Stuhini to attend PDAC and Metals Investor Forum and Provides Corporate Update
Stuhini to attend PDAC and Metals Investor
Forum and Provides Corporate Update
VANCOUVER, BC
,
Feb. 28, 2024
/CNW/ - Stuhini Exploration Ltd. (the "
Company
" or "
Stuhini
")
(TSXV: STU) (OTCQB: STXPF) is pleased to announce it will be attending both the Prospectors and
Developers Conference ("
PDAC
") and Metals Investor Forum ("
MIF
") in
Toronto
in early March, and
wishes to provide a Corporate update on its Ruby Creek Project ("
Project
") and explorations plans
for 2024.
Exploration
The Company plans to conduct geophysical work to help delineate drill targets on the Volcanic
Creek molybdenum porphyry target located 4 km north of its flagship
Ruby Creek
molybdenum
deposit (see news release dated
November 28, 2023
).
Exploring Opportunities Within the Sector
Given Stuhini's present cash balance and the current challenging environment in the mineral
exploration sector, the Company is reviewing and considering other opportunities within the sector.
Successful Ruby Creek Permit Change of Ownership
Stuhini also wishes to announce that it has received notification from the
British Columbia
("
BC
")
Ministry of Energy, Mines and Low Carbon Emission ("
EMLI
") of the Ruby Creek Permit # M-231
Amendment, approving change of ownership from the previous operator, Global Drilling Solutions, to
Stuhini. This successful permit transfer permit pertains to Stuhini's early completion of the Ruby
Creek Option agreement whereby the Company now owns 100% of the Project (see news release
dated
June 6, 2023
).
Environmental Baseline Review
The Company recently completed a desk-based review of existing environmental and heritage
resource information and data to inform the potential initiation of select field studies for the Project.
The Environmental Assessment Certificate ("
EAC
") that was granted to the previous operator for the
Ruby Creek Molybdenum Project in 2006 has lapsed and since that time, Federal and Provincial
legislation, regulations, policies and guidance have undergone significant changes. The Company
engaged Environmental Dynamics Inc (EDI) to outline these changes and how they affect the
Project's permitting, including baseline environmental programs, development, and operations. The
Company will use this information to guide future work on the Project.
Critical Minerals Discussion paper
The Company applauds the EMLI keynote AMEBC Roundup speech, specifically mentioning
molybdenum ("
Mo
") and its importance as a critical metal in the green economy of BC. Prior to the
announcement, Stuhini made a submission to the BC government reminding EMLI that BC was the
only producer of Mo within
Canada
and requesting that Mo be considered as a green energy
constituent that is eligible for enhanced tax credits provincially and for the assistance of EMLI in
getting Mo eligible for enhanced federal tax credits as well. Click the
Link
for access to the article.
PDAC and Metals Investor Forum in
Toronto
Stuhini also advises that it will be attending both PDAC and MIF in
Toronto, Ontario
in early March.
Dave O'Brien
(Chief Executive Officer and), Ehsan Salmabadi (VP–Exploration and Development)
and
Charles Kamimura
(Corporate Secretary) will be attending both events and be available to meet
with investors and potential partners. We cordially invite you to visit with Company representatives
Sunday March 3rd
through
Wednesday March 6
th
, 2024 at Booth #IE 3018 at PDAC at the Metro
Toronto Convention Centre. Stuhini will also be presenting and will have a display booth at the pre
PDAC MIF, taking place
March 1-2, 2023
at the Delta Hotel located on 75 Lower Simcoe Street,
Toronto
.
For more information or to register for PDAC or MIF, please visit:
https://www.pdac.ca/convention
https://metalsinvestorforum.com/conferences/metals-investor-forum-toronto-2024/
Dave O'Brien
, Stuhini's President and CEO commented:
"Given current market conditions and our
$1.4 million
cash balance, we are taking a measured approach to exploration while at the same
time investigating new opportunities to leverage our share structure and cash on hand."
