Valhalla Metals Provides Update on its Projects and the Ambler Mining District Access Road
Valhalla Metals Provides Update on its
Projects and the Ambler Mining District
Access Road
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2023) - Valhalla Metals Inc. (TSXV: VMXX)
("
Valhalla
" or the "
Company
") is providing an update on its Projects and the Ambler Mining District
Access Road.
Sun Project
The Company is currently preparing for a summer exploration program at its flagship Sun project. This
year's exploration program is planned to include a 24-man camp full re-build and expansion, ground
gravity, LiDAR survey and diamond core drilling. The Company has entered into several service
agreements with contractors that would support the execution of its exploration program. The Company
expects to kick off the camp re-build efforts sometime end of May, weather dependent.
The Company also is pleased to announce that the North Slope Borough Assembly and Northwest Arctic
Borough Assembly have passed a joint resolution in support of the Ambler Access Project.
These two
borough governments are local home-rule governments in Alaska whose primary goal is to provide
residents with the same basic services enjoyed by other Americans, such as public safety and fire
protection programs, schools, search and rescue capabilities, water and sewer services, planning and
zoning, health and social service programs.
Providing these services and the physical infrastructure to
support their region remain expensive measures for the borough. These boroughs who maintain
planning and permitting authority for their respective regions passed a joint resolution in support of timely
completion of the Department of the Interior's supplemental environmental review process for the Ambler
Access Project (the Project), the proposed 211-mile, industrial-use-only road from the Ambler Mining
District to the Dalton Highway (Ambler Access Road).
In their joint resolution, these two borough governments stated that the construction portion of the Project
has the potential to facilitate responsible economic development for operations and maintenance, and
the potential to create over 8,700 direct, indirect, and induced construction and operation jobs.
These
jobs would pay a total of nearly $700 million in annual wages, in addition to an annual average of 360
direct jobs over the Project period, and up to 81 direct annual jobs for operations and maintenance over
the life of the Project.
The proposed Ambler Access Road is planned to cross Valhalla's State mining claims at the Sun project
and would unlock a host of critical and strategic metals located in the Ambler Mining District - all metals
necessary for the green energy and transportation transition.
Rick Van Nieuwenhuyse, Valhalla's Chairman, stated: "It is great to see and hear the support from the
Northwest Arctic Borough and North Slope Borough. These are two local home-rule governments
representing the people of these communities. Their support for responsible resource development must
be heard. Valhalla looks forward to the Federal Government's expedited Supplemental EIS process and
re-instatement of the permits necessary to advance the Ambler Access Project. We are also pleased to
be drilling again in the Ambler district - one of the largest and prolific VMS districts in the world. We look
forward to keeping investors appraised of our progress."
The full resolution of the two boroughs can be viewed here:
https://valhallametals.com/wp-content/uploads/2023/04/50V7813-NAB-NSB-RSN-C-2023-signed.pdf
Smucker Project
As previously disclosed, the Company's interest in 11 of the 58 mining claims of the Smucker Property
was subject to an ongoing dispute between Valhalla Mining LLC ("Valhalla Mining"), Teck Resources
("Teck"), and the State of Alaska Department of Natural Resources ("DNR").
In November 2018, Teck and DNR notified Valhalla Mining that 11 of the 58 mineral claims comprising
the Smucker property were invalid to the extent of those claims over-lapped the old Teck claims block at
Smucker.
Valhalla Mining succeeded in its claims to quiet title to the disputed mining claims in April 2021 at the
Alaska Superior Court, however the Court's decision was appealed to the Alaska Supreme Court by
Teck and DNR on April 27, 2021.
In a decision dated April 21, 2023, the Alaska Supreme Court decided to reverse the Alaska Superior
Court's decision and affirm DNR's decision.
About Valhalla Metals
Valhalla Metals Inc. is a mineral exploration and development company focused on the advancement of
its mineral projects towards feasibility. Valhalla's flagship project is the Sun copper-zinc-lead-gold-silver
VMS projects located in Ambler Mining District, Northwest Alaska. The Company also owns the
Smucker project, a high-quality copper-zinc-lead-gold-silver VMS project located in the Ambler Mining
District, Northwest Alaska. Valhalla Metals Inc. shares trade on the TSX-V under the ticker symbol
VMXX. For more information about Valhalla, please visit our website at
www.valhallametals.com
.
Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use
of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking
information relating to the Ambler Road; the issuance of the Options, the Debt Settlement, the TSX-V's approval of the Debt Settlement and other
related information. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based, are
reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance
that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration;
fluctuations in commodity prices; title matters; and the additional risks identified in the annual information form of the Company or other reports and
filings with the TSX-V and applicable Canadian securities regulators. Readers are cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and
information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for
the adequacy or accuracy of this release.
For more information on the Company, please contact Valhalla Metals Inc.
Sorin Posescu, Chief Executive Officer
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/164046