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FSD Pharma Receives Standard Processing License
FSD Pharma Inc. (“FSD Pharma” or the “Company”) (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9) announced today that its wholly-owned subsidiary, FV Pharma Inc. (“FV Pharma”), a licensed cannabis producer under the Cannabis Act, has received its Standard Processing License (the “Processing License”). According to Health Canada’s new Cannabis Act regulations, the Processing License is required for any facility that is processing more than the equivalent of 600 kg of dried flowers per year.
Dr. Raza Bokhari, Executive Co-Chairman and Interim CEO, stated, “This is a milestone for our Company and is welcome news for our Cobourg facility. Receiving the Processing License allows the Company to begin packaging cannabis for inspection by Health Canada. Effectively, this is the next step to applying for a pre-sale inspection, which we expect will be scheduled very soon. With the pre-sale inspection just around the corner, we anticipate receiving our sales license and begin generating a revenue stream.”
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company has 25,000 square feet available for production at its Ontario facility with an additional 220,000 square feet currently in development (with an estimated cost of $250 per square foot to be completed in 2019).
FSD facilities sit on 72 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet.
FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017. FV Pharma’s vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
Forward-Looking Information
Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the development of the company’s indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE FSD Pharma Inc.
For further information: Contact Information: Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc., Email: zeeshan@fsdpharma.com, Telephone: (416) 854-8884; Investor Relations, Email: IR@fsdpharma.com, Website: www.fsdpharma.com; Media Relations: Nic Johnson / Caroline Cunningham, Email: Nic.Johnson@russopartnersllc.com / Caroline.Cunningham@russopartnersllc.com, Tel: (212) 845-4242 / (212) 845-4292
Marathon’s Infill Drilling Continues to Confirm Open-Pit, High-Grade Gold Continuity, Valentine Lake Gold Camp, NL
Drilling Highlights:
- The Marathon Deposit infill drill holes MA-19-350, MA-19-351 and MA-19-352 intersected wide zones of QTP-Au veining with visible gold over a strike length of 100 meters within the open-pit core region of the main mineralized corridor; further confirming the geological model for lateral continuity of the higher-grade gold mineralization between adjacent drill holes at shallow depths in the Marathon Deposit (Figures 1 and 2):
- MA-19-352 intersected 4.14 g/t Au over 27.0 meters including 9.71 g/t Au over 7.0 meters, and 2.32 g/t Au over 39.0 meters including 4.77 g/t Au over 6.0 meters as well as other high-grade intervals (Table 1 and Figure 2).
- MA-19-351 intersected 2.73 g/t Au over 24.0 meters including 7.57 g/t Au over 3.0 meters and 15.44 g/t Au over 1.0 meter.
- MA-19-350 intersected 2.29 g/t Au over 24.0 meters including 5.37 g/t Au over 3.0 meters, 9.11 g/t Au over 1.0 meter and 8.35 g/t Au over 1.0 meter.
- The thick, high-grade gold intervals from the infill drill holes MA-19-350 to MA-19-352, which were drilled subvertical, down through en-echelon stacked, shallow southwest dipping QTP veining and located between adjacent strongly mineralized drill holes in the main zone, further confirm the geological model for the Marathon Deposit and the extensive lateral continuity of the QTP veining between adjacent drill holes.
Program Update:
- The winter 2019 infill drilling campaign has focused on infill drilling at the Marathon Deposit which is currently the largest resource in the Valentine Lake Gold Camp. The results of this infill drilling continue to validate the mineralization boundary in the block model as well as the lateral continuity of the high-grade mineralized zones.
- Advanced metallurgical testing of material from both the Marathon and Leprechaun Deposits is continuing with focus on optimizing both mill and heap leach recoveries.
- A Project Description is being prepared for submission to the Federal and Provincial regulators, a key step in the overall regulatory approvals process.
TORONTO, Feb. 14, 2019 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is pleased to announce the excellent results from drill holes MA-19-350, MA-19-351 and MA-19-352, which were strategically located between existing, strongly mineralized drill holes in the open pit portion of the Marathon Deposit (Figure 1). Each of these drill holes succeeded in intersecting strongly mineralized, en-echelon stacked QTP-Au veining with thick intervals of higher-grade gold intercepts. The intent of the infill drilling program is two-fold; first, to further confirm Marathon’s geological model by demonstrating the extensive lateral continuity of the QTP-Au veining into adjacent drill holes both along and across strike; and second, to continue to upgrade Inferred resource material into the Measured and Indicated resource categories.
“The infill holes are adding confidence to our model and providing better definition of the mineralization. As with all infill programs, we expect there will be changes to the resources. So far, we see good correlation of the mineralization as predicted by the geological model including the presence of visible gold,” said Phillip Walford, President and CEO of Marathon Gold. “These new gold intersections are expected to upgrade Inferred material to Measured and Indicated resources while also adding additional Inferred material. Assays are pending on more drill holes located along the strike length of the deposit (Figure 1), all of which have intersected wide intervals of QTP veining with abundant visible gold. All initial fire assay analysis above 0.1 g/t Au are further assayed using the metallic screen method which more accurately reflects free gold content and typically shows a significant increase in grade for material over 1.5 g/t Au at the Marathon Deposit.”
