Precious Metals

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES SKRR Exploration Inc.    is pleased to announce a non-brokered private placement for gross proceeds of up to C$1,000,000 from the sale of any combination of units of the Company at a price of C$0.085 per Unit and flow-through units of the Company at a price of C$0.10 per FT Unit. Each Unit will consist of one common ...

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

SKRR Exploration Inc. (TSXV: SKRR) (OTC Pink: KKRF) (FSE: B04Q) (" SKRR " or the " Company ") is pleased to announce a non-brokered private placement (the " Offering ") for gross proceeds of up to C$1,000,000 from the sale of any combination of units of the Company (each, a " Unit ") at a price of C$0.085 per Unit and flow-through units of the Company (each, a " FT Unit ") at a price of C$0.10 per FT Unit.

Each Unit will consist of one common share of the Company (each, a " Unit Share ") and one half of one common share purchase warrant (each whole warrant, a " Warrant "). Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act ( Canada ) (each, a " FT Share ") and one half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a " Warrant Share ") at a price of C$0.14 for a period of 24 months following the closing date of the Offering.

The Company intends to use the proceeds of the Offering for the exploration of the Company's projects in Saskatchewan and for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used for "Canadian Exploration Expenses" (within the meaning of the Income Tax Act ( Canada )) (the " Qualifying Expenditures "), which will be renounced with an effective date no later than December 31, 2021 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.  If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures.

The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. Finder's fees will be payable in accordance with the policies of the TSX Venture Exchange. The Units Shares, FT Shares, Warrant Shares and any common shares of the Company that are issuable from any finder's warrants will be subject to a hold period of four months and one day following the closing date of the Offering in accordance with applicable securities laws.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States , nor in any other jurisdiction.

About SKRR Exploration Inc.

SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan - one of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen - although extremely well known in geological terms has been significantly under-explored in Saskatchewan . SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.

ON BEHALF OF THE BOARD

Sherman Dahl
President & CEO
Tel: 250-558-8340

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 release.

Forward-Looking Information

This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the  Offering, expected use of proceeds and, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. 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 may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedar.com . There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, decrease in the price of gold and other metals, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

SOURCE SKRR Exploration Inc.

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SKRR Exploration

SKRR Exploration

SKRR Exploration Inc. (TSXV:SKRR) is a gold exploration company focused on a collection of properties in the Canadian province of Saskatchewan. The company’s flagship Olson gold project is located in the Trans-Hudson Corridor of Saskatchewan, an area known for its orogenic gold and volcanic-massive sulfide (VMS) style deposits. SKRR Exploration believes the Trans-Hudson Corridor could become Canada’s next leading mining jurisdiction based on its rich geology and relatively under-explored prospects.

SKRR Exploration’s flagship Olson gold project comprises 5,038 hectares in the heart of the Trans-Hudson Corridor. The property was acquired via an option agreement with Eagle Plains Resources. Under the terms of the agreement, SKRR has the option to earn-in up to a 75 percent interest in the property. In addition to its Olson gold project, SKRR Exploration owns a total of five exploration projects located in Saskatchewan’s Trans-Hudson Corridor including Irving/Leland, Ithingo Lake, Cathro and Manson Bay.

The Trans-Hudson Corridor is a large geological region stretching from South Dakota to James Bay that hosts rich mineralization and a number of past-producing and existing precious metals projects. The Trans-Hudson Corridor is home to the Homestake Gold Mine, the Seabee Gold Mine, and a number of modern exploration projects. The Seabee gold mine was acquired by SSR Mining in 2016 after operating between 1991 and 2018 when all mineral reserves on the property were exhausted. The nearby Seabee Mill has been in operation since 1991 and is capable of processing 1,050 tonnes per day.

Members of the SKRR team including Ron Netolitzky and Ross McElroy have spent the majority of their careers exploring the Trans-Hudson Corridor, partially due to Saskatchewan’s mining-friendly policies and exploration potential. At the provincial level, the province of Saskatchewan offers a safe and stable jurisdiction from which to conduct exploration. The province was ranked the 11th-most friendly according to the 2019 Fraser Institute Annual Survey of Mining Companies.

SKRR Exploration’s Company Highlights

  • Olson gold project is located in Saskatchewan’s Trans Hudson Corridor, home to the Glennie Domain and the province’s largest orogenic gold deposit
  • Historical drilling as Olson has intersected  7.5 m grading 2.07 g/t gold including 13.00 g/t gold over 0.65 m
  • Saskatchewan ranked the 11th most-friendly mining jurisdiction according to the 2019 Fraser Institute Annual Survey of Mining Companies
  • Saskatchewan has produced 5.5 million ounces of gold from primary orogenic deposits and base metal mining projects
  • Irving/Leland gold project comprises 23,500 hectares split into two prospective gold properties
  • Ithingo Lake project’s best intersection at the Main zone returned 7.5m @ 11.5 g/t gold
  • Cathro gold project comprises 3,277 hectares of land within the La Ronge Greenstone Belt in Saskatchewan
  • Chairman Ross McElroy has significant experience in Saskatchewan, including two major mineral discoveries

The Trans-Hudson Corridor

The Trans-Hudson Corridor is a geological region that stretches north from the midwestern United States across Canada up to James Bay. The area was formed by years of volcanic activity that helped create many of the volcanic massive sulfide (VMS) greenstone belts in the area, many of which host precious metals and base metals deposits.

