Pursuit Minerals Ltd. (ASX:PUR) is a top-tier lithium exploration and development company. The company is focused on its flagship Rio Grande Sur lithium project in the Salta Province of Argentina. The project is strategically located in an area known as the Lithium Triangle which hosts 50 percent of the global lithium resources and 40 percent of the current global lithium production. Argentina is the world’s third largest producer of lithium, behind Australia and Chile.
The project spans an area of 9,260 hectares on the Rio Grande Salar and is adjacent to several operating lithium mines and development operations, including Acradium Lithium’s Fenix lithium mine and the Olaroz lithium mine. The Rio Grande Salar holds a historical Ni 43-101 resource declared by LSC Lithium, formerly listed on the TSX prior to being acquired by Plus Petrol of 2.1 million tons (Mt) of lithium carbonate equivalent (LCE) with an average grade of 370 milligrams per litre (mg/L). This resource was mostly obtained from shallow drilling to 100 metres.
Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. The inferred resource relies on recent geophysical surveys and historical drilling, encompassing only a small portion of the known mineralization. Notably, excluding the highly promising Mito tenement from the current MRE highlights the unexplored potential for further resource expansion.
Pursuit has commenced its Stage 1 maiden drill program focused on upgrading the inferred resource. The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. Other companies in the region have obtained impressive results and grades of 900 mg/Li+ at depths of 500 metres, some of the highest known grades in Argentina. Pursuit expects a material resource upgrade in the second half of 2024 which will build on the inferred maiden resource.
Drill cores and packer lithium brine samples from Pursuit’s Stage 1 drilling program at the Rio Grande Sur Project.
In addition to having an attractive lithium resource, Pursuit is focused on the production of lithium carbonate to meet the supply side response to growing lithium demand. Recently, the company announced the first phase of operations of its 250 tons per annum (tpa) pilot plant to produce lithium carbonate. The plant will generate both technical and battery grade lithium carbonate at a purity of 99.95 percent, employing a conventional evaporation process.
Pursuit has submitted advanced environmental permits for the construction of the 250 tpa evaporation ponds and Stage 2 drill program at the northern tenement of the Rio Grande Sur project.
The establishment of the ponds is expected to take place in the latter part of 2024, pending environmental approvals. The ponds and the plant are planned to be situated on the Sal Rio 02 tenement enabling the possibility of initiating the first production of lithium carbonate on-site in 2025.
Pursuit is targeting continuous production at Rio Grande Salar and expects the current setup to be scalable to produce 15,000 to 20,000tpa of technical and battery grade lithium carbonate.
250-ton lithium carbonate pilot plant
The company’s focus on Argentina has several advantages. The new government, led by its president Javier Milei has signaled a market-friendly and pro-business policy shift. This should be a positive development for lithium miners given that Argentina has one of the largest lithium reserves in the world. Argentina holds 21 percent of the world’s 105 million tons of lithium resources, second only to Bolivia, according to the United States Geological Survey’s Lithium Statistics and Information 2024 report.
Lithium is in great demand driven by the growth in electric vehicles (EVs). Bloomberg NEF estimates lithium demand to jump by 225 percent to 2.6 Mt of LCE by 2030, translating into a CAGR of 16 percent. In a net-zero scenario, Bloomberg pegs the demand at 3.6 Mt of LCE by 2030, a CAGR of 19 percent.
The company remains focused on project execution that will deliver long-term shareholder value, including the completion of stage 1 drilling, JORC resource upgrade, first production of lithium carbonate and increasing production capacity to 250 tpa, and receipt of environmental permits, all within the first half of 2024.
In addition, Pursuit has identified the following catalysts over the next 12 months:
The Rio Grande Sur is the company’s flagship lithium project. The project comprises five tenements that span 9,233 hectares and are located in Rio Grande Salar in Salta province, Argentina. The region has benefited from historical exploration that yielded an NI 43-101 resource of 2.19 Mt LCE @ 374 mg/L, at inferred category.