TABLE 1: Significant assay intervals, Marathon Deposit, Valentine Lake Gold Camp.
| DDH | Section | From | To | Core Length (m) | True Thickness (m) | Gold g/t |
| MA-19-350 | 17160 | 40 | 43 | 3 | 2.9 | 1.27 |
| 72 | 96 | 24 | 22.8 | 2.29 | ||
| including | 72 | 73 | 1 | 1 | 9.11 | |
| including | 78 | 79 | 1 | 1 | 8.35 | |
| including | 83 | 86 | 3 | 2.9 | 5.37 | |
| 169 | 172 | 3 | 2.9 | 1.31 | ||
| MA-19-351 | 17240 | 53 | 56 | 3 | 2.9 | 1.43 |
| 79 | 103 | 24 | 22.8 | 2.73 | ||
| including | 79 | 82 | 3 | 2.9 | 4.26 | |
| including | 90 | 93 | 3 | 2.9 | 7.57 | |
| including | 102 | 103 | 1 | 1 | 15.44 | |
| MA-19-352 | 17140 | 6 | 14 | 8 | 7.6 | 3.25 |
| including | 11 | 14 | 3 | 2.9 | 6.29 | |
| 22 | 25 | 3 | 2.9 | 3.89 | ||
| 38 | 42 | 4 | 3.8 | 2.37 | ||
| 62 | 89 | 27 | 25.7 | 4.14 | ||
| including | 62 | 69 | 7 | 6.7 | 9.71 | |
| including | 84 | 86 | 2 | 1.9 | 8.68 | |
| 94 | 99 | 5 | 4.8 | 1.78 | ||
| 127 | 130 | 3 | 2.9 | 3.25 | ||
| 166 | 205 | 39 | 37.1 | 2.32 | ||
| including | 166 | 168 | 2 | 1.9 | 7.78 | |
| including | 178 | 184 | 6 | 5.7 | 4.77 | |
Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/ec7924e6-a173-4178-a0de-fa6d606d2c29
Figure 2: http://www.globenewswire.com/NewsRoom/AttachmentNg/0f8993e8-e1f3-4416-8353-141ef1561541
Acknowledgments
Marathon acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Quality Assurance-Quality Control (“QA/QC”)
Sherry Dunsworth, M.Sc., P. Geo., Senior VP of Exploration, Marathon’s Qualified Person, has reviewed the contents for accuracy and has approved this press release on behalf of Marathon. Thorough QA/QC protocols are followed including the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, Newfoundland. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.10 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (95% of core length).
About Marathon
Marathon is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t and inferred resources totaling 1,531,600 oz. of gold at 1.77 g/t. The majority of the resources occur in the Marathon and Leprechaun deposits, which also have resources below the current open pit shell. Both deposits are open to depth and on strike. Gold mineralization has been traced down over 350 meters vertically at Leprechaun and almost a kilometer at Marathon. The four deposits identified to date occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had only minimal exploration activity to date.
The Valentine Lake Gold Camp is accessible by year-round road and is in close proximity to the provincial electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.
To find out more information on the Valentine Lake Gold Camp please visit www.marathon-gold.com.
For more information, please contact:
| Christopher Haldane Investor Relations Manager Tel: 1-416-987-0714 E-mail: chaldane@marathon-gold.com | Phillip Walford President and Chief Executive Officer Tel: 1-416-987-0711 E-mail: pwalford@marathon-gold.com | ||
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes “forward-looking statements”. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.
NexGen Releases Results from Shaft Pilot Hole Report and Assays from the Development Drilling Summer 2018 Program
NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX:NXE, NYSE MKT:NXE) is pleased to report geotechnical results for the initial shaft pilot holes and assays for all twenty-nine holes comprising 20,482.31 m, drilled during the summer development program on the Company’s 100% owned Rook I property, in the Athabasca Basin, Saskatchewan.
Highlights:
Shaft Pilot Hole Report
NexGen Energy Ltd. retained SRK Consulting Canada Inc. to complete a geotechnical, hydrogeological, and thermal characterization to confirm the selection of a suitable location for the proposed shaft and facilitate a Feasibility Study (“FS”) level technical assessment related to the shaft pilot hole program. Additionally, DGI Geoscience Inc. completed a down-hole geophysics program to collect continuous data, in electronic format, of: sonic velocity, density, normal resistivity, natural gamma, spontaneous potential, mechanical caliper, and acoustic and optical scans of the borehole walls.
Three shaft pilot holes were successfully completed to a depth between 650 m and 702 m. The vertically drilled shaft pilot holes were kept within a 6.0 m diameter cylinder from surface through to their termination depths, intersected minimal structure and showed low hydraulic conductivity throughout via packer testing at regular intervals.
The shaft pilot hole geotechnical and hydrogeological conditions compiled in the Rook I Arrow Deposit Pilot Characterization Report will facilitate FS level engineering and design of two vertical shafts at the Arrow Deposit; one for exhaust air and one for production and fresh air.
