Mineral Mountain Announces Update on Private Placement
Mineral Mountain Announces Update on
Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2023) - Mineral Mountain Resources Ltd.
(TSXV: MMV) (OTCQB: MNRLF) (FSE: M8M) ("
Mineral Mountain
" or the "
Company
") announces
further to its news release of March 1, 2023 regarding plans to complete a private placement, that the
TSX Venture Exchange has granted the Company a 30-day extension to close the private placement
with the new expiry date for the closing being May 12, 2023.
The Company's news release dated March 1, 2023 contemplated a 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.
The Company also announces that Barry Coughlan, Chairman of its Board of Directors (the "Board"),
has stepped down effective March 27, 2023 and that the Board has elected director Brian Corrall to the
position of Interim Chairman.
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, subject to this proposed financing and COVID-19 restrictions.
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 & CEO
For further information, please contact:
Brad Baker, Vice-President Corporate Development
(778) 383-3975
Or visit our website:
www.mineralmtn.com
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".
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/162169