During Q4 2023, Pursuit announced a maiden JORC inferred mineral resource estimate of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. Following this, Pursuit is currently undertaking a maiden drill program to upgrade the inferred resource. Stage 1 of the drill program will comprise four diamond drill holes on the southern tenements. The first two holes will be drilled at the Sal Rio II and Maria Magdelena tenements.
The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. The drilling commenced in Q1 2024, and Pursuit is targeting a material resource upgrade in the second quarter of 2024. Further drilling is expected following the completion of the Stage 1 program. The Stage 2 drilling program is anticipated to occur in the second half of 2024, after which Pursuit is targeting a feasibility study.
Aaron Revelle is a seasoned mining executive with experience in founding and developing natural resources companies. He has over 15 years of experience across a wide range of commodities and bringing them from deposits into production. He was the founder of Trilogy Minerals, which was acquired by Pursuit, and Centaur Resources, which focused on its flagship Pastos Grandes lithium project and was sold to Arena Minerals, and subsequently sold to Lithium Americas for over AU$300 million.
Peter Wall is a partner with Steinepreis Paganin, a leading law firm, and has rich experience in M&A, takeovers, recapitalizations, and reconstructions. He has significant expertise in various domains such as energy, resources, capital markets, and strategy. He is also the chairman of Minbos Resources.
Tom Eadie is a director on the company board. He has over four decades of rich experience in the resource industry. Currently, he is the chairman of Alderan Resources and Southern Cross Gold. He was also the founding chairman of Syrah Resources.
Vito Interlandi is the managing partner at Nexia Melbourne and is responsible for corporate advisory. He has two decades of experience in finance, accounting, and capital markets and has served on the boards of several public and private companies.
This profile was written in collaboration with Couloir Capital.
Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in North America, is pleased to provide a corporate update and review of key activities and achievements from 2024.
Key Corporate Highlights from 2024
SAGA's Project Overview: Four 100% owned Projects in Top Mining Jurisdictions
1. Double Mer Uranium Project – Labrador, Canada
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, SAGA's exploration team validated and built upon the Company's understanding of the project's potential. 2024 work has refined the understanding of the targets within key zones, specifically supporting the decision to initiate a minimum 1500m drill program the Luivik zone in Q1 2025 .
SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador's Central Mineral Belt (CMB) , including Paladin Energy's Michelin and Atha Energy's CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage Uranium potential.
Regional map of the Double Mer Uranium Project in Labrador, Canada
Diverse Mineralization Styles Offer Exploration Upside
The 2024 Double Mer field program identified three styles of uranium mineralization across the 18km trend on the property:
Highly strained granitic pegmatite showing an East-West foliation and significant uranophane mineralization located in the Katjuk (Arrow) Zone. Photo showing biotite fabric in the pegmatite with localised stringers of garnet beads.
Michael Garagan, CGO & Director of Saga Metals Corp., commented: "What should be noted as the most significant concept of the 2024 field program results is that we have economic U 3 O 8 % in the channels from 0.015-0.062 U 3 O 8 % in pegmatites which strike 18km. We have higher grade rock samples mapped in the areas among these channel samples showing the opportunity for more anomalous intercepts. The field mapping combined with uranium count radiometrics demonstrates that these pegmatites can be up to 500m wide in places and often averaging 200-300 m in width. This is the recipe we need to identify significant tonnage and that's where a systematic method to drilling can pay off. What's exciting about the Double Mer project is that we don't need to overspend on a drilling strategy that focuses on chasing high grades. We just need to methodically test these zones across strike, step by step and with that will come the more exciting intercepts which can bolster composites and potentially the necessary data to support large tonnage."
2024 channel and rock sample locations across the 18km strike at Double Mer
2. Legacy Lithium Project – Quebec, Canada
The Legacy Lithium Project spans 34,243 hectares located in Quebec's renowned Eeyou Istchee James Bay region as is subject to the Option to Joint Venture Agreement with Rio Tinto's subsidiary, Rio Tinto Exploration Canada (RTEC).