- Overburden / Sedimentary Geotechnical: The sedimentary profile was confirmed to extend from surface down to the basement unconformity at approximately 100 m. Typical of holes drilled at the Arrow Deposit, an average sedimentary profile was developed from the shaft pilot holes:
- Overburden soils and sediments extended to 14 m
- Cretaceous Manville Group silts and clays to 63 m
- Devonian sandstone to 86 m
- Athabasca Group sandstones to maximum depth of 100 m (equating to a thickness of 14 m of Athabasca Group sandstone)
- Crystalline basement rock below 100 m
- Rock Geotechnical:
- Below 200 m depth and continuing to the end of hole (701.47 m), GAR-18-015 shows good-to-very good competent rock mass and very low fracture frequency (FF/m).
- Hydrogeological:
- General decrease in hydraulic conductivity (K) with depth below the basement unconformity resulting in favorable underground development conditions;
- Groundwater chemistry is not considered to present any risk to shaft development and construction.
Geotechnical Characterization of the A2 Sub-Zone
Assays have confirmed significant uranium mineralization was intersected in the two holes drilled to geotechnically characterize the rock mass within the A2 sub-zone. The holes were designed to obtain data in order to quantify the sub-surface conditions within the mine plan. Both holes were collared at a steep inclination, then shallowed out to a dip of approximately 57°.
- GAR-18-016 intersected 32.5 m at 6.65% U3O8 (574.5 to 607.0 m) including 10.0 m at 20.04% U3O8 (583.0 to 593.0 m) additionally, 10.0 m at 1.43% U3O8 (617.5 to 627.5 m). The hole intersected significant mineralization outside of the current high-grade resource shells and are not incorporated into the current mineral resource inventory. In terms of packers testing within the A2 sub-zone, GAR-18-016 showed low flow rates averaging 1.656 L/min (576.5 m to 639.0 m).
- GAR-18-017 intersected 7.5 m at 3.03% U3O8 (616.5 to 624.0 m) including 3.5 m at 6.34% U3O8 (620.0 to 623.5 m). The hole was drilled in an open area within the A2 sub-zone between two previously unconnected shells which has not yet been incorporated into the current mineral resource inventory. In terms of packers testing within the A2 sub-zone, GAR-18-017 showed low flow rates averaging 0.950 L/min (567.0 m to 618.0 m) and 0.218 L/min (618.0 m to 669.0 m)
Expansion, A2 High-Grade Domain
Assays from drilling focused on an under-explored area to the northeast boundary of the currently defined A2 high-grade domain have confirmed the presence of significant uranium mineralization within the A2 shear zone as well as between the A2 and A3 shears. The hole demonstrates the continuity of high-grade mineralization beyond the currently defined A2 high-grade domains.
- AR-18-220c1 located, approximately 50 m along strike to the northeast of AR-14-30 (10.32% U3O8 over 46.0 m) intersected 36.0 m at 1.12% U3O8 (512.0 to 548.0 m) including 2.0 m at 10.0% U3O8 (528.5 to 530.5 m) additionally, 16.5 m at 1.43% U3O8 (578.0 to 594.5 m). Between the currently defined A2 and A3 resource shells the hole intersected 36.0 m at 0.64% U3O8 (396.0 to 432.0 m) including 4.0 m at 5.23% U3O8 (402.05 to 406.5 m).
Drill hole locations and schematics are shown in Figures 1 to 5, while assay results are displayed in Table 1.
Leigh Curyer, Chief Executive Officer, commented: “These results highlight the strength of the technical setting of the Arrow Deposit for development and the growth potential that remains at Arrow. Five years ago today, NexGen discovered the Arrow Deposit. With over 300,000m of drilling since that date and Arrow continuing to show incredible growth with these results, it is truly unique.”
James Hatley, Senior Vice-President, Project Development, commented: “The geotechnical and hydrological conditions for shaft sinking at the Rook I Project have been thoroughly investigated at the feasibility level by SRK, and the bulk hydraulic conductivity in the basement rock from my experience is excellent.”
Troy Boisjoli, Vice-President, Operations and Project Development, commented: “The assay results from the Summer 2018 drill program have confirmed areas with future growth potential at the Arrow Deposit. Another aspect confirmed by these assay results was the strong geotechnical characteristics of the A2 sub-zone. Both of these objectives were successfully reached, supporting the planning for the 2019 drill program which commenced in December 2018. We look forward to continuing this systematic approach in advancing the Arrow Deposit towards the completion of the Feasibility Study, scheduled for H1/2020.
Development, Activities & Financial
- Expediting Arrow to Feasibility by initiation of a 2-stage 125,000m (10 rig) high density drilling program that commenced in mid-December 2018 to focus on mine optimization plans based on Measured and Indicated mineral resources.
- As of January 31, 2019, the Company had cash-on-hand of approximately $110 million which fully funds NexGen for all drilling, feasibility and development programs planned this year.
