Methodically Developing Gold Projects in Quebec
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Secova Metals Corp. (TSXV:SEK;FWB:N4UN;OTCMKTS:SEKZD) is a junior mineral exploration company with a primary focus in the Windfall gold camp in Quebec, Canada. The company is dedicated to creating value for their shareholders through methodical exploration. Secova Metals conducts extensive exploration by utilizing cost effective methods to determine the location of possible ore bodies, deposits and mineralized zones before drilling, strategically conserving shareholders money.
The company’s flagship Eagle River project is strategically located adjacent to Bonterra Resource Inc.’s (TSXV:BTR; OTCQX:BONXF; FWB:9BR1) Gladiator project and is south of Osisko Mining Inc.’s (TSX:OSK) Windfall Lake project. When combined, Osisko and Bonterra have a $1 billion market cap, attributing to the potential success to be found in the area.
Secova’s management team was involved in the early methodical exploration expansion of Osisko Mining’s Windfall Lake project before being acquired. Other than management understanding the Windfall Lake project there has been little to no exploratory work done on the property prior to Secova Metals taking on the Eagle River project. After the initial land acquisition, February 2017 saw a major land staking rush in which Secova was the first to act (November 2016) and then increased its land position x5 prior to the staking rush. To date, the company has completed an airborne VTEM Plus survey on a quarter of the project that outlined 19 distinct anomalies on the property, which was followed up with an initial ground exploration program that returned gold in 29 out of 30 till samples recovered for a success rate of 96 percent.
Secova Metals’ Duvay/Chenier property is an advanced-stage gold property for which they have the option to acquire a 90 percent interest. The property has seen extensive historical exploration work and the company is currently evaluating their next step forward.
Secova Metals’ management team is intimately familiar with the Windfall gold camp district as they were commissioned to develop the mineralization model for Osisko’s Windfall Lake project. They were able to determine that the mineralization structure in the area continues to the south and strengthens as it hits Bonterra’s Gladiator project. Management also holds approximately 10 percent of the company’s outstanding shares.
- Operating in mining-friendly jurisdiction in Quebec.
- Good relations with First Nation communities in the area.
- Grassroots potential at Eagle River.
- Eagle River is strategically located near Osisko’s Windfall Lake project and Bonterra’s Gladiator project.
- Duvay/Chenier project has a long history of exploration.
- Management is familiar with and has worked in the Windfall Lake gold district.
- Management holds approximately 10 percent of the company’s outstanding shares.
Eagle River Project
In November 2016, Secova Metals acquired the 4,354-hectare Eagle River project in the Windfall Lake gold district in Quebec. Since acquiring the property, Secova Metals increased its land package to a total of 21,872.55 hectares. The property is located south of Osisko’s Windfall Lake project and is adjacent to Bonterra’s Gladiator project. The property is accessible year round.
Prior to Secova Metals’ acquisition, little to no exploration work had been conducted on the property. In July 2017, Secova Metals conducted its first exploration program, which was comprised of a VTEM Plus survey that covered 940 line kilometers over a key area of the property. Results from the survey indicated that there were 19 anomalies on the property.
The survey results were followed up by a ground exploration program that consisted of prospecting, geological mapping and the collection of 30 till samples. Of the till samples collected, 29 contained gold grains that graded up to 108 gold grains per sample.
“The exploration program returned over a 96 percent success rate of finding gold particles. Not only that but some of the results, like 4.0 g/t gold are exciting when thinking about the next exploration steps. Although only a few of the results were pristine, there is a very high likelihood that all particles were sourced within Secova’s claim boundaries. These results compare very favourably to the Osisko till sampling study conducted on their Windfall property in 2015,” said Secova Metals CEO Brad Kitchen.
Moving forward, Secova Metals will be conducting an extensive exploration program on 19,778.7 hectares of the property. Phase 1 of the program will be completed with the intent to determine drill targets for future exploration programs and to complete a 15-kilometer gold till soil sampling program on the northern half of the property.
