Clarity Gold Mobilizes Field Crew to the Empirical Project
Clarity Gold Mobilizes Field Crew to the
Empirical Project
VANCOUVER, BC
,
July 22, 2020
/CNW/ -- Clarity Gold Corp. ("
Clarity
" or the "
Company
") (CSE:
CLAR) (FSE:27G) is pleased to announce that it is mobilizing a field crew to the recently acquired
expansion claims at its flagship Empirical Project, located 12 km south of
Lillooet, British Columbia
.
Field Crew Mobilization
The crew of three intends to conduct initial ground reconnaissance and sampling where applicable.
The objective of the program will be to review the geology and mineralization of the recently
acquired expansion claims which include 8 additional MINFILEs. The crew will attempt to locate and
verify these historic mineral showings, and assess the suitability of the expansion claims' exploration
program design. The Company will also be conducting a grab sample program on targeted zones to
locate additional areas of interest outside of the original Empirical Project claim group.
"Now that our crew has completed its initial reconnaissance on the Tyber and
Gretna Green
projects on Vancouver Island, we are very pleased to be mobilizing to evaluate the recently
acquired mineral claims at our flagship Empirical Project,"
said James Rogers, CEO of Clarity
.
"The Empirical Project now has multiple historic showings and we are looking forward to designing
and carrying out field programs to follow up on encouraging historic results."
Empirical Project
The Company's flagship gold-copper-molybdenum porphyry project, the Empirical Project, located
12 km south of
Lillooet, British Columbia
, now totals 10,518 ha. The Empirical Project is situated in
the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal
Corporation's historic Huckleberry Mine and Noranda's historic Babine Porphyry camp. Between
1981 – 1986, six out fifteen diamond drill holes intersected gold mineralization, including hole DD81-4
which assayed 3.67 g/t gold over
21 m
from
36m
. Previous exploration focused on molybdenite
without an understanding or aim of targeting a larger porphyry system. For more information on the
Empirical Project, please see the Company's National Instrument 43-101 -
Standards of Disclosure
for Mineral Projects
("
NI 43-101
") Technical Report on the Empirical Project filed on SEDAR on
March 24, 2020
.
The recently acquired claims have multiple copper showings in the Southeast, including the Rickhill
Showing where six surface rock samples collected in 1959 averaged 0.95% copper over 12.9
meters (Minfile 092INW022). Elevated copper in soil samples indicate that this zone of copper
mineralization may be extended up to a total of
30 m
(Skerl, 1959). In 1970, 538 soils were
collected with copper intensities ranging between 6 ppm to 212 ppm (Assessment report 02530).
The additional ground to the southwest of the Empirical Project consists of two molybdenum
showings namely, the Molybdenite Lake and Fyp showings where historic samples taken from quartz
veins have assayed up to 0.32% molybdenum and 0.35 g/t gold (Nelson, J. (1985-10-01): B.C. Gold
Reconnaissance 1985 - Lillooet Project - Final Report; Assessment Report 30875; Minfile
092ISW109, 092ISW110). Previous work has focused on the area's molybdenum potential, with
minimal exploration for gold.
The QP (as defined below) has not verified the results of the historic exploration and sampling on the
new claims added to the Empirical Project's property package, additional sampling will be required
to verify the data.
Qualified Person
Mr.
Rory Kutluoglu P. Geo
. is the Qualified Person ("
QP
") under NI 43-101 for the technical
information in this news release and has reviewed the appropriate and available data for the
Empirical Project and approves the technical contents of this news release. The QP intends to be
part of the crew to mobilize to the additional Empirical Project expansion claims but cannot currently
validate the historical databases nor the results of the historical work presented herein.
The Offering
The Company plans to undertake the Offering, a non-brokered private placement financing
consisting of a minimum of 833,333 and a maximum of 2,500,000 Units at a price of
$0.30
per Unit
for gross proceeds of a minimum of
$250,000
and up to
$750,000
. Each Unit shall consist of one
common share (each, a "
Share
") in the capital of Clarity and one half of one Share purchase
warrant, with each whole warrant exercisable into one Share at a price of
$0.35
per Share for a
period of two years following the closing of the Offering (the "
Closing
").
The proceeds from the Offering are expected to be used for general working capital purposes.
Finder's fees may be payable in connection with the Offering in accordance with applicable
securities laws and the policies of the Canadian Securities Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring
four months and one day after closing of the Offering, as set out in National Instrument 45-102 -
Resale of Securities
.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933, as amended, and no such securities may be offered or sold in
the United
States
absent registration or an applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Clarity
Clarity Gold Corp. is a Canadian exploration company focused on the acquisition, exploration and
development of gold projects in
Canada
. The Company is focused on the exploration of its 10,518 ha
Empirical Project located approximately 12 km south of
Lillooet, BC
, and has recently expanded its
mineral property portfolio with the acquisitions of the Tyber and
Gretna Green
projects, both located
on Vancouver Island,
British Columbia
. The Company is based in
Vancouver, British Columbia
, and is
listed on the CSE under the symbol "CLAR". To learn more about Clarity Gold Corp. and its projects
please visit
www.claritygoldcorp.com
.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements in this news release include, but are not limited to, statements
regarding: (i) the Offering; (ii) the expectations of management regarding the use of proceeds of
the Offering; (iii) the payment by the Company of any finder's fees in connection with the Offering;
(iv) the intended initial
ground reconnaissance and sampling program on the recently acquired
additional claims to the Company's Empirical Project, (v) the historical prospects of the Company's
Empirical Project, including the additional claims thereto, and (vi) the QP's attendance thereof.
Such statements are subject to risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the statements, including risks related
to factors beyond the control of the Company. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if they do occur, what benefits the
Company will obtain from them. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Risks that could change or prevent these statements from coming to fruition include,
but are not limited to, the Company not being able to complete the Offering on terms favorable to
the Company or at all, the Company not using the proceeds of the Offering as stated in this news
release, general market conditions and other factors beyond the direct control of the Company.
Accordingly, readers should not place undue reliance on forward-looking statements. The
Company disclaims any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents
of this press release.
ON BEHALF OF THE BOARD
"
James Rogers
"
Chief Executive Officer
Tel: 1 (833) 387-7436
Email:
Website:
www.claritygoldcorp.com
SOURCE
Clarity Gold Corp.
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%SEDAR: 00049624E
CO: Clarity Gold Corp.
CNW 08:49e 22-JUL-20