Here is the latest news from Secova. It looks like we should be getting some drill results fairly soon. The news does a good job of breaking down the drill targets if you want more background on why they are focusing on the certain areas.
We also learn that the Company is raising money through a flow-through and non-flow-through offering. I will be reaching out to the CEO Brad Kitchen this week for a comment. Please let me know if you have any questions you would like answered.
I continue to hold my shares and will reassess after chatting with Brad and once we get the drill results. I am still deciding if I will be participating in the current raise.
Click here to visit the Secova website.
Here’s the news…
Secova Metals Corp. is pleased to announce that the Phase I drill program at the Duvay/Chenier Project has just completed 18 holes since its inception in August and nears Phase I completion. The Phase 1 drill program has focused on three targets: 1) the northeast shear zone/strong induced polarization (IP) chargeability target; 2) the Duvay Zone Principal, and 3) coincident magnetic/electromagnetic (EM) and structural targets 2 kms northwest of the Zone Principal, near Lake Obalski.
The following describes the three primary targets on Secova’s first drill program at Duvay/Chenier:
NE shear zone/Strong IP anomaly
The program began with 5 holes testing the NE shear zone/strong IP chargeability target. This target is located approximately 400 m NE of the Duvay Zone Principal, in an area of relatively sparse historical work. The new drill tests of the NE shear zone have intersected encouraging thick deformed quartz veins (up to 5.4 m in the first hole, although true thickness remains unknown) and local semi-massive to massive sulfides. The most encouraging intersections have been sampled and shipped to the laboratory Techni-Lab Abitibi Inc. (a division of Actlabs, Ancaster, Ontario) with the first results anticipated in the next few weeks
Duvay Zone Principal
The drill was then moved to test the Zone Principal, where historical work extending back to the 1930s includes an old exploration shaft, underground galleries, numerous drill holes, and multiple bulk samples up to 1100 tonnes a piece. The bulk samples from the Zone Principal also reported intriguing results historically, including 3,300 tonnes in 1986 returning a weighted average concentration of 5.67 g/t Au (as reported in Québec assessment work report # GM47569). The current drill tests of the Zone Principal are designed to test northeast trending faults extending from the main Duvay shear.
Coincident mag/EM anomalies near Lake Obalski
After completion of the tests at the NE faults and the Zone Principal at Duvay, the drill moved to test multiple coincident magnetic/EM targets near Lake Obalski, 2 kms west-northwest of the Zone Principal. These tests are being completed now. The drill will then move back to the Zone Principal to complete the program.
Secova is very encouraged by the program to date, and looks forward to the next stage of advancing the project which will focus on large diameter drilling and bulk sampling at the Zone Principal to confirm the encouraging historical bulk sample results.
Other Corporate News
Secova also announces that it has arranged a non-brokered private placement of up to 18 million flow through units (“FTUnits) of the Company at a price of $0.055 per FT Unit and up to 2,000,000 non-flow-through units (“NFT Unit”) of the Company at a price of $0.05 per Unit for total gross proceeds of up to $1,090,000.
Each NFT Unit will consist of one common share and one-half (1/2) share purchase warrant. Each FT Unit will consist of one common share and one-half (1/2) share purchase warrant. Each Full Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 12 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. A finder’s fee may be payable, in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
Proceeds of the private placement will be used to advance the Phase 2 exploration program which is planned to commence immediately after completion of Phase 1 at the Duvay/Chenier Project in Quebec, Canada. Proceeds will also be utilized to commence initial ground work at the Eagle River Project in Quebec, Canada, and for general working capital.
Secova is exploring the Duvay/Chenier Project under an option agreement with Tres-Or to earn a 65% interest by completing expenditures of $3.25 million by December 31st, 2018. Tres-Or is the Operator and provides logistical, technical and geologic services and reporting.
Laura Lee Duffett, P.Geo. and Harrison Cookenboo, Ph.D., P.Geo., OGQ, are the Qualified Persons as defined in NI 43-101, who have reviewed and are responsible for the technical information presented in this news release.
For more information on Secova Metals Corp. please contact Morgan Good, Secova’s President, at morgan.good@secovametals.com and Tel: +1 604-715-4751 or visit the website at www.secovametals.com for past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
SECOVA METALS CORP.
“Brad Kitchen”
CEO, Director and Chairman
Tel: +1 604-506-7555
info@secovametals.com
Neither 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.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.