Mineral Mountain Announces Update ON Private Placement
MMV-TSX-V
MNRLF-OTCQB
M8M:FRANKFURT
FOR IMMEDIATE RELEASE
News Release No. 2022-10 June 15, 2022
MINERAL MOUNTAIN ANNOUNCES UPDATE ON PRIVATE PLACEMENT
Vancouver, June 15 , 2022: Mineral Mountain Resources Ltd. (“ Mineral Mountain” or the “ Company”)
(TSXV: “MMV”) (MNRLF:OTCQB) (M8M-FRANKFURT) announces further to its news release of April 5,
2022, April 26, 2022 and May 17, 2022 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 July 17, 2022.
The Company’s news release dated April 5, 2022 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.
On April 26, 2022 the Company closed a first tranche of the private placement announced previously on
April 5, 2022 issuing 1,100,000 units (“Units”) at a price of CAD$0.10/Unit for gross proceeds of
CAD$110,000.
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, 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 24.0 m @ 3.36 g/t Au. 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
For further information, please contact:
Brad Baker, Vice-President Corporate Development & Director
(778) 383-3975 [email protected]
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”,