BC, Nov. 22, 2021 /CNW/ -
Mineral Mountain Resources Ltd. ("Mineral Mountain" or the
"Company") (TSXV: MMV) (OTCQX: MNRLF) (FRANKFURT: M8M) is
pleased to announce a non-brokered private placement of up to
35,000,000 units (the "Units") at a price of CDN$0.18 per unit for gross proceeds of up to
CDN$6,300,000. Each Unit consists of
one common share and one common share purchase warrant ("Warrant").
Each Warrant can be exercised for one year at CDN$0.35 per share.
The private placement is subject to approval of the TSX Venture
Exchange and the securities will be subject to a four month hold
period under Canadian securities laws. Net proceeds from the
financing will be used to complete a fully permitted 9,000m drill program to test the down plunge
extension of 200m wide by
1800m long Standby Mine gold zone,
for drill permitting applications to test the newly acquired King
of the West Trend (NR, June 28, 2021)
and for general working capital.
The Company may pay finder's fees in connection with the
Offering in accordance with the policies of the TSX Venture
About the Standby Mine Gold Target
All geologic, geophysical and drill results to date suggest a
Homestake ledge-type target exists at Standby and is potentially of
large scale. Mineral Mountain's goal is to extend the Standby Mine
gold mineralization down-plunge through systematic step-out
drilling along strike and down-plunge in the Upper Tail to discover
an Ore Centroid at depth.
Approximately 50,000-60,000 tons of ore were mined historically
from the Standby Mine before 1950, mostly from oxidized ores in
four large open cuts connected by underground workings to a maximum
depth of 130 meters. Historic outcrop surface sampling from the
walls and rim of the open cuts averaged 9.1 m @ 10 g/t Au with grab samples up to
38 g/t Au. A shaft was sunk to the 130 m (425- ft) level and underground channel
sampling assayed 10.1 m @ 6.0 g/t
Au. Historical drilling at the Standby Mine consists of
16,360 m (53,677 ft) across 45 core
holes, all in the Upper Tail. MMV's two previous core drilling
campaigns between 2018 and 2020 extended known gold mineralization
from the bottom of the historic Standby Mine workings from 130
meters below surface to a total plunge length of 850 meters.
Mineral Mountain's proposed drilling program in
the Rochford District will focus on the Standby Mine Target and is
fully permitted for drilling, subject to this proposed financing
and COVID-19 restrictions. The 9,000-meter drilling program as
currently constituted will be focused on three target areas in
general: 1) Several additional holes around MMV hole ST18-006,
which cut 43.5 m @ 1.21 g/t Au
including several higher-grade internal zones such as
2.5 m @ 4.39 g/t Au and
1.50 m @ 5.24 g/t Au. This hole
was near historic drill hole BLG-UG-03 that cut, including. These
intercepts were 100-150 m below
surface and represent the opportunity to outline a near-surface
high-grade ore shoot in the Upper Tail environment.
A series of proposed holes to intersect the same
depth interval cut by historic Homestake Mining Co. drilling in the
SM-86 and SM-87 holes thought to be the upper parts of the Standby
Ore Centroid. These historic holes represent a significant step-off
along strike and down-plunge from the Standby Mine and the deepest
historic exploration work performed at the Standby Target Trend
(1,000 and 1,800 m down-plunge from
surface respectively). These results were highly encouraging,
including 3.05 m @ 10.23 g/t
Au. These two holes potentially intersected the crucial Upper
Tail-Ore Centroid transition and need to be replicated by MMV and
further tested with systematic step-out drilling to confirm
internally consistent high grade gold is present.
Jeff Hrncir, the Company's chief geologist
commented "Confirming the existence of an Ore Centroid at Standby
would be a game-changing discovery for Mineral Mountain Resources
and set the stage for future resource delineation drilling"
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward looking information
This release includes certain statements that may be deemed
to be "forward-looking information" under Canadian securities laws.
All statements in this release, other than statements of historical
facts, that address events or developments that the Company expects
to occur, constitute forward looking- information. Forward looking
information consists of statements that are not historical facts
and are generally, but not always, identified by the words
"expects", "plans", "could" or "should" occur. Although the Company
believes the expectations expressed in such forward-looking
information are based on reasonable assumptions, such information
does not constitute guarantees of future performance and actual
results may differ materially from those in forward- looking
information. Factors that cause the actual results to differ
materially from those in forward-looking information include gold
prices, results of exploration and development activities,
regulatory changes, defects in title, availability of materials and
equipment, timeliness of government approvals, continued
availability of capital and financing and general economic, market
or business conditions. The Company cautions the foregoing list of
important factors is not exhaustive. Investors and others who base
themselves on the Company's forward-looking information should
carefully consider the above factors as well as the uncertainties
they represent and the risk they entail. The Company believes that
the expectations reflected in the forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be correct. Please see the public filings of the
Company at www.sedar.com for further information.
SOURCE Mineral Mountain Resources Ltd.