 

A number of resource and exploration companies have begun focusing on the Trans-Hudson Corridor in recent years including Taiga Gold Corp. (CSE:TGC), SSR Mining (TSX:SSRM), HudBay Minerals (TSX:HBM), Alamos Gold Inc. (TSX:AGI) and SKRR exploration. Taiga Gold, a spin-out of Eagle Plains Resources, has focused its operations within the Trans-Hudson Corridor, specifically the area surrounding the Seabee gold mine.

The Trans-Hudson Corridor hosts a number of active and past mines including the McLellan Gold Mine, the Snow Lake Gold Mine, the Seabee Gold Mine and the Homestake Gold Mine located in South Dakota, which produced over 40 million ounces of gold before it closed in 2002. The rich mineralization and past production found within the Trans-Hudson Corridor have led resource companies including SKRR Exploration to target the area due to its district-scale potential. The region also benefits from existing infrastructure including the Seabee mill, which has been in operation since 1991 with a capacity of 1,050 tonnes per day.

Like British Columbia’s Golden Triangle and Ontario’s Red Lake Gold District, SKRR Exploration believes the Trans-Hudson Corridor has the potential to become Canada’s next major gold district. In addition to its exploration potential, Saskatchewan offers a safe and stable jurisdiction with mining-friendly policies designed to facilitate exploration and development.

SKRR Exploration’s Olson Property

SKRR Exploration’s flagship Olson property is located in the center of the Trans Hudson Corridor. Within this corridor, the Olson property is hosted in the Glennie Domain, which is the source of Saskatchewan’s largest orogenic gold deposit, the Seabee gold mine. The Olson project hosts 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling.

SKRR Exploration Olson Project

Gold mineralization has been identified in several locations throughout the property via surface channel sampling and preliminary drilling. To date, geophysical models have proven to be a reliable source of information in terms of predicting further mineralization on the property. Historical drilling on the property has intersected  7.5m grading 2.07 g/t gold including 13.00 g/t gold over 0.65 m and grab samples of up to 105.52 g/t gold.

In 2018, previous owner Eagle Plains Resources Ltd. (TSXV:EPL) compiled the existing data at the Olson project before beginning a two-phase field program consisting of geological mapping and prospecting for a total of 862 soil samples and 126 rock samples. Fieldwork was also conducted in areas hosting anomalous soil geochemistry, which identified gold mineralization associated with shear-hosted quartz veins. Highlights from this work included 45.1 g/t gold with 20 grab samples returning greater than 1000 ppb gold. The Olson area also returned a maximum of 41.0 g/t gold from an outcrop sample of sheeted veins.

SKRR Exploration considers the Olson project to be relatively underexplored, with known gold occurrences that have shown to be open at depth and along strike. In July 2020 SKRR launched an exploration program at Olson with the objective of defining targets to inform a phase two diamond drilling program. The company has contracted Discovery Geophysics to conduct a 10.3 line kilometer resistivity and IP geophysical survey at the Jena-Juba and Point-Tuscan targets, with preliminary results expected to be available for follow-up during phase one.

SKRR Exploration’s Irving/Leland Gold Project

SKRR Exploration’s Irving/Leland gold project is located in the heart of Saskatchewan’s Trans Hudson Corridor, comprising 23,500 hectares that are split into two prospective gold properties. The Irving Lake property and Leland Gold property are both exploration-stage gold projects that have revealed gold mineralization on claims discovered during previous historical work.

SKRR Exploration Irving-Leland Project

The Irving/Leland Gold project is strategically located within 20 kilometers of SRR Mining’s (TSX:SSRM) Seabee Gold Mine, which hosts Saskatchewan’s largest orogenic gold deposit. The Irving/Leland project covers a portion of the Pine Lake Greenstone Belt within the Trans Hudson Corridor. The area is characterized by a major crustal shear system that intersects the corridor. According to SKRR, the area hosts many of the key geological ingredients needed to host large high-grade gold deposits, including those found at Seabee and the nearby Santoy gold deposit.

