Mineworx Immediately Commencing Work Program on Spanish Iron Ore Property
March 24 2021 - 5:00AM
Mineworx Technologies Ltd., (the
“
Company” or “
Mineworx“) (TSXV:
MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) is very pleased to
announce that final approvals have been granted for the
commencement of the Company’s work program on the Cehegin iron ore
concessions in Spain. Importantly, the environmental impact
assessment has been formally approved by all departments within the
Mining Office and all required permits have been received to enable
the project to move forward.
With the required approvals now in place, the
Company is planning to commence an exploration drilling program in
April 2021 intended to both validate historical exploration data
and provide additional information on other anomalies identified by
previous surveys. This drilling program and subsequent analysis
will provide information to allow the Company to create a NI 43-101
complaint reserve report.
Over a period of four months, Mineworx will
drill a total of 21 holes for a total of 2,200 metres.
In November 2020, the Spanish government
classified the property a strategic initiative, which opens
additional development opportunities such as reductions to local
and national bureaucratic timelines, grant and subsidies, fast
track opportunities and economic verification of large-scale
commercial production. A small-scale treatment plant that produces
up to 60,000 tonnes of concentrate annually would fall under this
classification.
Much of this is due to the historical
significance of the property initially owned by the largest mining
company in Spain, Altos Hornos de Vizcaya until its closure in 1989
due to a collapse in iron ore prices.
In March 2021, the Company received a report
from the Spanish geology firm CRS INGENIERÍA that provided an
interpretation of the data obtained from an aeromagnetic survey of
the property conducted in 2015. The report concluded, based on this
data and assuming a density of 3.2 t/m3 that the potential reserve
could be 101.27 million tonnes at an average grade of 60%.
Greg Pendura, Mineworx President and CEO stated,
“Although it has taken longer than expected to receive the required
approvals, we are excited about the potential of this project and
believe the Company is strongly positioned to enhance the value of
the asset. With the current price of iron ore and the demand for a
high-grade product with such low impurities, the Mining Department
in the province of Murcia is and will be actively involved in
moving this project forward expeditiously.”
About Mineworx
Mineworx is positioned for growth with its
partnerships in the E-Waste, Catalytic Converter and mining
sectors. The objective is to utilize licensed and proprietary
technologies to extract precious metals in an environmentally
responsible, sustainable and profitable manner from niche market
opportunities. For further information, go to www.mineworx.net
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.
For further information contact:
MINEWORX TECHNOLOGIES LTD.
Greg Pendura |
|
Dave Burwell |
President and CEO |
|
Vice President |
780-800-0726 |
|
The Howard Group |
Greg@mineworx.net |
|
403-410-7907 |
|
|
dave@howardgroupinc.com |
Forward Looking
Statements:This news release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical
fact, included herein are forward-looking information. In
particular, this news release contains forward-looking information
regarding: the Offering, the potential use of proceeds. There can
be no assurance that such forward-looking information will prove
to be accurate, and actual results and future events could differ
materially from those anticipated in such forward-looking
information. This forward-looking information reflects Mineworx’s
current beliefs and is based on information currently available to
Mineworx and on assumptions Mineworx believes are reasonable.
These assumptions include, but are not limited to: the underlying
value of Mineworx and its Common Shares; TSX Venture Exchange final
approval of the Offering; Mineworx’s general and administrative
costs remaining constant; and the market acceptance of Mineworx’s
business strategy. Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Mineworx to be materially different from those expressed or
implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general
capital market conditions and market prices for securities; delay
or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation,
including environmental legislation, affecting Mineworx; the timing
and availability of external financing on acceptable terms; and
lack of qualified, skilled labour or loss of key individuals. A
description of additional risk factors that may cause actual
results to differ materially from forward-looking information can
be found in Mineworx’s disclosure documents on the SEDAR website
at www.sedar.com. Although Mineworx has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Readers are cautioned that the
foregoing list of factors is not exhaustive. Readers are further
cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans,
intentions or expectations upon which they are placed will occur.
Forward-looking information contained in this news release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Mineworx as of the date of this
news release and, accordingly, is subject to change after such
date. However, Mineworx expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities
law.
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