Chilean Receives $52,000 Exploration Shared Funding Grant From Nova Scotia Government
Chilean Receives $52,000 Exploration Shared Funding Grant
From Nova Scotia Government
Toronto, ON. July 31 st, 2018 . Chilean Metals Inc. (“Chilean Metals,” “CMX” or the
“Company”)(TSX.V:CMX, OTCQB: CMETF, SS E:CMX, MILA:CMX, FRA: IVV1, BER :
IVV1). Chilean Metals Inc. is pleased to announce that it has been aw arded a grant of $52,000
from the Department of Natural Resources of N ova Scotia as part of their Mineral Resource
Development Fund (MRDF) grant program.
Chilean applied for the funding grant to assist with progressing the Castlereagh and Trident
prospects as quickly as possibl e. The grant consists of 50:50 shared f unding of exploration
activities to a maximum contribution by the MR DF of $52,000. The funding is approved for the
following activities:
Castlereagh Prospect :
Diamond Drilling
Sample Shipping and Analysis
Trident Prospect :
Sample Shipping and Analysis (of both Historic and New Core)
Helimag Survey
3D Modelling of the Magnetic Data
Where the relevant activity has already been co mpleted Chilean will be reimbursed for the
shared funding component. The fu nding will be received in 3 tr anches and is subject to the
following reporting requirements:
1. 40% distributed immediately
2. 20% distributed upon submission and approval of an inte rim report, no later than
September 12, 2018
3. 40% distributed upon submission and approval of a final report, no later than February
13, 2019.
Terry Lynch, Chairman and CEO of Chilean Metals commented as follows: “We are
thrilled to receive this financial support from the Nova Scotia government. It’s recognition our
constructive relationship with the Department of Natural Resources and a big vote of confidence
in the excellent work of our technical team, led by our President Mick Sharry. This is good for
the province and good for our shareholders.”
Chilean is also pleased to re port that it has issued 750,000 common shares with respect to the
previously announced shares for debt deal and 34,416 common shares for the previously
announced Economy East option.
In addition Chilean Metals intends to complete a financing to issue up to $600,000 in equity
units. All securities issued pursuant to the financ ing will be subject to a statutory four month
hold period and regulatory approval.
The traditional equity will be offered via the sale of up to 3,000,000 units @ $0.12 per unit. Each
Unit will consist of one share and one common share purchase warrant. The warrant plus $0.18
will get subscriber a share of the company for a period of five years from date of issuance.
The Flow Through equity will be offered via the sale of up to 1,500,000 units @ $0.16 per unit.
Each Unit will consist of one share and one co mmon share purchase warrant. The warrant plus
$0.18 will get subscriber a share of the company for a period of five years from date of issuance.
Proceeds of the Offering will be used to conduct further drilling on our NS projects at Bass
River and an initial round of drilling at the Economy East project.
“The promising Cobalt results we recently announced from new assays of some historic drilling
on the Trident Prospect at Bass River when comb ined with new geophysics data that indicates
very significant scale potential makes us extrem ely interested to continue our exploration. ”
commented Mick Sharry Chilean President.
Results from the assays of historic core from Trident are:
BR-87-1
o 25m @ 547ppm Co and 20.9% Fe from 5m depth
BR-87-2
o 29m @ 662ppm Co and 21.9% Fe from 3m depth
Including
o 15m @ 812ppm Co and 26.9% Fe from 15m depth
The widths of mineralisation intersected are interpreted based on all available data to be close to true widths.
Chilean follows systematic and rigorous sampling and an alytical protocols which meet and exceed industry
standards. All drill holes are diamond core holes with NQ core diameters. Drill core was stored at the DNR facility
at Stellarton since the holes were drilled in 1987. The core is then cut in half with a diamond saw blade with half the
sample retained in the core box for fu ture reference and the other half placed into a pre-labelled plastic bag, sealed
with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 meter
sample interval unless the geologist determines the presence of an important geological contact. The bagged
samples are then stored in a secure ar ea and are then sent by batch to the Actla bs laboratories in Ancaster for assay.
Chilean independently inserts certified control standards, coar se field blanks, and duplicat es into the sample stream
where appropriate to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample
sequence prior to shipping. Laboratory duplicates are also analy zed. At the laboratory samples are dried, crushed,
and pulverized and then analyzed using INAA .
About Chilean Metals,
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in
Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the
prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any
future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”).
Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars
at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First
Region.
Chilean Metals Inc is the 100% owner of five Copper Gold Cobalt exploration properties in Nova Scotia on the
western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn, Economy and Bass
River North respectively. It has also optioned two additional projects Trident at Bass River and Economy East.
Chilean Metals is exploring, analyzing and drilling these properties in the summer of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick Sharry, M.Sc.
Consultant
Forward-looking Statements: This news release may cont ain certain statements that may be deemed "forward-
looking statements". All statements in this release, other th an statements of historical fact, that address events or
developments that CMX expects to occur, are forwar d looking statements. Forwar d-looking statements are
statements that are not histor ical facts and are generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "e stimates", "projects", "pot ential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occu r. Forward-looking statements in this document include
statements regarding current and future exploration programs, activities and results. Although CMX believes the
expectations expressed in such forw ard-looking statements are based on r easonable assumptions, such statements
are not guarantees of future performance and actual resu lts may differ materially from those in forward-looking
statements. Factors that could cause the actual results to di ffer materially from those in forward-looking statements
include market prices, exploitation and exploration success, continued availability of capital and financing, inability
to obtain required regulatory or governmental approva ls and general economic, market or business conditions.
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.
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.