(via TheNewswire)
 |
|||||||||
VANCOUVER, BC — TheNewswire – April 8, 2024 — Giant Mining Corp. (CSE:BFG) | (OTC:JUBAD) | (FWB:YW5) (“Giant Mining” or the “Company”) is pleased to announce that preparations are underway to initiate work that will advance the copper mineralization at Majuba Hill Porphyry Copper Deposit (the “Nevada Project”), a copper, silver, and gold project located in Pershing County, Nevada
The Nevada Project contains historic underground mines that produced 2.8 million pounds of copper. In the NI43-101 Report: “Technical Report for the Majuba Hill Copper Project, Pershing County, Nevada, USA”, Jeffrey M. Bickel, C.P.G. described the copper mineralization and developed a 3D block model that measured 50 million tonnes to 100 million tonnes of copper mineralization ranging from 0.15% Cu to 0.30% Cu, with potential for a higher-grade zone of 10 million tonnes to 20 million tonnes grading between 0.40 % Cu and 0.80% Cu. This outlines an initial and significantly expandable potential of 660 million pounds of copper. Copper hit a 14-month high of USD $4.27 per pound on April 8th, 2024. 1
Table 1
|
Model (1) |
Tonnage Range Tonnes (Bickel, 2023) |
Grade Range Copper (%) (Bickel, 2023) |
Copper Range (pounds) Calculated |
|
Exploration Target – All |
50,000,000 to 100,000,000 |
0.15% to 0.30% |
165,000,000 to 660,000,000 |
|
Exploration Target – High Grade |
10,000,000 to 20,000,000 |
0.40% to 0.80% |
88,185,000 to 352,739,000 |
Private Placement
The Company is pleased to disclose a forthcoming non-brokered private placement aimed at raising up to CAD $3,000,000 (the “Placement”). Pursuant to this Placement, the Company intends to offer up to 15,000,000 units (the “Units”) at a price of CAD $0.20 per unit. Each Unit is comprised of one (1) common share (“Share”) of the Company’s capital stock, along with one (1) transferable Share purchase warrant (“Warrant”). Each Warrant grants the holder the right to purchase one (1) additional Share at a price of CAD $0.25 per Share for twelve (12) months following the date of issuance.
The net proceeds from the Placement will be allocated towards further exploration activities on the Company’s Nevada Project and for general corporate purposes. In accordance with the regulations of the Canadian Securities Exchange (the “CSE”), finder’s fees may be applicable. All securities issued under this Placement will be subject to a statutory hold period of four months and one day.
David Greenway, CEO of Giant Mining Corp., expressed enthusiasm about the company’s prospects: “With copper prices recently peaking at $4.27 per pound, the highest since January 2023, and our announced financing, and our preparations to advance work at Majuba Hill, it’s an optimal time for exploration. This project, hosting significant historical copper production and prospective new findings, positions us well for a transformative year in 2024.”
Exploration
An exploration corridor is emerging as the primary focus zone based on recent and historic drilling, geochemistry, and geophysics. Core drilling intersected a thick oxide zone that outcrops at the surface and extends up to 550 meters (1804 feet) deep. Copper enrichment is shown by deeper zones of native copper intersecting beneath the overlying copper oxides.
The Company is gearing up for an important exploration year in 2024, with plans to significantly expand drilling efforts aimed at exploring the depth and breadth of copper mineralization, which could define the Nevada Project’s potential and future development.
Click Image To View Full Size
MHB-9:980 ft (298.6 meters) Native Copper
Click Image To View Full Size
MHB-2: 111.5 to 120.5 feet (34.0 to 36.7 meters)
Exploration Program 2024
The Company is using funds from the Placement to advance our exploration and development program, as outlined in the recent recommendations of the NI43-101 report. The company has committed to drilling 16 reverse circulation (RC) holes and two shallow metallurgical core holes, aimed at evaluating the mineral potential and optimizing future extraction methods. Additionally, Giant Mining will initiate a metallurgical study to enhance our understanding of mineralization and processing efficiencies. Furthermore, our exploration depth will be extended with the drilling of two deep core holes, each reaching 3,500 feet. This strategic investment in deep-core drilling will help precisely assess the vertical extent of mineralization and contribute substantially to our resource evaluation efforts.
The Company also wishes to announce that Mr. Yari Nieken has resigned from his role as a director of the company. We are deeply grateful for Yari’s invaluable contributions throughout his tenure on the board. We sincerely thank him for his dedicated service and wish him the utmost success in his future endeavors.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. “Buster” Hunsaker III, CPG 8137, a non-independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).
About Giant Mining Corp.
Giant Mining Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles (251 km) outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Giant Mining Corp.
“David Greenway”
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: info@giantminingcorp.com
P: 1 (855) 475-0745
Forward-Looking Statements
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Giant Mining Corp. 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 forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Giant Mining Corp. management on the date the statements are made. Except as required by law, Giant Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
###
1 Sourced Online: https://www.marketindex.com.au/copper
Copyright (c) 2024 TheNewswire – All rights reserved.
COMTEX_450541283/2895/2024-04-08T14:15:45
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Wisconsin Beacon journalist was involved in the writing and production of this article.