Table 1: Arrow Drill Hole Data
Drill Hole | Athabasca Group – Basement Unconformity Depth (m) | SRC Geoanalytical Results | ||||||
Hole ID | Azimuth | Dip | Total Depth (m) | From (m) | To (m) | Interval (m) | U3O8 (wt%) | |
AR-18-210c1 | 327 | -70 | 876.5 | 115 | 606.5 | 607.0 | 0.5 | 0.04 |
AR-18-210c2 | 327 | -70 | 957.5 | N/A | No significant intersections | |||
AR-18-210c3 | 327 | -70 | 946 | N/A | No significant intersections | |||
AR-18-211c1 | 327 | -70 | 1128.5 | N/A | 865.5 | 866 | 0.5 | 0.05 |
869 | 871 | 2 | 0.02 | |||||
875 | 877 | 2 | 0.03 | |||||
960.5 | 962.5 | 2 | 0.03 | |||||
988 | 991 | 3 | 0.02 | |||||
1088.5 | 1089.5 | 1 | 0.04 | |||||
AR-18-211c2 | 327 | -70 | 1014.5 | N/A | No significant intersections | |||
AR-18-211c3 | 327 | -70 | 1063.5 | N/A | 647 | 647.5 | 0.5 | 0.01 |
865.5 | 866.5 | 1 | 0.02 | |||||
953.5 | 954.5 | 1 | 0.03 | |||||
AR-18-212c1 | 325 | -67 | 807.5 | 97.7 | No significant intersections | |||
AR-18-213c1 | 327 | -65 | 765.5 | 98.85 | No significant intersections | |||
AR-18-214c1 | 327 | -65 | 891.5 | 111 | 149.5 | 151 | 1.5 | 0.01 |
157 | 161.5 | 4.5 | 0.13 | |||||
337 | 337.5 | 0.5 | 0.05 | |||||
AR-18-215c1 | 327 | -70 | 990.5 | N/A | 883.5 | 884 | 0.5 | 0.02 |
906 | 906.5 | 0.5 | 0.02 | |||||
AR-18-216c1 | 327 | -65 | 483.5 | 107.4 | No significant intersections | |||
AR-18-217c1 | 327 | -73.5 | 1233.5 | 122.5 | 196 | 202 | 6 | 0.02 |
727.5 | 728 | 0.5 | 0.02 | |||||
964.5 | 966 | 1.5 | 0.35 | |||||
969.5 | 971 | 1.5 | 0.04 | |||||
977.5 | 978.5 | 1 | 0.10 | |||||
AR-18-218c1 | 327 | -65 | 827 | 97.8 | No significant intersections | |||
AR-18-219c1 | 327 | -65 | 663.5 | 133.95 | 342.5 | 347 | 4.5 | 0.05 |
353 | 354 | 1 | 0.15 | |||||
358 | 371 | 13 | 0.08 | |||||
375 | 375.5 | 0.5 | 0.03 | |||||
381.5 | 383 | 1.5 | 0.02 | |||||
387 | 416 | 29 | 0.08 | |||||
420 | 421.5 | 1.5 | 0.01 | |||||
424.5 | 435 | 10.5 | 0.05 | |||||
438 | 472 | 34 | 0.14 | |||||
572 | 579.5 | 7.5 | 0.07 | |||||
586.5 | 590 | 3.5 | 1.87 | |||||
incl. | 587 | 588 | 1 | 5.73 | ||||
593 | 595.5 | 2.5 | 0.02 | |||||
600.5 | 605 | 4.5 | 0.17 | |||||
610 | 612 | 2 | 0.43 | |||||
621 | 625.5 | 4.5 | 0.32 | |||||
631 | 631.5 | 0.5 | 0.21 | |||||
AR-18-220c1 | 327 | -68 | 744.5 | 130.35 | 331 | 332 | 1 | 0.02 |
335.5 | 337.5 | 2 | 0.04 | |||||
359.5 | 362 | 2.5 | 0.03 | |||||
365 | 380.5 | 15.5 | 0.12 | |||||
383.5 | 391.5 | 8 | 0.18 | |||||
396 | 432 | 36 | 0.64 | |||||
incl. | 402.5 | 406.5 | 4 | 5.23 | ||||
435.5 | 441 | 5.5 | 0.08 | |||||
444.5 | 456 | 11.5 | 0.05 | |||||
475 | 491 | 16 | 0.03 | |||||
501 | 508.5 | 7.5 | 0.11 | |||||
512 | 548 | 36 | 1.12 | |||||
incl. | 520.5 | 521.5 | 1 | 8.55 | ||||
incl. | 528.5 | 530.5 | 2 | 10.06 | ||||
578 | 594.5 | 16.5 | 1.43 | |||||
incl. | 588.5 | 592.5 | 4 | 5.68 | ||||
597 | 599 | 2 | 0.05 | |||||
624.5 | 625.5 | 1 | 0.10 | |||||
641.5 | 646.5 | 5 | 0.05 | |||||
657 | 660.5 | 3.5 | 0.02 | |||||
680 | 682.5 | 2.5 | 0.04 | |||||
AR-18-220c1a | 327 | -68 | 441 | 448 | 445 | 446.5 | 1.5 | 0.06 |
GAR-18-006 | 147 | -80 | 737.4 | 100.8 | 518 | 522 | 4 | 0.21 |
576 | 578 | 2 | 0.55 | |||||
600 | 601 | 1 | 0.03 | |||||
GAR-18-006a | 147 | -80 | 155.4 | 101 | No significant intersections | |||
GAR-18-007 | 147 | -68 | 671.4 | 93 | No significant intersections | |||
GAR-18-008 | 147 | -65 | 629.6 | 96.05 | 597 | 598.5 | 1.5 | 0.10 |
617.5 | 618 | 0.5 | 0.18 | |||||
GAR-18-009 | 147 | -70 | 641.4 | 101 | No significant intersections | |||
GAR-18-010 | 147 | -90 | 650.44 | 98 | 548 | 551 | 3 | 0.06 |
553.5 | 555 | 1.5 | 0.12 | |||||
558 | 559 | 1 | 0.01 | |||||
GAR-18-011 | 147 | -65 | 799.5 | 95.05 | No significant intersections | |||
GAR-18-012 | 327 | -75 | 1043.4 | N/A | 564.5 | 566 | 1.5 | 0.05 |
589 | 589.5 | 0.5 | 0.02 | |||||
602.5 | 606 | 3.5 | 0.28 | |||||
766 | 767.5 | 1.5 | 0.02 | |||||
GAR-18-013 | 147 | -90 | 650.4 | 108.9 | No significant intersections | |||
GAR-18-014 | 327 | -80 | 659.4 | 101 | No significant intersections | |||
GAR-18-015 | 147 | -90 | 701.47 | 96.35 | No significant intersections | |||