A  map  of  the  "Lithium  Neighborhood"  at  the  Legacy  Lithium  Project  in  Quebec
Once RTEC earns the initial 51% interest, it has the option to increase its stake to 75% over five more years by spending an additional C$34.18 million on exploration. RTEC will oversee the project during both the first and second option periods, and a joint technical committee will plan the exploration programs.
The Legacy Lithium project covers 100km of striking paragneiss situated in a region known for lithium discoveries, including Winsome Resources Adina Project, Loyal Lithium's Trieste Project, and Rio Tinto's Galinee Project as shown in the map above.
Rio Tinto recently became one of the largest producers of lithium in the world with the approved takeover of Arcadium Lithium. On December 23, 2024, Arcadium Lithium announced its shareholders had approved the proposed Rio Tinto Transaction of an all cash deal for $5.85 per share. The Transaction represents a premium of 90% to Arcadium's closing price of $3.08 per share on 4 October 2024, a premium of 39% to Arcadium's volume-weighted average price (VWAP) since Arcadium was created on 4 January 2024, and values Arcadium's diluted share capital at approximately $6.7 billion.
In Q1 2025, SAGA anticipates providing an update on RTEC's exploration activities in 2024 and an outline of their plans for further exploration in 2025.
Amirault Lithium Project – Quebec, Canada
In Q2 2024, the Company announced an asset purchase agreement to acquire a 100% interest in 606 mining claims covering an area of 31,347.76 hectares in the Eeyou Istchee James Bay region of Québec known as the Amirault Lithium Project.
The Project is contiguous to SAGA's Legacy Lithium project expanding the total contiguous land holdings to 1,274 claims spanning 65,849.20 hectares (658 square kilometers). The acquisition increases the Company's foothold on the striking paragneiss, all of which can be considered prospective for pegmatites following the discovery trend of Winsome Resources, Azimut Exploration, Rio Tinto, and Loyal Lithium (See map of the "Lithium Neighborhood" above).
The Company recently completed a flow-through offering securing C$300,000 for an exploration program at the Amirault Lithium Project between Q2-Q3 2025 focused on mapping, sampling and prospecting across the 31,347.76 hectares.
3. Radar Ti-V Project – Labrador, Canada
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.
Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
The 2024 Radar Ti-V exploration program focused on expanding prospecting, geological mapping, and soil sampling in areas near previously identified geophysical anomalies. These efforts have produced encouraging results that reinforce Radar's potential for hosting significant titanium and vanadium mineralization.
Key Total Database Assay Highlights Include:
2024 fieldwork focused on identifying new zones across the property and confirmed the potential for three parallel zones hosting significant electromagnetic anomalies, now named:
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
4. North Wind Iron Ore Project – Labrador, Canada
The North Wind Iron Ore property located 16 kilometers southwest of Schefferville, Quebec, within the prolific Labrador Trough, represents a secondary but high-potential asset within Saga Metals' portfolio. The Labrador Trough, an extensive 1,100-kilometer suite of Proterozoic rocks, is renowned for hosting world-class iron ore deposits and is a major hub for iron ore exploration.
Regional map of the North Wind Iron Ore Project in Labrador, Canada
The North Wind property spans 6,375 hectares across 255 claim blocks under a single license. Its geological framework holds significant potential, reinforced by a portion of a historical resource estimate (NI 43-101 compliant) completed in 2013 by New Millennium Iron.
Historical exploration at North Wind includes data from eight drill holes, which averaged 20.74% Total Fe (iron) content over 590 meters drilled. Notably, the Lower Red Green Chert (LRGC), a key stratigraphic unit within the property, returned an average grade of 24.76% Fe across 277 meters drilled and was intercepted in all eight holes. This LRGC unit forms part of the Sokoman Formation's "Lower Iron Formation," a high-priority target confirmed by both New Millennium Iron and SAGA's exploration team.
