Confirms Special Meeting date for TNN Spin
Out
TORONTO, Sept. 26, 2017 /CNW/ - RNC Minerals' ("RNC")
(TSX: RNX) 67% owned subsidiary, True North Nickel ("TNN"), is
pleased to provide an update regarding the 2017 gold exploration
program at its high-grade gold Qiqavik Project. Along with Qiqavik,
TNN's other highly prospective exploration properties, West Raglan
and the Carolina Gold Belt properties, are on track to be spun-out
in October 2017 (the "Spin-Out") into
a separately listed TSX-V issuer to be named Orford Mining
Corporation (trading under the ticker symbol "ORM").
RNC also announces, jointly with Focused Capital Corp.
("Focused"), that a meeting of Focused common shareholders has been
scheduled for 10:00 a.m.
(Toronto time) on October 20, 2017 to, among other things, consider
and vote on the Spin-Out transaction. Focused has mailed a notice
of meeting, management information circular and form of proxy in
connection with, among other things, the Spin-Out transaction and
related change of its name to Orford Mining Corporation. Focused
has also filed technical reports on the Qiqavik and West Raglan
projects under its SEDAR profile. The technical reports will also
be filed under RNC's SEDAR profile.
Mark Selby, President and CEO,
commented, "I am pleased that the planned spin-out of RNC's
exploration assets held by TNN is expected to be completed next
month. I am anticipating the assay results from drilling completed
during the Summer Qiqavik exploration program. Visible gold in
quartz veins was observed in one of the drill holes at the Aurora
target and a new sulphide mineralized shear zone discovered at
surface in the Central Zone was shown by drilling to extend at
depth. Assay results expected next month will confirm whether or
not these structures contain significant gold mineralization."
Qiqavik 2017 Gold Exploration Program
True North Nickel has completed the 2017 field exploration
program on the Qiqavik Property. This program consisted of diamond
drilling of 2,723 metres in 23 holes (Table 1), 721 line-kilometres
of airborne (drone) magnetic surveying and 105.6 line-kilometres of
Abitibi Geophysics ground OreVisionTM IP surveying,
prospecting, mapping, surface rock sampling, and till sampling
(Figure 1). This work led to better understanding of the
occurrences discovered in 2016 (figure 2) and to the identification
of many additional mineralized occurrences on the property,
including two occurrences with visible gold.
Core samples from drilling and surface sampling in 2017 have
been shipped to the analytical laboratory, but no assay data has
yet been received. Assay results are expected to be received and
published before the end of October
2017.
Drilling has confirmed the subsurface occurrence of structures
associated with the 2016 gold discoveries at Esperance and
Aurora. Although visible gold was observed in quartz veining
in one of the holes at Aurora (QK-17-009), assay results from this
drilling are pending and it is not possible to state at this time
whether these structures contain significant gold mineralization. A
new sulphide mineralized and silicified shear zone discovered at
surface in the Central Zone was shown by drilling to extend at
depth. Assay results from this newly discovered occurrence
are also pending. Surface prospecting has led to the discovery of
two new visible gold occurrences in float at Aurora West and at
Gerfaut (Figure 1).
Table 1: Summary of 2017 drilling (coordinates in UTM, NAD
83, zone 18) (Source: NI43-101 Technical Report On Qiqavik
Project, Northern Quebec, Canada
dated September 18, 2017).