GAR-18-016 | 327 | -65 | 660 | 128.85 | 492 | 493 | 1 | 0.09 |
534 | 539.5 | 5.5 | 0.04 | |||||
550 | 554.5 | 4.5 | 0.04 | |||||
574.5 | 607 | 32.5 | 6.65 | |||||
incl. | 583 | 593 | 10 | 20.04 | ||||
incl. | 605 | 607 | 2 | 4.43 | ||||
617.5 | 627.5 | 10 | 1.43 | |||||
incl. | 622.5 | 626 | 3.5 | 3.19 | ||||
GAR-18-017 | 327 | -65 | 717 | 127.75 | 503 | 504 | 1 | 0.11 |
514.5 | 515 | 0.5 | 2.03 | |||||
517.5 | 518 | 0.5 | 0.36 | |||||
521.5 | 522 | 0.5 | 0.04 | |||||
530 | 532.5 | 2.5 | 1.35 | |||||
535.5 | 537 | 1.5 | 0.11 | |||||
563.5 | 567 | 3.5 | 0.06 | |||||
577.5 | 578.5 | 1 | 0.17 | |||||
581 | 599 | 18 | 0.06 | |||||
616.5 | 624 | 7.5 | 3.03 | |||||
incl. | 620 | 623.5 | 3.5 | 6.34 | ||||
627 | 631 | 4 | 0.12 | |||||
638.5 | 640 | 1.5 | 0.02 | |||||
650.5 | 661 | 10.5 | 0.04 | |||||
666 | 669 | 3 | 0.07 | |||||
Parameters:
- Maximum internal dilution 2.0 m downhole
- Minimum thickness of 0.5 m downhole
- Cutoff grade 0.01% U3O8
- All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.
- Directional drilling has often resulted in mineralization intersected at a more favourable and shallower dip
About NexGen
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Deposit in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.
Technical Disclosure
The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“).
The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA. Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen. Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols. All other technical information in this news release has been approved by Mr. James Hatley, a Professional Engineer, Senior Vice-President – Project Development for NexGen. Mr. Hatley is a qualified person for the purposes of NI 43-101 and has reviewed the underlying the information or opinions contained herein on mine design.
A technical report in respect to the PFS is filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca).
SEC Standards
Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained pounds” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.
Technical Information
For details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource please refer to the technical report entitled “Arrow Deposit, Rook I Project Saskatchewan NI 43-101 Technical Report on Pre-feasbility Study” dated effective 5 November, 2018 (the “Rook 1 Technical Report”) prepared by Paul O’Hara, P.Eng., Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G. each of whom is a “qualified person” under NI 43-101. The Rook I Technical Report is available for review under the Company’s profile on SEDAR at www.sedar.com and EDGAR (www.sec.gov/edgar.shtml) providing details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource and is available on NexGen Energy’s website (www.nexgenenergy.ca).
Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 2, 2018 under “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE NexGen Energy Ltd.
For further information: Leigh Curyer, Chief Executive Officer, NexGen Energy Ltd., +1 604 428 4112, lcuryer@nexgenenergy.ca, www.nexgenenergy.ca; Travis McPherson, Vice President Corporate Development, NexGen Energy Ltd., +1 604 428 4112, tmcpherson@nexgenenergy.ca, http://www.nexgenenergy.ca
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FSD Pharma Provides Update on Operations, Strategy and Leadership
FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD”), a licensed producer under the Cannabis Act, today provided a corporate update on operations, strategy and leadership changes.
Management Changes
On February 6, 2019, the Company announced it had implemented changes in leadership and business practices to optimize operations. Accordingly, the Company announced that Dr. Raza Bokhari, Executive Co-Chairman, has been appointed interim Chief Executive Officer of FSD Pharma.
“It is with great pleasure that I return to the role of the interim CEO at such a momentous time for the company,” said Dr. Raza Bokhari, Executive Co-chairman & interim CEO.
