VANCOUVER, Oct. 24, 2019 /CNW/ - Blue Moon Zinc
Corp. (TSX.V: MOON; OTC: BMOOF) ("Blue Moon"
or the "Company") is pleased to announce it received all
regulatory approvals for the strategic joint venture and related
equity financing (the "Transaction") for the Blue Moon polymetallic
zinc-gold-copper-silver project with Platina Resources Inc. (ASX:
PGM) ("Platina") announced on August 27,
2019. In conjunction with closing, the Company issued
Platina six million common shares for gross proceeds of
$300,000 which was issued at a 100%
premium to the last trading price of the Company's shares. The
common shares issued are subject to a hold period expiring four
months and one day from closing in accordance with applicable
securities laws.
"Platina have been actively preparing the first phase drill
program at Blue Moon which we expect will target both exploration
and development opportunities of the polymetallic deposit. Platina
can earn up to a 70% interest in the Blue Moon project by
contributing up to $11 million in the
joint venture and making property payments of up to $750,000. The Company received overwhelming
support of shareholders for the approval of this Transaction and I
would like to thank shareholders for their continued
support," said Patrick
McGrath, Blue Moon's Chief Executive Officer.
Next Steps for Blue Moon Project – Drilling
The stage one earn-in of the joint venture includes a minimum
10,000 metres of drilling which Platina has been actively preparing
for and plans to complete in a number of phases. Platina's stated
objectives for the upcoming drill programs includes:
- Expanding the size of the existing mineral resource which is
open at depth and along strike;
- Converting the inferred mineral resources to measured and
indicated through infill drilling;
- Targeting other potential mineralisation within the tenement
package;
- Collecting geotechnical and hydrological data for incorporation
into feasibility studies; and
- Collecting drill core for metallurgical test work.
About Blue Moon
Blue Moon (TSX.V: MOON; OTC: BMOOF) is currently advancing its
Blue Moon polymetallic deposit which contains zinc, gold, copper
and silver with its joint venture partner. The deposit is open at
depth and along strike. The Blue Moon 43-101 Mineral Resource
includes 7.8 million inferred tons at 8.07% zinc equivalent, which
includes 771 million pounds of 4.95% zinc, 300,000 ounces of gold
at 0.04 oz/t, 71 million pounds of 0.46% copper, and 10 million
ounces of silver at 1.33 oz/t. The 43-101 was filed on
www.sedar.com on November 20,
2018. The Company also holds 100% of the Yava polymetallic
project in Nunavut that is on
strike to Glencore's Hackett River
deposit. More information is available on the company's web site
(www.bluemoonmining.com).
Qualified Persons
Jack McClintock, P. Eng, a
Director of the Company, is a qualified person as defined by NI
43-101, has reviewed the scientific and technical information that
forms the basis for this press release.
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. Resource estimates included in this news
release are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions set forth in the
relevant technical report and otherwise, such statements are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices for
commodities, the results of future exploration, uncertainties
related to the ability to obtain necessary permits, licenses and
titles, changes in government policies regarding mining, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed in this press release, and the
Company undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
The securities referenced in this news release have not and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
SOURCE Blue Moon Zinc Corp.