtained via ICP-AES Aqua Regia and 4 Acid digestions. The two digestion methods show good correlation. Nickel values in excess of 10,000 ppm were reanalyzed using a sodium peroxide fusion followed by ICP-AES finish.

ON BEHALF OF THE BOARD OF DIRECTORS

Mark Billings,

Mark Billings, Chairman

About St-Georges

St-Georges is a Platinum-Palladium & Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company’s stock is listed on the CSE under the symbol SX and its shares trades in the United States under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. Its Flagship project is the Julie Nickel Project on Quebec’s North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at www.stgeorgesplatinum.com.

Forward-looking Statement:

This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation’s control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.