Leland Gold Project

The Leland gold project was acquired by SKRR Exploration via an option agreement in May 2020 signed with Taiga Gold (CSE:TGC). Under the terms of the agreement, SKRR has the potential to earn up to a 75 percent interest in the property. The Leland gold project hosts several high-grade gold occurrences, including findings of up to 60 g/t gold that are associated with hosted quartz veins.

A 2019 exploration program conducted by Taiga Gold returned channel samples of 2.1 g/t gold over 3.22 m, including 5.4 g/t gold over 0.65 meters. Five new gold occurrences were discovered during the exploration program returning grades of up to 3.5 g/t gold. Northeast of the Simon showing, Taiga identified anomalous soils that make up a new zone of mineralization. Taiga also conducted additional staking around the Duck Lake Occurrence, where historical grab samples have returned 3.2 g/t gold.

Irving Lake

SKRR Exploration acquired 100 percent of the Irving Lake project from Edge Geological Consulting Inc. in April 2020. The property hosts outcrop samples that have returned highlights of up to 3.93 g/t gold and 413 ppm copper.

SKRR Exploration’s Ithingo Project

SKRR Exploration’s Ithingo Lake project comprises 12 contiguous land claims for a total of 2,849 hectares. The property is home to historical exploration work that has been conducted by a number of previous operators, including Claude Resources Inc. (TSX:CRJ), Newmont Exploration of Canada, and Pine Channel Gold Corp.

SKRR Exploration Ithingo Project

SKRR Exploration acquired 100 percent of the Ithingo Lake property from Edge Geological Consulting in March 2020. Under the terms of the agreement, Edge has retained a net smelter royalty (NSR) of two percent, with an option for SKRR to repurchase one percent back for a cost of C$1,000,000. Over the next three years, SKRR Exploration is expected to contribute a total of $900,000 in work expenditures.

Historical exploration has been conducted on the Ithingo Lake property dating back to the 1930s when gold occurrences were reported on the property. In the 1908s, Claude Resources discovered high-grade gold mineralization after digging surface trenches that returned grab sample assays up to 27.37 g/t gold with channel sample composited intervals of 4.98 g/t gold over 6.1m and 9.33 g/t gold over 2.7m at the Main zone.

In 1988 and 1989 both Newmont Corporation (NYSE:NEM, TSX:NGT) and Claude Resources Inc. (TSX:CRJ) conducted drill campaigns on the Ithingo property for a total of 5,248.17 meters across 57 drill holes. The Main, Sterny, North Sterny and Ithingo Lake zones were all tested at the time, with the majority of the drill holes conducted on the Main Zone, which is open along strike and at depth. The best intersection at the Main zone returned 7.5m @ 11.5 g/t gold.

SKRR Exploration’s Cathro Gold Project

In February 2020 SKRR Exploration executed an agreement with Eagle Plains Resources (TSXV:EPL) to acquire 100 percent interest in the Cathro gold project located 50 kilometers northeast of La Ronge, Saskatchewan. The project comprises 3,277 hectares of land within the La Ronge Greenstone Belt, including volcanic rocks that are known to host structurally-controlled gold mineralization such as the historic Contact Lake deposit.

The Cathro gold project hosts four known gold occurrences within the claim boundaries and has seen limited exploration from past owners including Cogema, which conducted gram sampling and vein quartz sampling on the project in 1988. Highlights from this sampling program include:

  • 492RR-1404: a grab sample of sheared quartz in metavolcanics returned 72 g/t gold
  • 492RR-1406: a grab sample of grey quartz returned 100 g/t gold
  • 492RR-1452: a quartz vein chip sample of unknown width returned 21.2 g/t gold
  • 492RR-1456: a quartz vein chip sample of unknown width with visible gold returned 29.2 g/t gold

During its exploration work, Cogema exposed the main Vidgy Zone over a strike length of 21m with a maximum vein width of 2.5m. Five lines of contiguous chip samples at 4-meter intervals were also collected from the main Vidgy Zone with highlights including 0m at 8.1 g/t gold, 7m at 4.4 g/t gold and 5m at 5.6 g/t gold.

SKRR Exploration’s Manson Bay South Property

To expand its holdings in the Trans-Hudson Corridor, SKRR Exploration announced the acquisition of 100-percent of the Manson Bay South Property in September 2020. The property comprises nine mineral claims for a total of approximately 4,228 hectares. To complement Manson Bay South, SKRR Exploration also announced the acquisition of a 100-percent interest in Edge Geological Consulting Inc.’s adjacent Manson Bay Property, which comprises four minerals claims totaling 64.537 hectares.

Manson Bay

The Manson Bay property includes all of the known drill holes that outline the historic Manson Bay Gold Zone. Historical drilling was conducted on the Manson Bay Gold Zone in 1985 by HudBay Minerals, including three drill holes. Mingold followed up on this exploration with a 44-hole, 4,607-meter drill program in 1987-88, estimating a historic resource of 660,000 tons grading 3.4 g/t gold to a depth of 122 meters down-dip with the potential for expansion of depth and strike extent. SKRR Exploration considers these estimates to be historical in nature.