About Volcanic Creek Molybdenum Target
The Company acquired the Volcanic Creek Molybdenum target by staking 848.1 hectares ("ha") in 1
new claim block contiguous to the north of its existing
Ruby Creek
tenures in
February 2023
(see
February 17, 2023
new release). The new claim, which was consolidated into the Company's Ruby
Creek Project, is situated in the headwaters of Volcanic Creek and is referred to as the "Volcanic
Creek Moly" showing in BC Minfiles. Previous historic exploration work reported mineralization at
surface and includes two drill holes drilled by Placer Development Ltd. in 1981. Hole DDH 81-1
intersected
24.38 m
of 0.066% molybdenum disulfide ("MoS
2
") (0.040% Mo) starting at a depth of
33.53 m
, including
6.10 m
of 0.14 MoS
2
(0.082 % Mo). A follow up program of prospecting in the
summer of 2023 reported 9 rock grab samples taken with grades ranging from 0.017% Mo to
1.01% Mo, and mineralized outcrops with up to 900 meters distance between them.
Ruby Creek Project
The 31,126-hectare Ruby Creek Project is road accessible and located 14 kilometres (km) east of
Atlin, BC
. There are 48 different documented mineral occurrences on the Property, of which 16 are
gold-related, with 7 significant gold placer creeks. The Property also hosts the Ruby Creek
Molybdenum Deposit, which hosts a measured and indicated pit-constrained resource of 433 million
lbs Mo using
US$15.00
per lb Mo price and a 0.02% cut-off grade.[1] Stuhini owns 100% of the
Project subject to a 1% NSR.
About Stuhini Exploration
Stuhini is a mineral exploration company focused on exploration and development of precious and
base metals properties in western
Canada
and the southwest
United States
. The Company's
portfolio of exploration properties includes the flagship Ruby Creek Property, 14 km east of
Atlin,
BC
; the Que Project, 70 km north of Johnson's Crossing,
Yukon
; the South Thompson Nickel
Project, 35 km northwest of
Grand Rapids, Manitoba
; the Big Ledge Property, 57 km south of
Revelstoke, BC
; and the Lindsay Project in southeast
Arizona
.
The geological content of this news release has been reviewed and approved by Ehsan Salmabadi,
P. Geo., and VP Exploration and Project Development of Stuhini, a qualified person as defined under
the terms of National Instrument 43-101.
Forward-Looking Statements
This news release contains "forward
looking information" within the meaning of Canadian securities
laws, which may include, but are not limited to statements relating to a potential additional satellite
molybdenum deposit near the Ruby Creek Molybdenum Deposit, conducting geophysical work at
Volcanic Creek, potentially enhancing economies of scale of the Ruby Creek Project or successfully
securing additional projects. All statements in this release, other than statements of historical facts,
that address events or developments that the Company expects to occur, are forward-looking
statements. Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the forward-looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking
statements include regulatory actions, fluctuations in metal and commodity prices, market prices,
failure to obtain permits, and continued availability of capital and financing, and general economic,
market or business conditions. In particular, there is no guarantee that exploration work, as
proposed, or otherwise, will be completed on the Project or any other property. Such forward-
looking information reflects the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including those set out in the Company's prospectus. Investors
are cautioned that any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the forward-looking statements. There
can be no assurance that any forward-looking statements or information will prove to be accurate as
actual results and future events could differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance on forward-looking statements or
information. Except as required by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
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
.
1
See "Technical Report, Ruby Creek Project, Northern British Columbia, Canada" effective
March
10, 2022
and dated
April 22, 2022
authored by
Steven Ristorcelli
, C. P. G., Peter Ronning, P.
Eng., Finley Bakker, P. Geo., and John Eggert, P. Eng.
SOURCE
Stuhini Exploration Ltd.
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For further information:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 835-4019, Web: www.stuhini.com
CO: Stuhini Exploration Ltd.
CNW 08:30e 28-FEB-24