Sienna Resources Inc Proposes to Increase Placement up to $2.5 million for Cobalt Project Development

Sienna Resources (TSXV:SIE) (FSE:A1XCQ0) (OTCBB:SNNAF) is proposing to increase the non-brokered private placement originally announced December 18, 2018 to now consist of up to twelve million five hundred thousand units at 20 cents per unit for gross proceeds of up to $2.5 million. Each unit will consist of one common share in the capital of the company and one transferable share purchase warrant, exercisable at 30 cents for a period of five years. The private placement is subject to approval of the TSX Venture Exchange and was previously announced December 18, 2017. Please refer to that placement.
If you are an existing security holder or qualified person with respect to the existing security holder exemption or the investment dealer exemption noted above and you have interest in this offering, please call or e-mail the company.
Any questions or inquires about this placement please call President Jason Gigliotti directly at 604 646 6900 or toll free 1 855 646 6901 or email info@siennaresources.com and the website is www.siennaresources.com
About Sienna Resources Inc.:
Recently Sienna received TSX Venture approval to go forward into an exploration and option agreement to acquire the Slättberg Cobalt-Nickel-Copper Project in Sweden (the “Project”). The Project consists of two adjacent exploration permits comprising approximately 9513 contiguous acres.
Jason Gigliotti, president of Sienna, states, “We are very pleased to receive approval for this exciting cobalt-nickel-copper prospect. Cobalt prices have just crossed fresh nine year highs as of yesterday, and we look forward to advancing this prospect. There are 12 historic mines on this property and with modern mining approaches, we are very optimistic about what this project could contain. We expect to be drilling early 2018 as the project is drill ready now.”
Northvolt is planning to be the largest battery factory in Europe at roughly the same size as Tesla’s Gigafactory. Jason Gigliotti states, “Northvolt wants to locally source as much battery material as possible such as cobalt and nickel. There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand on the battery metals such as lithium, cobalt and nickel. Sienna is focused on exploring and developing projects that will meet this insatiable demand.”
Slättberg is located 25 kilometers northwest of Falun, Sweden. Slättberg is a historic mining camp hosting cobalt-nickel-copper rich massive sulfide mineralization that occurs within a two kilometer belt of historic nickel-copper mines. The Project contains drill defined massive sulfide mineralization that extends to ~100 meters in depth, and remains open for expansion at depth and along strike. The Project is accessible year round, with nearby rail, power and 5 smelters in the Nordic region. At least 12 historic mines are located on the property, with historic operations dating back to the late 1800’s.
Geophysics and Target Map
To view an enhanced version of the Geophysics and Target Map, please visit:
https://orders.newsfilecorp.com/files/854/31754_a1515104182764_79.jpg
Mineralization at Slättberg is hosted by 1.8-1.9 Ga (Svecofennian) supracrustal rocks (metavolcanics and metasediments) located along the southwestern flank of a large gabbroic intrusive complex. The historic mines are positioned along an east-west trend of massive sulfide occurrences developed in and around a similarly oriented body of “leptite”. This is a local term used to describe rhyolitic/felsic tuffaceous rocks commonly associated with sulfide mineralization in Bergslagen. Mafic and ultramafic rocks also occur in and around the mine workings.
Sweden is at the forefront of an exploration and development boom in the mining industry. The country’s favorable business environment includes a low corporate income tax rate, a proactive geological survey, and broad public support for export-led resource extraction. Sweden has a long history of mining, and is host to some of Europe’s largest active mines.
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
Sienna has launched its new corporate website and branding. Please visit the site at www.siennaresources.com
If you would like to be added to Sienna’s email list please email info@siennaresources.com for information or join our twitter account at @SiennaResources
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
“Jason Gigliotti”
President, Director
Sienna Resources Inc.
Neither the 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 press release.
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Source: globenewswire.com