Highlights from the drill program include:

  • MBO-15: 15.39 g/t gold over 10.03m including 23.13 g/t gold over 6.40m and 219.02 g/t gold over 0.61m
  • MBO-37: intersected 2.91 g/t gold over 12.44m including 16.11 g/t gold over 0.24m

Manson Bay South

The Manson Bay South property is contiguous with and surrounds the Manson Bay Property. Manson Bay South contains a number of historical showings, including the Nest Group gold-silver-copper-zinc showing and the MAN Claim copper-gold showing.

The Nest Group showing is located approximately three kilometers southeast of the Mason Bay Gold Zone and includes four zones of known mineralization: The Showing, A Zone, B Zone and C Zone. The MAN Claim showing is located approximately 2 kilometers south of the Mason Bay Gold Zone, where previous explorers obtained a grab sample that returned an assay value of 5,680 ppb gold.

SKRR Exploration’s Management Team

Ross McElroy—Chairman of the Board, Director

Mr. McElroy is a professional geologist with over 30 years of experience in the mining industry. He is the winner of the Prospectors & Developers Association of Canada 2014 Bill Dennis award for exploration success and the Northern Miner mining person of the year 2013. Ross McElroy has been instrumental in several major uranium discoveries in Saskatchewan (the world’s largest source of high-grade uranium), the Triple R deposit and Cameco’s McArthur River deposit (the world’s largest high-grade uranium deposit). Mr. McElroy while at BHP, managed the vast Hope Bay Gold Project and was a key member of the team to discover 3 major high-grade gold deposits that TMAC Resources brought into production.

Sherman Dahl—President and Director

Mr. Dahl is a seasoned investor and financier who is well versed in finance and marketing strategies for small-cap private and public Canadian companies. Mr. Dahl has expertise in identifying undervalued companies and introducing these opportunities to his buy-side network of clients, strategic co-investors and marketing participants. Mr. Dahl has a proven record of being able to raise capital and increase investor awareness and liquidity. Mr. Dahl was previously a vice-president and investment adviser with National Bank Financial, a leading Canadian investment dealer. In addition to managing a $150-million retail book and achieving Chairman’s Council level, Mr. Dahl participated in numerous capital raises totaling over $150-million directly for various issuers with total issuer financings of $1 billion on behalf of retail and institutional clients over a 20-year career.

Iain Butler—Director

Iain Butler has over 25 years of experience in various senior financial and general management roles. Currently with Kal Tire as the VP of Finance for their Mining group where he is a member of the Board of Directors for Kal Tire’s International entities. Iain has completed multiple complex acquisitions, both in Canada and abroad. Iain has an Economics Degree from the University of Essex and is a member of the Chartered Professional Accountants of BC and the Institute of Chartered Accountants in England and Wales.

Jeremy Ross—Director

Mr. Ross has more than twenty years in corporate development and marketing for small-cap to mid-tier mining, oil and gas companies. With a comprehensive network of institutional and retail relationships, Mr. Ross has planned and implemented numerous marketing campaigns. He was the Corporate Development Consultant for Fission Energy and played a key role in growing investor awareness up until its major sale of assets to Denison Mines. In 2013, Mr. Ross was appointed to the Board of Directors of Fission Uranium and was appointed to the Fission 3.0 Board of Directors following Fission Uranium’s acquisition of Alpha Minerals.

Ryan Cheung—Chief Financial Officer

Ryan Cheung is the founder and managing partner of MCPA Services Inc., chartered professional accountant, in Vancouver, B.C. Leveraging his experience as a former auditor of junior venture and resource companies, Mr. Cheung serves as a director and officer or consultant for public and private companies, providing financial reporting, taxation and strategic guidance. He has been an active member of the Chartered Professional Accountants of British Columbia (formerly Institute of Chartered Accountants of British Columbia) since January 2008. Mr. Cheung holds a diploma in accounting from the University of British Columbia and a Bachelor of Commerce in international business from the University of Victoria.

Brian Skanderbeg—Special Advisor

Mr. Skanderbeg is currently founding CEO of GFG Resources Inc., an Abitibi gold belt focused company and was most recently President and CEO of Claude Resources Inc. since November 2014 – which was acquired by Silver Standard Resources Inc. for $337 million. He previously worked for Goldcorp, Inco Ltd. and Helio Resource Corp., holding positions in both exploration and operations. Mr. Skanderbeg is also a director of Wesdome Mines Gold Ltd. He holds a B.Sc. from the University of Manitoba and an M.Sc. from Rhodes University, South Africa. He brings extensive experience in the exploration and evaluation of gold systems, operational management, cost and asset optimization and strategic analysis.

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