Phase 2 will cover the property in its entirety and will consist of two to three lateral sets of sampling programs. The first set of sampling will be completed over the northern portion of the property with the intent to identify and confirm any surface extensions of the gold resources found by Secova Metals’ neighbors. The second set will be to potentially confirm the extent of those gold resources onto the Eagle River property. If timing and budgeting permits, the third set will explore the southern edge of the property.
Secova Metals anticipates the collection of 60 to 185 samples to be taken from the property. The program will take approximately three weeks to complete.
Secova Metals’ 7,766-hectare Duvay/Chenier property consists of 174 claims and is located 15 kilometers northeast of Amos, Quebec. Secova has the option to acquire a 90 percent interest in the property from Tres-Or Resources Inc. (TSXV:TRS) by funding and completing a pre-feasibility study. The advanced-stage project features near-surface high-grade gold mineralization.
In the late 1930s, visible gold was discovered on the Duvay project. Exploration efforts included prospecting, stripping, surface sampling, trenches, bulk samples, shafts and underground galleries. Exploration was suspended during World War II, but resumed in the 1940s. Most of the exploration was periodically conducted until the 1980s, when several large scale programs were completed within the principle Duvay zone claims.
Between 1985 and 1990, Societe Miniere Sphinx completed 83,000 square meters of stripping, 13,000 meters of drilling and over 20,000 tonnes of bulk sampling. Three of the bulk samples taken yielded a weighted assay value of 5.76 g/t gold. In 1990, Sphinx completed a 40,000-tonne heap leach test, which reportedly returned 9.33 kilograms of gold from the first pour and an overall total of 11.3 kilograms was recovered from the program.
Between 2010 and 2013, Tres-Or completed exploration programs consisting of a ground magnetics survey, property-wide airborne magnetic and electromagnetic surveys and surface sampling. They also mapped 13 drill holes and collected nine mini-bulk samples.
Secova Metals is currently assessing their next steps for the Duvay/Chenier property. Due to the nature of the gold found on the property, the company would need to conduct a bulk sample program.
Brad Kitchen — CEO and President
Mr. Kitchen has 31 years of experience in investment banking and heading up corporations. In this time Mr. Kitchen has been responsible for all manner of day-to-day operations as well as closing structured financings for primarily resource based small, medium and large private and public companies. He is currently the C.E.O., President and Chairman of Secova Metals Corp., one of the premier junior gold companies in the Abitibi gold belt of Quebec. Recently he served as the C.E.O. and President of Eagle Hill Exploration Corporation until it was taken over in August 2013 and is now Osisko Mining Inc. He also served as a Vice President of Structured Financing with CIBC World Markets (formerly CIBC Wood Gundy Securities Inc.) and TD Securities Inc., for over 11 years. For the past 20 years, Mr. Kitchen, through his company PBK Capital Corp., has worked with junior resource companies focusing on the mineral exploration and oil and gas industries. Mr. Kitchen holds an MBA from McGill University in Montreal, Quebec in 1987 and a B.Ap.Sc. in Civil Engineering from the University of British Columbia in 1985. Mr. Kitchen brings his leadership, corporate governance and team building expertise to Secova to generate synergies, create corporate successes and achieve set targets and goals for the Company’s shareholders.
David Vincent— Director
Mr. Vincent’s background includes consulting and investment banking, providing corporate advisory, corporate public relations and capital raising services within the resources sector. Mr. Vincent was a senior executive with BAE Systems, a global aerospace company, where he gained significant skills and experience in international business development, feasibility studies, market analysis, business planning, project financing, project management and marketing within the United Kingdom, the Middle East and Europe. Mr. Vincent is a professional engineer and commercial pilot with post graduate academic qualifications in management and financial services. Mr. Vincent was a senior commissioned officer (Engineer and Pilot) in the Royal Australian Air Force. Mr. Vincent has worked throughout Europe, Middle East, Africa and Asia region for the last 20 years. He holds a Bachelor of Engineering with Distinction from RMIT Australia, a Diploma in Administrative Studies, an Advanced Diploma in Aviation Studies and a Diploma in Financial Planning from Deakin University
Don Fuller— Independent Director
Mr. Fuller is a businessman whose focus is on international development and capital structuring for numerous projects in the United States and the United Kingdom.
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