As part of routine claims maintenance, SAGA conducted a comprehensive field program at the North Wind Iron Ore property in the summer of 2024. A total of 24 rock samples were collected, accompanied by key geological observations. The Sokoman Formation formed the core focus of exploration. This formation is subdivided into three stratigraphic members based on the following assay iron content (Fe₂O₃):
The 2024 field program confirmed a 4km NW-SE mineralization trend with combined surface thickness of the mineralized zones ranging from 600–700 meters , underlining the project's scale and high-grade potential.
Mike Stier, CEO & Director of Saga Metals Corp., commented: "As 2024 saw the completion of ground truthing across multiple projects, 2025 will be concentrated on drilling! We are proud of the hard work accomplished this past year and look forward to taking this data into 2025 and accelerating our understanding of our portfolio of projects. Completing our IPO was pivotal for the Company and sets the stage for increased funding sources as we aim to garner drill results during Q1/Q2 2025."
Digital Marketing Services Agreement with Machai Capital Inc.
The Company further reports that it entered into a digital marketing services agreement dated January 2, 2025 (the " Marketing Agreement ") with Machai Capital Inc. (" Machai "). Pursuant to the Marketing Agreement, Machai will, among other things, provide the Company with certain marketing services to expand investor awareness of the Company's business and to communicate with the investment community (the " Services ").
The Services will include, among other things, (i) branding, content and data optimization to assist the Company to create in-depth marketing campaigns, (ii) tracking, organizing and executing the Services through search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing. In consideration of the Services, and pursuant to the terms and conditions of the Marketing Agreement, the Company has agreed to pay Machai a fee of €140,000 (plus applicable taxes) over a 31-day term.
The Services will be rendered primarily online through a variety of news and investment community communications channels. Suneal Sandhu, the President of Machai – located at 101 – 17565 – 58 Avenue, Surrey, BC, V3S 4E3 and contacted at 1 (604) 375-0084 and suneal@machaicapital.com – will be involved in conducting the promotional activity. Machai and Mr. Sandhu do not currently own any common shares or common share derivatives in the capital of the Company.
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project, Radar Ti-V Project and North Wind Iron Ore Project disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the prospective nature of the Company's projects and future exploration programs and services provided under the promotional agreement with Machai. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's Prospectus filed under its profile at www.sedarplus.ca and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
Photos accompanying this announcement are available at
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Beyond Lithium Inc. (CSE: BY) (OTCQB: BYDMF) (the "Company" or "Beyond Lithium") is pleased to announce the closing of a non-brokered private placement of 5,000,000 units of the Company (the "Units") for aggregate gross proceeds of $250,000 (the "Offering"), previously announced on October 1, 2024 and December 2, 2024. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"), with each warrant entitling the holder to purchase one common share in the capital of the Company for a period of 24 months from the date of issuance at an exercise price of $0.10 per share.
The Company intends to allocate the net proceeds for general corporate and working capital purposes.
In connection with the Offering, the Company paid certain eligible third parties dealing at arm's length with the Company (the "Finders"): (i) cash commissions totaling $17,500, representing 7.0% of the proceeds raised from subscribers introduced to the Company by such Finders; and (ii) an aggregate of 350,000 non-transferable broker warrants (the "Broker Warrants"), representing 7.0% of the number of Units sold to such subscribers, each exercisable to acquire one common share of the Company for 24 months from the date of issuance at exercise price of $0.05 per share.
The securities issued pursuant to the Offering will be subject to a four-month hold period from their date of issuance. The offered securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Beyond Lithium Inc.
Beyond Lithium Inc. has a large greenfield lithium exploration portfolio in Ontario with 7 high potential greenfield lithium properties totalling over 119,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.
Please follow @BeyondLithium on Twitter, Facebook, LinkedIn, Instagram and YouTube.