Operational Update
To optimize operations, FSD’s Board of Directors terminated a definitive agreement with Auxly Cannabis Group Inc. (“Auxly”) on February 6th, 2019. FSD believes that Auxly was under clear obligation to develop all aspects of the company’s cannabis cultivation facility in mutually agreed upon staged phases. Auxly had made commitments anticipating that the first phase of construction would be completed and ready for Health Canada approval by the end of December 2018 which never materialized.
“We have unique and valuable assets poised to unlock sustainable shareholder value and reenergize execution of our company’s founding vision and mission,” said Dr. Raza Bokhari. “Our work is guided by our drive and passion to capitalize on the opportunities before us and ensure that our efforts serve the strategic and operational goals of the business, our employees and our shareholders.”
Dr. Raza Bokhari continued: “We have a clear plan moving forward to build a global retail and medicinal cannabis footprint. We intend to continue our 220,000 phase 1 building expansion and are assessing different opportunities with other potential strategic partners and construction companies including utilizing our cash, securities and other assets on hand to continue progressing forward. We will update investors as soon as possible and only upon signing of definitive agreements. We will continue to optimize our 25,000 square foot licensed cultivation area adding high value varietals, while utilizing best practices in the latest agricultural science. We are making good progress with the much-anticipated sales license and we have a strong cash and asset position with no debt.
Strategic Partnerships
In 2018, FSD has made strategic investments totaling CDN $8 million in Cannara Biotech, SciCann Therapeutics (“SciCann”), Hightide Ventures, Huge Shops, and Pharmastrip Corp (“Pharmastrip”). These investments have quickly grown to nearly CDN $25 million as per current market value. Additionally, FSD recently signed royalty agreements with Canntab Therapeutics, Pharmastrip, World Class Extractions Inc., SciCann, and Solarvest BioEnergy Inc. which FSD expects to pay dividends over time.
“Acquisition of a platform company to advance R&D of synthetic and biosynthetic cannabinoids to commercial FDA approved drugs worldwide remains our ‘flagship’ strategy,” said Dr. Raza Bokhari. “We are confident that we will soon identify a suitable and compelling platform to execute on our strategic intent. We were disappointed that the intended acquisition of Therapix Biosciences did not materialize but are at the cusp of unlocking tremendous opportunities for the FDA approved application of synthetic and biosynthetic cannabinoids to address a variety of unmet needs in diseases of the central nervous system, sleep disorders, skin conditions, and to generate alternative treatment options to opioid based therapies.”
Shareholder Update
Shareholders of FSD Pharma met in a special meeting on January 22nd, 2019 and authorized the Board of Directors to consolidate class B shares and take additional steps that will enable the company to list on a major US securities exchange. The FSD Pharma Board is actively engaged in evaluating the appropriate exchange and the optimum time to do so.
The Company believes these are transformational times for the medicinal cannabis industry and for FSD Pharma shareholders, employees, and stakeholders.
“My top priority is to focus on delivering sustainable and positive shareholder value that can withstand the test of time,” said Dr. Raza Bokhari. “To achieve this, we must strengthen our leadership team with gathering world class experience, expand our board with independent members and incorporate gender and cultural diversity in all of our ranks.”
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company has 25,000 square feet available for production at its Ontario facility with an additional 220,000 square feet currently in development (with an estimated cost of $250 per square foot to be completed in 2019).
FSD facilities sit on 70 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet.
FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017. FV Pharma’s vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
Forward-Looking Information
Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the development of the company’s indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE FSD Pharma Inc.
For further information: Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc., Email:zeeshan@fsdpharma.com, Telephone: (416) 854-8884; Investor Relations: Email: IR@fsdpharma.com, Website: www.fsdpharma.com; Media Relations: Nic Johnson / Caroline Cunningham, Email: Nic.Johnson@russopartnersllc.com / Caroline.Cunningham@russopartnersllc.com, Tel: (212) 845-4242 / (212) 845-4292
Value Adds in the Cannabis Space
I have an article up at Seeking Alpha on adding value in the cannabis space.
FSD Pharma (C.HUGE) understood from the beginning that just growing cannabis for the Canadian recreational market was a relatively low margin business and that, over time, those margins would shrink.
While HUGE will certainly capitalize on opportunities in the recreational market, its real focus is on the pharmacological potential of cannabis.
Precious Metals Near Key Turning Point – goldfinger
Writing at CEO.CA goldfinger runs through some technical analysis of the precious metals markets,
“The right shoulder of this potential head & shoulders bottom hasn’t fully formed yet. But if it does, and the gold/SPX ratio eventually breaks the neckline near .52, it would send a powerful signal that a turn is at hand and one should probably raise exposure to precious metals and mining shares.”
He’s not calling an upswing quite yet but he is pointing to inflection points on the charts where that upswing might start.
Eagle Gold stays on pace through winter
Excellent article on Victoria Gold’s incredible effort to bring home the mine at Dublin Gultch.
“While temperatures at Eagle Gold average a bone chilling -24 degrees Celsius (-10.3 degrees Fahrenheit) in December and an even colder -27 degrees Celsius (-16.4 degrees Fahrenheit) in January, Victoria Gold President and CEO John McConnell told Mining News that development remains on schedule for the next large-scale gold mine in the Yukon to deliver its first gold in the second half of this year.
