Leviathan Gold to Commence Trading with Symbol LVX Leviathan receives the net proceeds from the upsized $12.9 million subscription receipt financing drill permits in place to allow for immediate exploration
Leviathan Gold to Commence Trading with Symbol
LVX
Leviathan receives the net proceeds from the upsized $12.9 million subscription receipt financing
drill permits in place to allow for immediate exploration
trading to commence February 10, 2021 with symbol LVX on the TSX Venture Exchange
VANCOUVER, BC
,
Feb. 10, 2021
/CNW/ - Fosterville South Exploration Ltd. ("
Fosterville South
") (TSXV:
FSX) (OTC: FSXLF), (FWB: 4TU) and Leviathan Gold Ltd. ("
Leviathan
" or the "
Company
") ("LVX") are
pleased to announce that further to the press release issued on December 9, 2020 in respect of the upsized
subscription receipt financing of $12.9 million (the "
Offering
"), the escrow release conditions under the Offering
have been satisfied. The total net proceeds to Leviathan under the Offering, after deducting the commission and
expenses of the agents, was $12.1 million, of which $387,000 was released on the closing of the Offering and
the remaining net proceeds of the Offering, in the amount of $11.68 million, have now been released to
Leviathan.
Leviathan and Fosterville South are also pleased to announce that Leviathan has completed the acquisition of
the Avoca and Timor projects from a wholly-owned subsidiary of Fosterville South.
As previously announced on February 1, 2020, Leviathan has received approval from the TSX Venture
Exchange ("
TSXV
") to list its common shares on the TSXV under the symbol "LVX", with trading to commence
on
Wednesday, February 10, 2021
.
Leviathan Gold Chief Executive Officer,
Luke Norman
, states,
"As I have stated previously, we are all excited
with what we have managed to put together; asset, capital and teamwise. We look forward to updating our
shareholders in the coming days of our interpretations of the historical workings and their host environment,
and how we believe they are merely symptomatic of a very large mineral system that could host multiple
deposits analogous to some of the famed orebodies in the region."
Avoca Project
The Avoca project is centred on mesothermal quartz-vein-hosted gold and related placer-style "deep lead" gold
mineralization. There is a considerable local history of mining both kinds of deposit. The term "deep lead" refers
to buried auriferous river bed deposits. The Avoca goldfield produced approximately 750,000 ounces of gold
largely from alluvial gold deposits.
The Avoca project is located approximately 183 kilometres west northwest of the Victorian state
capital Melbourne, with good road access. Geologically, the Avoca project occurs within the Stawell zone, west
of the Bendigo and Melbourne zones of the Lachlan Fold Belt.
Having previously been mined with a significant amount of gold production from both alluvial and hardrock high-
grade sources, Fosterville South considers the Avoca project is highly prospective for hardrock structurally
controlled gold deposits. A number of major fault zones have been recognized with strike lengths of ten or more
kilometres. Gold mineralization within the Stawell zone is generally base metal sulphide related, which
Fosterville South sees as an opportunity for disseminated or fine-grained gold mineralization.
The significant hard rock historic mines within the Avoca licence include the high-grade:
Pyrenees reefs -- 16,199 tons mined for 16,602 ounces of gold to 130 metres at an average recovered
grade of 32 g/t gold, worked from 1860 to 1912;
Excelsior reef -- 13,200 tons mined for 9,260 ounces of gold to 100 metres at an average recovered grade
of 22 g/t gold, worked from 1909 to 1915;
Vale's reefs -- 1,444 tons mined for 1,388 ounces of gold to 52 metres at an average recovered grade of
29.4 g/t gold, worked from 1865 to 1883; and
Monte Christo reefs -- 2,795 tons mined for 937 ounces of gold to 30 metres at an average recovered
grade of 10.3 g/t gold, worked from 1872 to 1877.
The production noted above was obtained from State of Victoria Mining Surveyors and Registrar's quarterly
reports from 1860 to 1891 and annual reports issued thereafter. All the production from these reefs occurred
within the Avoca licence.
Defined mineralization shoots are present at both the Pyrenees reef and Excelsior reef, as shown from the
underground mine plans held for both deposits.
In terms of alluvial gold deposit potential, the Avoca subbasin, located within the Avoca project, is also projected
to contain one of the largest unmined deep lead alluvial gold deposits within Victoria.
Timor project
The Timor project occurs immediately east of the Avoca project and occurs within the Bendigo zone of the
Lachlan fold belt.
The Timor project area contains numerous hardrock and alluvial gold deposits evidenced by significant historical
workings. Historical alluvial production within the Timor project area is in the region of 640,000 ounces of gold.
Around 20 hardrock workings can be considered to have been significant producers. These include the
Leviathan group of mines, with recorded gold production of 56,474 ounces of gold from 189,085 tonnes,
equating to a recovered grade of approximately 9.14 g/t gold. The Leviathan structural corridor hosts several
parallel quartz veins with most of the production coming from one mine active in the early 1900s. Significant
potential occurs within the various other veins and faults within the corridor to the north.
In addition, Shaw's reef produced 16,881 tons mined for 12,623 ounces of gold to 130 metres at an average
recovered grade of 22.9 g/t gold, worked from 1883 to 1891. Along strike of this fault zone arsenopyrite and
stibnite mineralization is recorded in association with the gold mineralization indicating possible epizonal
Fosterville-style gold mineralization.
Both these former mines lie on separate large regional north-south structures known to occur for tens of
kilometres with a number of hardrock workings over their length. Neither of these two major structures have had
significant drilling within the tenement. Only one diamond drill hole and one traverse of RC drilling has been
carried out across the Leviathan structure. No drilling has occurred on the Shaw's reef fault zone and numerous
other prospective areas within the tenement. These two mineralized structures are a primary focus for
exploration within the project.
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Keith Whitehouse,
AusIMM (CP), of Leviathan Gold (
Australia
) Pty. Ltd., a qualified person as defined by NI 43-101.
On behalf of the Leviathan Gold,
Luke Norman
, Chief Executive Officer and Director
On behalf of Fosterville South Exploration,
Bryan Slusarchuk
, Chief Executive Officer and Director
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. No securities regulatory authority has either approval or disapproved of the contents of this
press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities
in the
United States
. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and may not be
offered or sold within the United States unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions
as of the date of this news release, including with respect to the timing of the listing of the Leviathan common
shares on the TSXV and the geological prospects of Leviathan's and Fosterville South's mineral projects.
These statements reflect their respective management's current estimates, beliefs, intentions and expectations.
They are not guarantees of future performance. Each of
Fosterville
and Leviathan cautions that all forward
looking statements are inherently uncertain and that actual performance may be affected by many material
factors, many of which are beyond their respective control. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable securities legislation, neither
Fosterville
nor
Leviathan undertakes to publicly update or revise forward-looking information.
Fosterville South Exploration Logo (CNW Group/Leviathan Gold Ltd)
View original content to download multimedia:
http://www.prnewswire.com/news-releases/leviathan-gold-to-commence-trading-with-symbol-lvx-301225860.html
SOURCE
Leviathan Gold Ltd
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2021/10/c1779.html
%SEDAR: 00050855E
For further information:
Please visit the Company website www.leviathangold.com or contact: Adam Ross,
Investor Relations, Direct: (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]
CO: Leviathan Gold Ltd
CNW 08:00e 10-FEB-21