Pursuant to the exercise of the Option, Damara and Universal shall form a 75% – 25% joint venture .
Larry Nagy, President and CEO of Damara stated “We are pleased to have completed the initial earn-in expenditures and look forward to recommencing exploration activities at the property in 2021.
A 3DIP survey conducted in December, 2020 shows a distinct chargeability and resistivity response associated with the mineralization which extends off the survey area to the northeast along strike and under post-mineral cover.
Significant gold and silver anomalies from historic rock and soil surveys surround the post-mineral cover rocks on the Property and have never been followed up on.
Pursuant to the terms of the Assignment, Canagold was issued an initial 3,989,950 .
The Company is also pleased to announce that it has quartered and re-sampled select intervals from its previously released Phase I core drilling program on Placer Mountain .
The analytical laboratory prepared a 50-gram aliquot for analysis by fire assay, which is 67% larger than the previously employed 30-gram aliquot results which were reported on April 5th.
The variability of the results indicate the presence of a significant coarse gold component within the Alpha Vein system and the Company plans to incorporate this information in the design and execution of its Phase II drill program, with the aim of drilling larger diameter core and utilizing larger 50 gram aliquots in the analysis.
Prior to shipment to ALS Geochemical Laboratory in Kamloops, BC, a certified reference material standard, blank, and duplicate was inserted at a ratio of approximately one in every 6 drill core samples.
Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this release.
is a TSX Venture listed mineral exploration company actively focused on the exploration of the Placer Mountain Gold Property, located in Princeton, BC, held by 75%/25% JV with Universal Copper Ltd.
Universal’s current focus is on advancing the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia with a historic 43-101 resource.
Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
New Age Metals is a green metals, mineral exploration company focused on the exploration and development of platinum group metals and lithium.