Capella Provides Update on Sierra Blanca Divestiture
Capella Provides Update on Sierra Blanca
Divestiture
VANCOUVER, BC
,
Dec. 10, 2021
/CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (FRA: N7D2) (the "Company" or
"Capella") is pleased to report that Austral Gold Limited (ASX: AGD) (TSXV: AGLD) ("Austral") has successfully
completed the "Tranche 1" exploration investment required to earn-in to an initial 51% interest in the Company's
former Argentine subsidiary, Sierra Blanca SA ("SBSA"). SBSA's sole asset is the Sierra Blanca gold-silver
project in
Santa Cruz Province
.
Austral may now invest a further
USD 600,000
in exploration at the Sierra Blanca project over the next two years
in order to earn-in to a further 29% interest (80% total) in SBSA (the "Tranche 2" investment). Afterwards,
Austral retains the option to acquire the remaining 20% interest in SBSA in return for cash payments and further
work commitments over an additional two-year period (see Company News Release dated
April 1, 2020
, and
MD&A dated
August 31, 2021
).
Austral's work program as part of the "Tranche 1" investment included detailed geological mapping and ASTER
interpretation (specifically calibrating alteration anomalies at Sierra Blanca with those known from the nearby
Cerro Vanguardia
gold-silver deposit), which resulted in the definition of a potential new Dome-Diatreme complex
hosted in favourable Chon Aike Formation in the Vetarron sector. Work currently being undertaken includes
further core re-logging (Vetarron, Lucia, and Chala sectors) and reinterpretation of historical data.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Sierra Blanca project has been prepared in
accordance with Canadian regulatory requirements set out in NI 43-101, and approved by
Eric Roth
, the
Company's President & CEO, a Director, and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in
Economic Geology from the University of
Western Australia
, is a Fellow of the Australian Institute of Mining and
Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of
experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
__________________________
Eric Roth
, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in
favourable jurisdictions with a focus on high-grade gold and copper deposits. The Company's copper focus is
currently on the discovery of high-grade VMS-type deposits within 100%-owned, district-scale land positions
around the past-producing Løkken and Kjøli copper mines in central
Norway
. The Company's precious metals
focus is on the discovery of high-grade gold deposits on its newly-acquired Finnish properties (Katajavaara,
Aakenus), the 100%-owned Southern Gold Line Project in
Sweden
, and its active Canadian Joint Ventures with
Ethos Gold Corp. (TSXV-ECC) at Savant
Lake (Ontario
) and Yamana Gold Inc. at Domain (
Manitoba
). The
Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in
the Sierra Blanca gold-silver divestiture in
Santa Cruz
,
Argentina
.
The Company also holds 3,000,000 common shares in Ethos Gold Corp. providing Capella shareholders with
indirect exposure to exploration success at both the Savant Lake Project and elsewhere within Ethos' extensive
Canadian project portfolio.
Cautionary Notes and Forward-looking Statements
This news release contains forward-looking information within the meaning of applicable securities
legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future
events. Such statements include, without limitation, statements regarding the future results of operations,
performance and achievements of Capella, including the timing, completion of and results from the exploration
and drill programs described in this release. Although the Company believes that such statements are
reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking
information is based on certain assumptions and analyses made by Capella in light of their experience and
perception of historical trends, current conditions and expected future developments, as well as other factors
management believes are appropriate in the circumstances. This information, however, is subject to a variety
of risks and uncertainties and other factors that could cause actual events or results to differ materially from
those projected in the forward-looking information. Important factors that could cause actual results to differ
from this forward-looking information include those described under the heading "Risks and Uncertainties" in
Capella's most recently filed MD&A. Capella does not intend, and expressly disclaims any obligation to, update
or revise the forward-looking information contained in this news release, except as required by law. Readers
are cautioned not to place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
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SOURCE
Capella Minerals Limited
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For further information:
Capella Contacts: Eric Roth, Email: [email protected], Karen Davies,
+1.604.314.2662
CO: Capella Minerals Limited
CNW 09:00e 10-DEC-21