Dunnedin Completes MPD Drill Program and Expects Results in January, Closes Oversubscribed Private Placement
Dunnedin Completes MPD Drill Program and Expects
Results in January, Closes Oversubscribed Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2019) - Dunnedin Ventures Inc. (TSXV: DVI) (the "Company" or
"Dunnedin") today reports the successful completion of its first drill program at its 100% owned MPD copper-porphyry project in
Southern British Columbia.
Dunnedin completed an initial Phase 1 drill program at MPD. Highlights include:
All drill holes intersected prospective sulphide-bearing, altered porphyritic host rocks
The program was completed
on time and below budget
and the Company exceeded its diamond drilling target of 1,500
metres by completing
1,766 metres in three separate holes
All core was sampled over 3 metre intervals and
657 rock samples
(including blanks, standards and duplicates) have
been delivered to ALS Canada Ltd. in North Vancouver, BC for preparation and final analysis
Assay
results are expected in January
Dunnedin will use these maiden drill results to help
define the next phase of drilling at MPD in 2020
. The Company has
a multi-year, area-based exploration permit for the MPD Project authorizing up to 18 drill pads and mechanical trenching in
2019 and 2020
Claudia Tornquist, President and CEO of Dunnedin said, "With this first program Dunnedin has successfully confirmed our
exploration thesis that the MPD project overlies a large porphyry system. We are encouraged to see promising mineralization in
all drill holes and are looking forward to receiving the assay results in January. We were fortunate to have favourable conditions
during our first drill program at MPD and were able to drill more than planned and still remain below budget. I would like to thank
our technical team and local contractors for a well executed program. We will now focus on our exploration plans for 2020 which
include further drilling at our MDP project in British Columbia and an initial exploration program at our 100% owned copper
porphyry Mohave project in Arizona."
Dunnedin also announces that it has closed a non-brokered private placement of non flow-through units (each, a "NFT Unit") and
flow-through units (each, a "FT Unit") for gross proceeds of $605,850 (the "Offering").
The Company has issued 3,608,000 NFT
Units at a price of $0.075 per unit and 2,980,000 FT Units at a price of $0.1125 per unit through the Offering. Each Unit consists
of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire an additional common
share at a price of $0.15 for a period of twenty-four months.
The common share purchase warrants issued as part of the Units
are subject to accelerated expiry in the event the common shares of the Company trade on the TSX Venture Exchange at a
closing price of $0.25 or more for twenty consecutive trading days.
In connection with the closing of the placement the Company paid finders' fees of $5,790 and issued 71,867 common share
purchase warrants exercisable to acquire common shares of the Company to eligible parties who introduced subscribers to the
placement.
All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold
period from the date of issue, expiring on April 13, 2020.
Proceeds of the Offering will be used to fund the Company's exploration programs on its wholly owned, advanced-stage copper
porphyry exploration projects in British Columbia and Arizona, and for general corporate purposes.
Jeff Ward, P.Geo, Vice President Exploration and the Qualified Person as defined by National Instrument 43-101, has reviewed
and approved the technical information contained in this release. Dunnedin believes historic results referenced herein to be from
reliable sources using industry standards at the time. However, the Company has not independently verified, or cannot
guarantee, the accuracy of this historic information.
For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360 or
.
On behalf of the Board of Directors
Dunnedin Ventures Inc.
Claudia Tornquist
President & CEO
About Dunnedin Ventures Inc.
Dunnedin Ventures is advancing copper porphyry projects in Canada and the USA; and the Kahuna diamond project in Nunavut,
Canada. Dunnedin's porphyry assets all present known mineral discoveries with the potential to hold large-scale deposits. They
include the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, the Mohave
copper-molybdenum-silver porphyry project near the world-class Bagdad mine in Arizona and the Trapper copper-gold porphyry
project in the northern Golden Triangle region of British Columbia.
The advanced-stage Kahuna diamond project in Nunavut hosts a high-grade, near surface inferred diamond resource and
numerous kimberlite pipe targets. Dunnedin has title to 809 km2 of mineral tenure, with diamond rights covering 1,664 km2 in
Nunavut, 26 kilometres from Rankin Inlet and adjacent to Agnico Eagle's Meliadine gold mine. Dunnedin's exploration is aimed
at the discovery of diamondiferous kimberlite pipes, working with its advisor and largest shareholder Dr. Chuck Fipke.
Based in Vancouver, Dunnedin is backed by a world-renowned team of exploration experts with decades of combined
exploration experience and significant capital market strength. Dunnedin is part of the Discovery Group of companies led by
John Robins, one of the most successful mining entrepreneurs in Canada.
Neither 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which
are not historical in nature are intended to be, and are hereby identified as, "forward- looking statements".
Forward-looking
statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar
expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the
Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual
results to differ materially from those indicated in the forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this
news release and the Company disclaims any obligation to update any forward- looking statements, except as required by
applicable securities laws.
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https://www.newsfilecorp.com/release/50741