For more information, please refer to the Company's website at www.beyondLithium.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
For further information, please contact:
Allan Frame
President and CEO
Tel: 403-470-8450
Email: allan.frame@beyondlithium.ca
Jason Frame
Manager of Communications
Tel: 587-225-2599
Email: jason.frame@beyondlithium.ca
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Saga Metals Corp. (the "Company" or "SAGA") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce it has closed its previously announced non-brokered private placement (the " Private Placement ") of standard flow-through units (the " Standard FT Units ") and Québec flow-through units of the Company (the " QFT Units " and, together with the Standard FT Units, the " FT Units "). The Company issued 975,610 Standard flow-through units at a price of $0.41 per Standard FT Unit for gross proceeds of $400,000.10 and 697,675 QFT Units at a price of $0.43 per QFT Unit for gross proceeds of $300,000.25, for aggregate gross proceeds of $700,000.35.
Financing Overview:
Each FT Unit consist of one flow-through common share (a " FT Share ") as defined in subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act "), and one-half of one transferable common share purchase warrant (each whole such warrant, a " Warrant "). Each Warrant will entitle its holder to purchase one common share in the capital of the Company (a " Warrant Share ") at a price of $0.50 until December 23, 2026. The Warrants and the Warrant Shares underlying the Warrants will not qualify as "flow-through shares" under the Tax Act.
In connection with the closing of the Private Placement, the Company paid cash finder's fee in the amount of $49,000 and issued 117,129 non-transferable compensation warrants, with each compensation warrant exercisable to acquire one common share in the capital of the Company at a price of $0.41 until December 23, 2026.
All securities issued in connection with the Private Placement are subject to a hold period of four months and one day pursuant to applicable securities laws. The FT Shares, Warrants, Warrant Shares, compensation warrants and any shares issued on exercise thereof are subject to a hold period and may not be traded until April 24, 2025 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.
The gross proceeds from the FT Shares, sold as part of the sale of the FT Units, will be used by the Company for "Canadian exploration expenses" that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Tax Act) on the Company's flagship asset, the Double Mer Uranium project on the east coast of Labrador, Canada, and exploration on its other primary asset, the Amirault Lithium Property located in Québec's Eeyou Istchee James Bay region.
The securities 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 state securities laws, and may not be offered or sold, within the United States, unless exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws are available.
No securities regulatory authority has reviewed or approved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of SAGA in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Receipt of Drill Permits for Double Mer Uranium and Radar Ti-V Projects:
In addition, the Company reports receipt of drill permits from the Newfoundland & Labrador government to commence drilling at the Double Mer Uranium Project and Radar Titanium-Vanadium (Ti-V) project. The Standard FT Unit component of the financing enables to Company to approach Q1 2025 with two strategic drill programs setting the stage for results from two projects within SAGA's portfolio.
Key Highlights:
Double Mer Uranium Project:
The Double Mer Uranium Project is Saga Metals' flagship project, covering 1,024 claims across 25,600 hectares in eastern-central Labrador, approximately 90 km northeast of Happy Valley-Goose Bay. Leveraging significant historical exploration data, SAGA's exploration team validated key data and built upon the Company's understanding of the project's potential. This work has refined the understanding of the targets within the zone, specifically supporting the decision to initiate a 1500-2500m drill program the Luivik zone .
SAGA sees the Double Mer Uranium Project as a promising addition to the significant uranium projects already established in Labrador's Central Mineral Belt (CMB) , including Paladin Energy's Michelin and Atha Energy's CMB discovery. With encouraging surface samples and geophysical data, SAGA believes Double Mer could offer comparable large-tonnage potential.
Figure 1: Regional map of the Double Mer Uranium Project in Labrador, Canada
The Luivik zone has been prioritized for drilling due to its anomalous uranium (U3O8%) geochemistry, along with clear signs of alteration and fluid enrichment. This zone exhibits Iron phase IOCG (Iron Oxide Copper Gold) fluid characteristics, such as high concentrations of smoky quartz and iron carbonate staining, which are indicators of late fluid flow. These characteristics will be carefully monitored as it can have the potential to enrich uraniferous units and mark the highest-grade intercepts. Consistent CPS (counts per second) readings further highlight the Luivik zone's uranium potential, making it a top target for exploration.
