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Inomin Mines Inc. (TSXV: MINE) ("Inomin", "MINE" or the "Company") is pleased to provide a corporate update.
Beaver-Lynx Critical Minerals Project
Inomin intends to complete additional drilling in the Spur, North Lobe, and Ring zones on the Beaver block to build on the Company's initial discoveries of high-grade magnesium, sulphide nickel, and chromium and cobalt - all critical minerals. Initial drill testing is also anticipated in the South zone, a 2 x 1 kilometre (km) magnetic target, as well as at the adjoining Lynx property, that features an 8-km wide ring-like magnetic anomaly comprised of several strong magnetic anomalies.
Inomin is also reviewing carbon capture and storage (CCS) studies for Beaver-Lynx following initial positive test results (see June 27, 2022 news release). It is anticipated that future CCS work will be conducted in collaboration with Arca, a leading carbon mineralization company.
La Gitana Gold-Silver Project
Relations with the community where the Company's La Gitana project is located are being strengthened. Among the objectives of the Company's dialogue is to explore the many ways the project can benefit the community. As demonstrated by operating gold-silver mines in the region, including Gold Resource's Arista and Mirador mines, responsible mining can create strong social-economic benefits for residents and be an important catalyst for societal growth.
La Gitana is an advanced, gold-silver exploration project where exploration including diamond drilling by past joint project owners - Chesapeake Gold and Goldcorp (latter company acquired by Newmont Corp) - delineated a substantial near-surface, low-sulphidation, epithermal gold-silver deposit.
Inomin looks forward to reaching an agreement with the community and continuing to advance the project for the benefit of all stakeholders.
Agreement with Castlewood Capital Corp.
The Company has entered into a corporate advisory agreement with Castlewood Capital Corp. ("Castlewood") dated April 1, 2023. Castlewood will provide Inomin corporate and investment banking advisory services including identifying project acquisition opportunities.
The agreement with Castlewood is for a six-month term and provides a monthly fee and additional compensation for certain transactions introduced by Castlewood. The Company has also granted Castlewood, effective April 11, 2023, incentive stock options to acquire 100,000 common shares of the Company at $0.07 per share expiring April 11, 2025.
Jason Libenson, president of Castlewood says, "We're impressed by Inomin's projects as they are clearly significant discoveries with substantial growth potential. Further drilling success will enable the Company to realize the potential of its assets and create significant shareholder value."
About Inomin Mines
Inomin Mines is focused on the identification, acquisition, and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information please contact:
John Gomez
Tel. 604.566.8703
info@inominmines.com
Inomin Mines Director, L. John Peters, P.Geo., a qualified person as defined by NI43-101, has reviewed and approved the technical information in this news release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither 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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162070