He credits the roughly 450 men and women working at the site, more than half from the Yukon, for this success.
“There is a tremendous team of people on site with over 25 contractors fully engaged to transform the Eagle Gold Project into the Eagle Gold Mine,” McConnell said at the time. “The progress to date is impressive and we have the construction and operations teams in place to deliver Canada’s next gold mine.” Mining News North
Bundle up and read the whole thing.
Gold opportunities in the Abitibi Greenstone Belt – EquityGuru
Greg Nolan does a great job running through a dozen explorers and development companies in the Abitibi.
“Every day that a gold miner digs ore out of the ground – every day the company is in business – they reduce their inventory of the shiny stuff.
Years of slashed exploration budgets have choked off their pipeline to new sources of the metal.
This spells opportunity for shareholders.” equity guru
FSD Pharma Enters into Supply Agreement with Canntab Therapeutics and World Class Extractions on Organic Hemp Deal
FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD”), a licensed producer under the Cannabis Act, announced today that it has entered into a supply agreement (the “Agreement”) with Canntab Therapeutics Ltd. (“Canntab”) and World Class Extractions Inc. (“World Class”) (the “Purchasers”) to purchase hemp flower from Thomas Elcome (the “Supplier”). Pursuant to the agreement, the Purchasers have agreed to buy approximately 1,000 kg of the Supplier’s 2018 hemp crop at a purchase price of $100.00 per kg per 1% of CBD extracted from the flower.
Working alongside Canntab and World Class, FSD will extract CBD from the organic hemp obtained in the purchase order. The Purchasers will process the hemp flower into gel capsules and tablets at the FSD facility in Cobourg, Ontario. This facility is currently being transformed into a large hydroponic indoor cannabis production and processing facility, with multiple business units co-supporting each other and operating under a single roof to exploit economies of scale and operational efficiencies.
The Purchasers are in the process of executing a second agreement with the Supplier for the right and option to purchase the Supplier’s entire 2019 hemp crop and beyond.
“We look forward to working with Canntab, World Class and Mr. Elcome to obtain and produce high-quality hemp and hemp derived products in this burgeoning market where the opportunity is sizable across North America,” said Dr Raza Bokhari, Executive Co-chairman & Interim CEO. “FSD recognizes the significant value and revenue potential that hemp holds in the cannabis industry and is confident in the excellence of Mr. Elcome’s product and the abilities of Canntab and World Class to produce.”
“This is an exciting industry where we see tremendous growth potential for our company and is a great opportunity for Canntab to begin processing at the FSD Facility. Our collaboration and profit sharing agreement signed in September provides us with up to 10,000 square feet of space at the facility to build, install and manufacture a suite of novel cannabis oral dose delivery platforms, including gel capsules and tablets, and other types of cannabis-based products, including sleep aids and pain relievers. This agreement allows our three complimentary companies to realize a common goal of creating value for our shareholders,” stated Mr. Jeffrey Renwick, Chief Executive Officer of Canntab.
Michael McCombie, CEO of World Class, added, “World Class expects to begin installing our patent-pending proprietary extraction technology at the FSD’s Cobourg facility following our imminent listing on the CSE. This agreement will provide us with significant raw hemp supply for processing CBD enriched oil and extracts, which will be available for sale by World Class and/or conversion to gel capsules and tablets by Canntab.”
“FSD, Canntab and World Class are ideal companies to make the most of the 1,000 kg of organic hemp crop produced at my farm in Rockwood, Ontario,” said Mr. Thomas Elcome, President of 10975443 Canada Inc. “Preliminary testing has shown an average of 3% CBD and I am confident that we will be able to extract a very high quality and very valuable full spectrum CBD, and that this will be the beginning of a long and mutually beneficial relationship.”
About FSD Pharma
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company has 25,000 square feet available for production at its Ontario facility with an additional 220,000 square feet currently in development (with an estimated cost of $250 per square foot to be completed in 2019).
FSD facilities sit on 70 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet.
FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017. FV Pharma’s vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
About Canntab
Canntab Therapeutics is a Canadian cannabis oral dosage formulation company based in Markham, Ont., engaged in the research and development of advanced pharmaceutical-grade formulations of cannabinoids. Canntab has developed patent-pending technology to deliver standardized medical cannabis extract from selective strains in a variety of extended-release/sustained-release pharmaceutical dosages for therapeutic use. In doing so, Canntab has developed a suite of precision oral dose products that are unavailable elsewhere in the marketplace. Canntab’s primary focus is on providing cannabis-based products to medical professionals that can be used to deliver therapeutic treatments to their patients. Canntab trades on the Canadian Securities Exchange under the symbol PILL.
About World Class
World Class was incorporated under the Business Corporations Act (Ontario) on January 25, 2018 as a private company. World Class has developed a unique extraction process to produce quality, potent cannabis extracts. The extraction technology (the “WCE Technology”) uses ultrasound to effectively produce extracts from cannabis and hemp and isolate essential compounds found in plant material. The WCE Technology has a number of advantages over conventional extraction methods, including the ability to: (i) produce higher concentrated compounds; (ii) process larger volumes of cannabis or hemp; (iii) utilize undried cannabis or hemp in the process; (iv) utilize all parts of the cannabis or hemp plants, and, (v) reduce production time.