The Luivik zone boasts a width of 300 meters between samples with a cut-off of 150 ppm U3O8 and anomalous grades over 1,100 ppm U308 to a high of 3,692 ppm U3O8 in a single sample. The Uranium count radiometrics suggest that the anomalous pegmatites which predominantly hosts the Luivik zone may extend upwards of one km or greater.
The zone's favorable mineralogy is complemented by logistical advantages. Located just one kilometer from Double Mer's main camp, the Luivik zone offers easy access for drilling teams, with snowmobile trails in place to support active drilling operations, ensuring both practical and cost-effective program execution.
Figure 2: The Luivik zone in the west of the Double Mer Uranium Property. Mapped pegmatites with amphibolite mafic rocks which sit in place with much of the mineralized trends.
Michael Garagan, CGO & Director of Saga Metals Corp. commented: "Drilling the Luivik zone which contains some of the most encouraging results, combined with less logistical challenges is the best starting spot for SAGA. We will be immediately looking to build off this winter program by getting permits ready to continue to test zones further east such as the Nanuk and Katjuk zones in Q2 and Q3 of 2025. We are aiming to confirm uranium concentrations and take initial steps in delineating this zone's potential as a critical step in positioning Double Mer as a quality project in Labrador's large-tonnage uranium landscape."
Radar Ti-V Project:
The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.
Figure 3: Map of the Radar Ti-V project and its proximity to the town of Cartwright, Labrador
The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and phased layered mafic intrusion that may be upwards of 1km wide and 4 km long. Recent geophysics completed on the property show very detailed correlation to the rock samples and observed phase changes in the system.
Increased immiscibility in the east creates pronounced silica rich (magnetite depleted) banding mixed interstitially with high grade massive magnetite layers above ( 5-11.1 % TiO2 & 0.3-0.66 % V205% ). This first phase can be identified by the contact of low magnetics bands (blue) and highly magnetic bands (red, pink) (see Figure 4 below). After the high-grade banding the rocks transition into a gabbro norite rock moving westwards which contains a disseminated magnetite groundmass. These rocks are lower grade averaging (3-5% TiO2) & (0.1-0.2% V2O5) but are consistent and extensive in width. The entirety of these cross-system phases is almost 1km wide with a near vertical dip of each layer.
SAGA aims to complete a 1,500m drill program at the Hawkeye zone over the area encompassing the anomalous TiO2 and V2O5 surface samples and targeted geophysics segment as shown in Figure 4 below.
Figure 4: Geophysics completed over a targeted area within the Hawkeye Zone increasing width to 1km and a projected 4km strike
Michael Garagan, CGO & Director of Saga Metals Corp. further commented: "The decision to run back-to-back drill programs and include the Radar project is strategic and efficient as we are always looking to maximize our cost-effectiveness and shareholder value. We've engaged Gladiator Drilling out of south-eastern Labrador. Both the drilling and geological teams will be able to drive right into the Hawkeye zone for a 3-week program prior to the Double Mer Uranium drill program. SAGA will be able to enter Q2 with drill results from two projects, setting the stage for a very active 2025 field season."
About Saga Metals Corp.
Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company's flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.
In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.
SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com
Qualified Person
Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Double Mer Uranium Project and Radar Ti-V Project disclosed in this news release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Disclaimer
This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company's plans and objectives in respect of the gross proceeds from the Private Placement as well as the prospective nature of the Double Mer Uranium and Radar Titanium-Vanadium Projects and future exploration programs. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has drawn down an additional C$1,575,000 (the " Second Convertible Security ") from its convertible security funding agreement with Lind Global Fund II, LP, managed by The Lind Partners (together, " Lind ") (see news release dated May 22, 2024). The proceeds from this Second Convertible Security drawdown will be used for general working capital purposes and to pre-fund some of the government supported work on the vertically integrated NICO Cobalt-Gold-Bismuth-Copper Critical Minerals Project (" NICO Project ") (see news releases dated, May 16, 2024, and December 5, 2023). Development of the NICO Project would provide a reliable North American supply of cobalt sulphate, gold doré, bismuth ingots, and copper cement enhancing domestic supply chains for three Critical Minerals with a highly liquid and countercyclical gold co-product to mitigate metal price volatility.
