Huntington Completes Purchase of the Winora Property – Lingman Lake Mine Extension Target – NW Ontario
July 28 2021 - 4:37PM
Huntington Exploration Inc. (TSXV: HEI)
(“
Huntington" or the “
Company”)
is pleased to announce that it completed the acquisition of the
Winora Property, previously announced on May 4, 2021, through an
arm’s length mineral property acquisition (the “Acquisition”). The
Acquisition consists of 17 patented mining claims located in the
District of Kenora, Northern Ontario. The Winora Property is
located 500 m east of the historical Lingman Lake Gold Mine,
developed in the late 1940s that, for a variety of reasons, has
never reached commercial production.
Acquisition Terms
Huntington has acquired by way of a mineral
property acquisition agreement with an arm’s length third party in
exchange for 4,000,000 common shares of the Company at a deemed
price of $0.304 per share and a 2% NSR to the vendor. Furthermore,
Huntington has granted the vendor a pro rata right of subscription.
The common shares issued in connection with the Acquisition will be
subject to a hold period of eighteen months from the date of
closing.
Bryan Wilson, President, CEO and
Director stated, “The acquisition of the Winora Property
reflects our ongoing efforts to venture into untapped mineral
resources and promote continued exploration. The target truly
excites our team with its overlooked historical context and strong
potential for mineral discovery. We look forward to starting our
exploration program.”
About Huntington
Huntington is an environmentally responsible
mineral exploration company dedicated to the application of good
geoscience through compliance with the E3 Program developed by the
PDAC. Huntington plans to encapsulate success within the Red Lake
vicinity, noting successful demonstrations of contemporaries
Prosper Gold Corporation and Dixie Gold Inc. Regionally, gold
mineralization has been found following a formational magnetic
signature that parallels the regional Balmer – Narrow Lake
Assemblage (Confederation Group) unconformity. Neighbour Prosper
Gold Corporation has announced the recovery of a significant number
of pristine (rough and angular) gold grains recovered from
systematic till samples and the recovery of a significant number of
pristine (rough and angular) gold grains recovered from systematic
till samples and is currently in the midst of a 15,000 m drill
program. The formational magnetic feature and the projected
unconformity highlighted by Prosper, trends onto Huntington’s
Key-Hole claims.
ON BEHALF OF THE BOARD OF HUNTINGTON
EXPLORATIONBryan WilsonPresident, CEO & DirectorE:
bwilson@huntingtonexploration.caT: 416-543-9945
Jordan ShafiAccount ManagerE: jordan@chfir.comT: 416-868-1079 x
233
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accuracy of this release.
Forward-Looking Information:
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. Generally, forward-looking
information may be identified by the use of forward-looking
terminology such as “plans”, “ expects” or “does not expect”,
“proposed”, “is expected”, “budgets”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases, or by the use
of words or phrases which state that certain actions, events or
results may, could, would, or might occur or be achieved. In
particular, this news release contains forward-looking information
regarding: the Acquisition and the business of Huntington. 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 Huntington’s
current beliefs and is based on information currently available to
Huntington and on assumptions Huntington believes are reasonable.
These assumptions include, but are not limited to: market
acceptance and approvals, including TSXV acceptance.
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 Huntington 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 Huntington; 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 assumptions used to develop such
forward-looking information and a description of additional risk
factors that may cause actual results to differ materially from
forward- looking information can be found in Huntington’s
disclosure documents on the SEDAR website at www.sedar.com.
Although Huntington 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 Huntington as of the date of
this news release and, accordingly, is subject to change after such
date. However, Huntington 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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