Forward-Looking Information
Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the development of the company’s indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE FSD Pharma Inc.
For further information: Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc., Email: zeeshan@fsdpharma.com, Telephone: (416) 854-8884; Investor Relations: Email: IR@fsdpharma.com, Website: www.fsdpharma.com; Media Relations: Nic Johnson / Caroline Cunningham, Email: Nic.Johnson@russopartnersllc.com / Caroline.Cunningham@russopartnersllc.com, Tel: (212) 845-4242 / (212) 845-4292
Cartier Cuts 10.6 g/t Au over 6.0 m in New Zone 5NE at Chimo Mine
Highlights:
- These results from Zone 5NE are the best from Cartier drilling on the project considering the high grades factored over the core lengths that were intercepted.
- Phase II drilling is underway and Phase III will test the extensions of the new Zone 5NE.
Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports drill results grading 10.6 g/t Au over 6.0 m included within 4.5 g/t Au over 21.0 m both included within a 57.0 m section grading 2.5 g/t Au. As well, a section grading 7.5 g/t Au over 4.0 m is included within a 13.0 m section grading 3.2 g/t Au (FIGURE). All of these results are in the Zone 5NE of the Chimo Mine property, located 45 km east of Val-d’Or.
The new results, which are situated at a depth of 650 m, are in addition to: 12.4 g/t Au over 5.0 m included within 5.9 g/t Au over 12.0 m (FIGURE), recently reported by Cartier, and within a 100-m radius of the new results. The potential of this area is open in all directions. Zone 5NE is located only 25 m from the 5M4 Zone and 450 m from the existing underground infrastructure at this depth (FIGURE).
« The results recently obtained from Zones 5NE and 5M4 will monopolize the first part of the Phase III drill program in order to explore the continuity of the zones » commented Philippe Cloutier, President and CEO.
The details of the new results received from the laboratory are as follows:
| Drill Hole | From (m) | To (m) | Length (m) | Au (g/t) | Gold Zone | Gold Structure |
| CH18-52A1E | 702.0 | 708.0 | 6.0 | 10.6 | 5NE | 5N |
| Included within | 702.0 | 723.0 | 21.0 | 4.5 | ||
| Included within | 698.0 | 755.0 | 57.0 | 2.5 | ||
| CH18-52A1 | 720.0 | 724.0 | 4.0 | 7.5 | ||
| Included within | 711.0 | 724.0 | 13.0 | 3.2 | ||
| Included within | 702.9 | 754.5 | 51.6 | 1.6 | ||
| CH18-52A1E | 777.8 | 778.5 | 0.7 | 33.0 | 5M4 | 5M |
| Included within | 777.8 | 798.6 | 20.8 | 2.4 | ||
| CH18-52A1 | 798.5 | 799.0 | 0.5 | 12.6 | ||
| Included within | 774.0 | 799.8 | 25.8 | 1.0 |
Lengths are expressed along drill core axis. The true thickness was not determined.
The Phase II drill program currently underway is focused on testing the potential of 7 peripheral gold zones to the main cluster of Zones 5. This program consists of 40 drill holes totaling 15,000 m.
The reader should view the YouTube VIDEO, available on Cartier’s website. The 3D video helps visualize the different gold-bearing structures on the Chimo Mine property as well as key components that are the mine infrastructures, the gold-bearing zones, the gold intersection areas left unmined as well as the main targets of the ongoing drill program.
Chimo Mine Project Highlights
- The Chimo Mine produced 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- Cartier owns 100% interests of the property.
- Year-round access by road, proximal to custom mills.
- Gold mineralized material was mined intermittently from 14 zones by 3 different producers.
- Mine infrastructure consists of a network of drifts distributed on 19 levels, connected by a 3-compartment shaft 965 m deep. The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.
- A 105-hole drill program totaling 45,000 m (Phases I and II) has been underway since July 2017.
About Cartier
Cartier Resources was founded in 2006 and is based out of Val-d’Or, Quebec. Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment, and pro-mining government. In 2017, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.
Cartier Investment Highlights
- The Corporation has a strong cash position with over $7.5M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
- Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
- The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world – the commodity focus is gold.
- The Corporation is focused on advancing its four key projects through drill programs. All of these projects were acquired at very reasonable valuations over the past few years. All of them are drill-ready with targets identified similar to the deposits that have been outlined on each project.
- In 2019, an ongoing program of 105 holes totaling 45,000 m (Phases I and II) aims to test the extension of several gold mineralized zones on the Chimo Mine Project.
Quality Assurance / Quality Control
All lengths, mentioned in this press release, were measured along the drill core. The NQ core samples are crushed up to 80% passing 8 mesh sieves and then pulverized up to 90% passing a 200-mesh sieve. Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of sterile samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec. The 50 g pulps are analyzed by fire assay and atomic absorption. For samples containing visible gold, 1,000 g of rock are directly analyzed by the “Metallic Sieve” method.
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101.
| For more information, please contact: Philippe Cloutier, P.Geo. President and CEO Telephone: 819 856-0512 philippe.cloutier@ressourcescartier.com www.ressourcescartier.com |
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e7105112-b1e1-4110-aabd-67ce53904d5f