The Second Convertible Security has a two-year term, a face value of C$1,890,000 and is secured by a lien against the Company's assets. Lind will be entitled to incrementally convert the face value amount of the Second Convertible Security over a 24-month period, subject to certain limits, at a conversion price equal to 85% of the five-day trailing volume weighted average price of Fortune's shares (" VWAP ") prior to the date of conversion. Commencing 60 days after the shares issuable under this convertible security become free trading, Fortune has the right to repurchase the Second Convertible Security, subject to Lind's option to convert up to one third of the face value into Fortune common shares prior to such repurchase at a conversion price equal to 85% of the 5-day VWAP. Lind will also receive a closing fee of C$60,000 and 16,338,174 common share purchase warrants at an exercise price of $0.0609 per common share for 60 months from the date of issuance after closing.
This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About The Lind Partners:
The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind's multi-strategy funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity placements and selectively buy on market. Having completed more than 200 direct investments totaling over US$2 billion in transaction value, Lind's funds have been flexible and supportive capital partners to investee companies since 2011.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper critical minerals project in Canada's Northwest Territories and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, additional drawdowns under the convertible security funding agreement, use of the second drawdown under the convertible security funding agreement, and the Company's plans to develop the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: final approval by the TSX in respect of the convertible security funding agreement and related matters; the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project, including the planned NICO cobalt-gold-bismuth-copper mine and concentrator and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the TSX may not provide final approval in respect of the convertible security funding agreement and related matters, that global geopolitical situations may interfere with the Company's ability to continue development of the NICO Project, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223108910/en/
For further information please contact:
Fortune Minerals Limited Â
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com
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Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; " BRW " or the " Company ") is pleased to announce the closing of its previously announced non-brokered private placement (the " Offering ") which was upsized with aggregate gross proceeds of $4,809,370.20 from the sale of the following:
Mr. Killian Charles, President and CEO, commented: "I'm pleased to see such strong support from existing shareholders and board members in this financing. With this fresh injection of capital, BRW will continue to advance its Mirage Project alongside the rest of its Quebec portfolio in a financially sustainable fashion. Looking to 2025, we will announce final results from our Q3 2024 drill campaign at Mirage alongside metallurgical results. This will then lead to a new winter drill campaign at Mirage; more details on this campaign will be shared in January."
In connection with the Offering, the Corporation paid finder's fees to arm's length third parties in an amount of $170,872.79.
Insiders of the Corporation participated in the Offering and were issued an aggregate of 2,887,501 Common Shares. Such participation in the Offering is a "related party transaction" as defined in Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of the securities issued to insiders nor the consideration for such securities by insiders exceed 25% of the Corporation's market capitalization.
The Offering remains subject to the final approval of the TSX Venture Exchange (" TSX-V ").
The Offered Shares are subject to a statutory four month and one day hold period. The Offered Shares have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Corporation is focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and in Greenland.
Investor Relations/information
Mr. Killian Charles, President ( info@BRWexplo.com )
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Such forward-looking information includes, but is not limited to, statements concerning the Corporation's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
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Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new soil geochemical results from the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Figures 1 to 3 in Schedule "A" hereto
Highlights:
A 2407 point extensive soil geochemical programme using the Ionic Leach analytical method has identified numerous areas of gold and cobalt enrichment across the larger 10,204 hectares tenement package in Finland
Soil geochemical anomalies to be followed-up with detailed, closely spaced "bottom-of-till" (BOT) drilling in order to trace identified soil anomalies towards their possible bedrock source
BOT drilling rig scheduled to be mobilised to site mid-December 2024
Four diamond drilling rigs confirmed to be mobilized to Rajapalot mid-January 2025 to complete between 12,000 m to 15,000 m of drilling
Further down-hole EM geophysics are still on-going in Rajapalot area
Ms. Noora Ahola, Mawson Finland CEO, states: "The Ionic Leach geochemical method of analysing soils has demonstrated rapid and cost-effective identification of prospective ground within and beyond the larger Rajapalot mineralized zones. We are now in the process of mobilizing a bottom-of-till drilling-rig to conduct detailed bottom-of-till geochemical sampling through these newly identified zones of gold-cobalt enriched soils in order to ascertain the presence and strength of any gold-cobalt signatures originating from the local bed-rock. Areas of gold-cobalt enrichment that are further reinforced from this bottom-of-till drilling program will be fast-tracked towards being drill-tested in the later phase of our 2025 winter drill programme, if time permits. We very much look forward to providing further updates as our exploration efforts advance through the winter."
