Mineral Mountain Announces Non-Brokered Private Placement
MINERAL MOUNTAIN ANNOUNCES
NON-BROKERED PRIVATE PLACEMENT
Vancouver, BC, April 5, 2022 /CNW/ - Mineral Mountain Resources
Ltd. ("Mineral Mountain" or the "Company") (TSXV: MMV) (OTCQB:
MNRLF) (M8M-FRANKFURT) is pleased to announce a non-brokered
private placement of up to 5,000,000 units (the "Units") at a price of
CDN$0.10 per unit for gross proceeds of up to CDN$500,000. Each
Unit consists of one common share and one common share purchase
warrant ("Warrant"). Each Warrant can be exercised for one year at
CDN$0.25 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 advance the Standby Mine Gold project and
for general working capital.
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.
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.
"Nelson W. 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 contains "forward-looking information" within the meaning
of applicable Canadian securities legislation ("Forward-looking
information"). Forward-looking information includes, but is not limited
to, statements that address activities, events or developments that the
Company expects or anticipates will or may occur in the future,
including such things as future business strategy, competitive
strengths, goals, expansion, growth of the Company's businesses,
operations, plans and with respect to exploration results, the timing
and success of exploration activities generally, permitting time lines,
government regulation of exploration and mining operations,
environmental risks, title disputes or claims, limitations on insurance
coverage, timing and possible outcome of any pending litigation and
timing and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking information can be identified by
the use of words such as "plans", "planning", "planned", "expects" or
"looking forward", "does not expect",
SOURCE Mineral Mountain Resources Ltd.
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For further information: Brad Baker, Vice-President Corporate
Development & Director, (778) 383-3975 [email protected] Or
visit our website: www.mineralmtn.com
CO: Mineral Mountain Resources Ltd.
CNW 16:00e 05-APR-22