Hole
Number
|
Northing
(Metres)
|
Easting
(Metres)
|
Elevation
(Metres)
|
Azimuth
(Degrees)
|
Dip
(Degrees)
|
Depth
(Metres)
|
QK-17-007
|
6825884.3
|
467007.5
|
411.4
|
200.0
|
-45
|
141
|
QK-17-008
|
6831940.6
|
457811.8
|
300.9
|
199.3
|
-44
|
108.5
|
QK-17-009
|
6825865.5
|
466929.8
|
420.0
|
200.0
|
-45
|
138
|
QK-17-010
|
6831942.4
|
457922.0
|
297.1
|
199.6
|
-44
|
81
|
QK-17-011
|
6831943.6
|
457922.3
|
297.1
|
200.0
|
-90
|
63
|
QK-17-012
|
6832050.3
|
457640.5
|
304.5
|
196.9
|
-44
|
96
|
QK-17-013
|
6832051.1
|
457640.8
|
304.5
|
196.9
|
-81
|
84
|
QK-17-014
|
6826292.5
|
465338.3
|
399.6
|
190.0
|
-45
|
117
|
QK-17-015
|
6832118.2
|
457241.1
|
303.8
|
198.1
|
-45
|
93
|
QK-17-016
|
6832119.3
|
457241.4
|
303.6
|
198.1
|
-80
|
73
|
QK-17-018
|
6832429.4
|
456635.4
|
277.6
|
199.6
|
-45
|
138
|
QK-17-019
|
6832537.6
|
456676.3
|
276.2
|
199.0
|
-46
|
189
|
QK-17-017
|
6826308.7
|
465374.2
|
399.2
|
233.0
|
-45
|
162
|
QK-17-020
|
6824822.0
|
477036.0
|
410.0
|
165.0
|
-45
|
96
|
QK-17-021
|
6832461.7
|
456117.1
|
279.6
|
200.3
|
-46
|
93
|
QK-17-022
|
6832462.7
|
456117.3
|
279.5
|
200.3
|
-79
|
111
|
QK-17-023
|
6824894.0
|
477310.0
|
410.0
|
330.0
|
-45
|
111
|
QK-17-024
|
6832978.0
|
456840.0
|
270.0
|
145.0
|
-45
|
114
|
QK-17-025
|
6824701.0
|
477201.0
|
410.0
|
0.0
|
-45
|
180
|
QK-17-026
|
6832697.0
|
456044.0
|
280.0
|
215
|
-69
|
102
|
QK-17-027
|
6832697.0
|
456044.0
|
280.0
|
215
|
-45
|
180
|
QK-17-028
|
6831868.0
|
458121.0
|
300.0
|
210
|
-45
|
174
|
QK-17-029
|
6826236.0
|
477501.0
|
425.0
|
180
|
-45
|
78
|
|
|
|
|
|
Total
metres
|
2722.5
|
The technical information in this news release was reviewed and
approved by Alger St-Jean, P. Geo., a qualified person (QP) for the
purposes of NI 43-101.
Information about the Focused Special Meeting
The annual and special meeting (the "Special Meeting") of the
common shareholders ("Shareholders") of Focused will be held at
10:00 a.m. (Toronto time) on October 20, 2017, at McMillan LLP, Brookfield Place, 181 Bay Street, Suite 4400,
Toronto, Ontario M5J 2T3.
Each person who was a holder of record of Focused common shares
at the close of business on August 28,
2017 is entitled to receive notice of, and to attend and
vote at, the Special Meeting, and any adjournment or postponement
thereof. Focused has received a confirmation of mailing from its
transfer agent, Computershare Investor Services Inc.
("Computershare").
The meeting materials are available for review under Focused's
profile at www.sedar.com.
About RNC Minerals
RNC is a multi-asset mineral
resource company with a portfolio of gold and base metal production
and exploration properties. RNC's principal assets are the
producing Beta Hunt gold and nickel mine in Western Australia, a 50% interest in a nickel
joint venture with Waterton that holds the Dumont Nickel Project in
the Abitibi region of Quebec, and
a 30% stake in the producing Reed Mine in the Flin Flon-Snow
Lake region of Manitoba,
Canada. RNC also owns a majority interest in the West Raglan
and Qiqavik projects in Northern
Quebec. RNC has a strong management team and Board with over
100 years of mining experience at Inco and Falconbridge. RNC's common shares trade on the
TSX under the symbol RNX. RNC shares also trade on the OTCQX market
under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking
Statements
The information provided in this news release regarding TNN,
RNC and the Resulting Issuer, has been provided by TNN and RNC and
has not been independently verified by Focused.
Completion of the Qualifying Transaction is subject to a
number of conditions, including but not limited to, Exchange
acceptance, Minority Shareholder Approval pursuant to MI 61-101 and
Majority of the Minority Shareholder Approval pursuant to Policy
2.4. The Qualifying Transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that
the Qualifying Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the Qualifying Transaction may not be
accurate or complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly
speculative.
The Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this news release.
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of RNC, potential of the Qiqavik, West
Raglan, Jones-Keystone Loflin and Landrum-Faulkner exploration
properties.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RNC to be materially different from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; accidents, labour disputes and other risks of
the mining industry; political instability, terrorism, insurrection
or war; or delays in obtaining governmental approvals, projected
cash costs, failure to obtain regulatory or shareholder approvals.
For a more detailed discussion of such risks and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, refer to
RNC's filings with Canadian securities regulators, including the
most recent Annual Information Form, available on SEDAR at
www.sedar.com.
Although RNC has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and RNC disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
SOURCE RNC Minerals