Detailed Results
The objective of the Ionic Leach soil geochemistry programme has been to explore for the presence of broad-scale gold and/or gold-cobalt anomalous ground within the immediate Rajapalot project area, as well as in other geological compelling areas identified within the larger tenement package of Mawson Finland. The Ionic Leach method is a proprietary partial leach assay technique and considered an appropriate analytical technique in the Rajapalot project area where bedrock is highly-obscured by overburden, and more specifically, areas containing transported glacial cover. Over the last 3 summer field seasons, a total of 2407 samples have been taken and analysed using the Ionic Leach analytical method with 517 samples taken in the 2022 field season, 868 samples from the 2023 season, and 1022 from this year's 2024 field season.
This process has successfully identified multiple areas of relative enrichment in gold, cobalt and arsenic in the sampled ‘B-horizon' located in the upper-portions of the soil horizon (refer to Figure 1, Figure 2 and Figure 3). Interestingly, anomalous gold-cobalt-arsenic results are found in the vicinity of areas with observed high structural intensity (i.e., shear zones and other ‘orogenic'-type structures), and often clustered across multiple adjacent sample points, suggesting the possible presence of blind mineralised systems below. In order to strengthen confidence of a bedrock source for these identified gold-cobalt-arsenic soil-enrichments, a high-resolution bottom-of-till (BOT) drilling programme is arranged in order to obtain deeper sub-surface samples located at the regolith-bedrock interface. A BOT drilling rig is being mobilized to site, and first samples are expected to be collected before the end of December. Corroboration of anomalous gold-cobalt-arsenic bearing samples from both the Ionic Leach soil analysis and the BOT drilling analysis would suggest the presence of a potentially ‘blind' mineralized system underfoot, at which point the most compelling targets will undergo drill-testing, potentially within the upcoming 2025 winter drilling season.
Technical Background, Data Verification and Quality Assurance and Quality Control
Samples are collected using the prescribed techniques for the Ionic Leach method. Holes are dug with plastic implements through the upper levels of the soil layer, until the ‘B-horizon' is exposed. A sample of approximately 100 to 200 grams is collected by Mawson personnel from the upper ‘b-horizon' of the soil horizon, and then packed into zip-lock bags and sent directly to the ALS facility in Sodankylä, Finland, where the samples were prepared for analysis. A 50 gram soil sample was sent to ALS Geochemistry in Ireland (an accredited mineral analysis laboratory) for final analysis. Ionic Leach samples use a static sodium cyanide leach with a highly sensitive ICP-MS finish ("ME-MS23"). All samples are logged at the site of collection for various physical properties. All analytical data presented here is in its raw format. All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Winter drilling program
Four diamond drill rigs are scheduled to be mobilized at the Rajapalot site in early 2025 to begin next year's winter drilling campaign. Between 12,000 to 15,000 metres of diamond drilling is planned to be completed by the end of April 2025. Major objectives for this drilling are to extend and increase the inferred resource base of the Rajapalot gold-cobalt project, while also drill-testing some compelling exploration targets developed through the 2024 summer and autumn field season.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
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 news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - FIGURES
Figure 1: Ionic Leach results for gold analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 2: Ionic Leach results for cobalt analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 3: Ionic Leach results for arsenic analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
SOURCE: Mawson Finland Limited
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