VANCOUVER, BC / ACCESSWIRE / November 23, 2020 / Industria Metals Inc. ("Industria" or the "Company") is pleased to announce that it has signed a definitive agreement (‘the agreement" with Roughrider Exploration Limited, (TSX-V:REL) ("Roughrider") to acquire a 70% interest in the Scottie West Property ("Scottie West" or the "property"), located in the "Golden Triangle" in Northwestern British Columbia.
The property covers a total of 6,358.8 hectares and is located approximately 30 kilometers northwest of Stewart, B.C. and immediately west of the Scottie Gold Mine Property.
These claims cover favorable geology, as mapped by the British Columbia Geological Survey, including Jurassic Hazelton volcanic rocks, Jurassic Texas Creek Intrusions and Eocene aged intrusions that are also host to numerous mineral occurrences and past producing mines throughout the Stewart Camp, including Ascot Resources Premier Mine and Scottie Resources Scottie Gold Mine.
The Scottie West claims are bordering the claims held by Scottie Resources, Teuton Resources and Castle Resources and they are also in close proximity to Pretium Resources. See Figure 1.
The Company cautions readers, that proximity and similar geology on adjacent properties are not sufficiently indicative of mineral ocurences on Industria's properties. Additional exploration work is required to determine the mineral potential of Industria's properties.
Figure 1: Location Map
Historical work in the immediate area focused principally on the past producing Scottie Gold gold-silver mine to the east and on the Granduc base metals mine to the west of Scottie West Property. Very little historical work appears to have been undertaken on the property primarily as a result of extensive glacial cover with the majority of the historical work being completed in the region during the late 1980's. The rapidly retreating glacial cover is providing new surface rock exposures on the property, providing fresh exploration opportunities.
An assessment report (#33511) filed by Eilat Resources documents a 2012 helicopter-borne magnetic geophysical survey totaling 332.5 line km at a 150 metre line spacing of which approximately the western 15% of the survey is now located within the current Scottie West Property. A smaller subsequent airborne magnetic and spectral survey was flown in 2016 on behalf of Eilat within the current Scottie Gold Mine Property (Assessment Report #36318). These airborne surveys highlighted several prominent north-northwesterly and southwesterly trending features, which appear to have a spatial association with mineral occurrences (see Figure 2 ).
Figure 2: Geophysical Survey
Under the terms of the agreement Industria will pay Roughrider a total of $500,000 in cash issue $500,000 in Industria shares and complete a total of $1 million in expenditures over 4 years in order to earn a 70 % interest in the Scottie West Property. Following the earn-in, Industria and Roughrider will form a join venture. Industria is the sole operator of the project. Roughrider will retain a 2% net smelter return ("NSR") royalty of which Industria can repurchase 1% of the NSR for $2,000,000 at any time after a production decision has been made.
Cash | Shares | Work | |
Upon Signing | $25,000 | Equiv. of $25,000 | none |
Year 1 | $25,000 | Equiv. of $50,000 | $200,000 |
Year 2 | $50,000 | Equiv. of $75,000 | $100,000 |
Year 3 | $150,000 | Equiv. of $150,000 | $300,000 |
Year 4 | $250,000 | Equiv. of $200,000 | $400,000 |
Total | $500,000 | Equiv. of $500,000 | $1,000,000 |
Industria plans to compile the historical airborne magnetic survey data that was flown over the property as well as to evaluate the recently completed airborne geophysical survey across the entire property. Roughrider completed this survey in 2020. This information will be used by Industria to create and conduct the initial prospecting and geological work program on the property in Summer pf 2021.
Industria has commissioned a NI 43-101 Technical Report on Scottie West in light of Company's planned listing application on the Toronto Stock Exchange (TSX.V) estimated for March 2021.
Catalin Kilofliski, Industria President & CEO stated: "I am very pleased to have partnered with Roughrider in order to advance a largely unexplored property strategically located next to well known mineral deposits. Very little historical work appears to have been undertaken on the property primarily as a result of extensive glacial cover that has been rapidly retreating since the majority of the historical work was completed in the region during the late 1980's. With ice receding rapidly in recent years, this property is now primed for exploration. We are very excited to begin our initial exploration program in the Summer 2021, following Industria's targeted public listing on TSX.Venture Exchange, estimated for Spring 2021."
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Garry Biles, P.Eng.(Technical Advisor to Industria) a Qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.
For more information concerning the Company, please refer to the Company's profile on the SEDAR website at www.sedar.com and on Company's website at www.industriametals.ca.
On behalf of the Board of Directors
"Catalin Kilofliski"
Catalin Kilofliski
President, CEO & Director
For further information please contact:
Industria Metals Inc.
Mr. Catalin Kilofliski
Suite 650 - 1021 West Hastings Street
Vancouver, BC V6E 0C3
T: (604) 655-1420
E: cchiloflischi@gmail.com
www.industriametals.ca
Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to exploration of mineral properties, potential listing of the company on a stock exchange, and other associated matters. Although the Company believes current conditions and expected future developments and other factors that have been considered are appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, that the outcome of exploration results may not be as currently expected, that the listing on a stock exchange may not happen on a timely basis, or at all. The statements in this press release are made as of the date of this release.
SOURCE: Industria Metals Inc.
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