THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Val-d’Or, Québec – March 18, 2020 – Cleghorn Minerals Ltd. (“Cleghorn”) announces that it has entered into a Mineral Claim Purchase Agreement (the “Agreement”) with Crest Resources Inc. (the “Vendor”) dated March 7, 2020, to acquire (the “Acquisition”) a 100% undivided interest in 142 mineral claims known as the Sprague Cleghorn Prospect and Odie Cleghorn Prospect, located in the Matachewan area of NE Ontario (the “Properties”). Closing of the Acquisition is subject to approval from the TSX Venture Exchange.
The Sprague Cleghorn Prospect is located directly adjacent to the northeast corner of Cleghorn Minerals Meech Lake-Matachewan Prospect. The Odie Cleghorn Prospect is directly adjacent to the southwest corner of the Meech Lake-Matachewan Prospect.
As consideration for the Property, Cleghorn shall, on the closing of the Acquisition, issue to the Vendor 1,500,000 units of Cleghorn (the “Payment Units”) at the deemed price of $0.06 per unit. Each Payment Unit shall consist of one common share of Cleghorn and one-half of one warrant (a “Warrant”). Each Warrant shall entitle the holder to acquire an additional common share at a price of $0.10 per share for a period of two years from the date of issuance.
Meech Lake-Matachewan Prospect:
Exploration work conducted by Cleghorn on the property successfully identified and confirmed the presence of two separate mineralized systems on the property, previously documented in a series of pits and/or trenches. They are represented by the Kell’s Ni-Cu-PGE Showing (T-52) and the Waterhole Au-Ag-Zn Showing (T-1).
2017-2018 Exploration Program Highlights:
Please refer to the October 1, 2018, October 24, 2018 and March 21, 2019 press releases for details of these previously released drill results and link to the property Compilation – DDH Plan map for the drill-hole locations.
2020 Proposed Exploration Program to focus on Pd-Pt Potential:
The primary exploration focus on the property will be to assess the immediate economic potential of the high-grade Pd-Pt mineralization characterized by surface and drill sampling results from the Kell’s Ni-Cu-PGE Showing.
A program of detailed mapping and surface sampling is recommended over the Kell’s Showing, Waterhole Showing, T25 Trench and Kell’s Cabin Showing in an effort to define and characterize the surface mineralization outlined in the 2018 surface stripping program.
Based on the results of this work, additional detailed geophysical surveys (magnetic, electromagnetic, 3D-induced polarization, and downhole IP)and 3D modelling are planned with the objective to aid in the tracking of the nickel-copper-PGE mineralization associated with the Kell’s Showing and gold-silver-zinc mineralization along strike and down-plunge for follow-up drill targeting.
Quality Assurance/Quality Control Protocol:
All diamond drilling sample batches (each individual hole), include 5% QA/QC samples consisting of blanks and certified standards (Natural Resources Canada - CANMET). All grab and drillhole samples were submitted to ALS Minerals, an accredited mineral analysis laboratory. Sample preparation was completed in Val-d'Or, Québec and analyses in Vancouver, British Columbia. Nickel, copper, cobalt, zinc and silver values were determined by a 61 element, Four Acid / ICP-AES analysis and gold values were determined by a 30-gram fire assay and AAS finish. Platinum, palladium and gold values were determined by 30-gram fire assay with ICP finish. Samples, which received over-limit values, underwent further analysis using ALS Minerals assay procedure Ni-OG62 (for nickel), Cu-OG62 (for copper), Zn-OG62 (for zinc), and PGM-ICP27 (for gold, platinum and palladium). The reader is referred to: www.alsgobal.com for details of analytical procedures described above.
Cleghorn Minerals has applied a rigorous quality assurance/quality control program at the Meech Lake Project using industry practice. All core was logged and selected intervals sampled by a professional geoscientist. NQ drill core was sawn in half and each sample half was placed in a marked sample bag with its corresponding sample tag, then sealed. The remaining half core is retained in the original core boxes that are stored in a secure facility in Val-d’Or, Québec.
Michael P. Rosatelli, M.Sc., P.Geo. and senior geological consultant to Cleghorn, is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
Additional Property Acquisitions:
Cleghorn is continuing due diligence on several property and/or transactional opportunities, in Canada and separately, located in International jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.
About Cleghorn Minerals Ltd.:
Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake – Matachewan Prospect, a property located in northeastern Ontario, subject to an aggregate 3.5% NSR.
For additional information, please contact:
Glenn J. Mullan, President, Chief Executive Officer, Secretary and Director
(819) 824-2808 – Head Office
(514) 835-8384 – Cell
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 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 or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.