Mountain Boy Acquires Large Zeolite and Pozzolan Property in the Okanagan: Announce $1.2 Million Financing
07 Dezember 2016 - 3:10PM
Mountain Boy Minerals Ltd (the "Company") (TSX-V:MTB)
(Frankfurt:M9U) is pleased to announce that it has secured a 100%
interest in 42 Mineral tenures (2625 acres) overlaying the Manual
Creek tuff hosting zeolites. The tuff beds which can be
traced for 5km in road cuts range up to 10 meter in thickness. The
property is located 7km northeast of the town of Keremeos and can
be accessed from Highway 3A via the Twin Lakes and Grand Oro roads.
A B.C. Hydro transmission line runs through the property. Several
assessment reports have been filed on the property suggesting the
effective zeolite to be a calcium-rich variety of clinoptilolite,
very similar to Bromley Vale (Canadian Zeolite). In ARIS 26889
(B.N. Church, Ph.D., P. Eng.) estimated that the property could
potentially host 3 million tonnes of zeolite within exposures along
strike. This estimate is not 43-101 compliant and the Company has
not verified this estimate. It is used for reference purpose only.
Additional work including diamond drilling is needed to prove the
tonnage, thickness, lateral continuity and consistency of the
zeolite mineralization.
Furthermore dacitic tuff from the Manual Creek
member was submitted to AMEC Earth & Environmental Laboratories
in Calgary (ARIS 31640) in 2011. This was done in order to
determine pozzolanic activity and compressive strength variation
with time of curing for the samples. This testing yielded excellent
results. The zeolitic pozzolan is essentially equivalent to pure
Portland cement and can be used in amounts up to 30% cement
replacement. It should be competitive at this mixture level with
fly ash. The process has many advantages from environmental aspects
(less emission of CO2 into the atmosphere), enhanced strength,
lower temperatures during curing and cost savings.
Mr. Edward Kruchkowski, P.Geo, President and CEO
of Mountain Boy Minerals states “When the property was offered to
us for $16,500, we jumped on the opportunity. With agriculture
being one of the primary uses for zeolite; easy and close access to
the 180,000 hectares of land being farmed in the Okanagan is a
great advantage. The importance of zeolite for many applications
from soil amendments and hydroponics, water filtration, enhancement
to livestock feed to waste management is increasingly recognized.
With the Company's precious and base metal properties within B.C.'s
'Golden Triangle' in Northern B.C. the exploration season is
limited. We now can concentrate on fast tracking the development of
a resource at this new project starting in early spring.”
The Company is pleased to announce it is
arranging a private placement to raise proceeds of up to
$1,200,000.00 consisting of 12 million flow-through units at $0.08
and 4 million non flow-through units at $0.06. Both non
flow-through and flow-through units will be comprised of one common
share and one common share purchase warrant, each warrant being
exercisable for the purchase of one additional common share for a
two year period, at a price of $0.10 per share. The "Warrants" are
subject to an acceleration clause, which provides that in the event
the Company's share price exceeds $0.15 for a continuous 20 day
trading period before expiry, the Company may provide notice
(the "Notice") that the warrants will expire on the 11th day after
the Date of Notice. The proceeds from the sale of the flow-through
units will be expended on the zeolite property and other
properties, located in British Columbia.
The Company may pay a finder’s fee in connection
with the private placement in accordance with TSX Venture Exchange
policies.
Certain directors and officers of the Company
may acquire securities under the private placement. Any such
participation would be considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101”). The transaction will be exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101 as neither the fair market value of any shares issued to or
the consideration paid by such persons will exceed 25% of the
Company's market capitalization.
Ed. Kruchkowski, P. Geo., a qualified person
under National Instrument 43-101, is responsible for the contents
of this release. E. Kruchkowski is not independent of Mountain Boy
as he is the president and a director of the Company.
Mountain Boy Minerals Ltd. is a Canadian based
mineral exploration company with diverse property and resource
holdings around the Stewart region in British Columbia’s golden
triangle. For a complete listing of the Company assets and
developments, visit the Company website at
www.mountainboyminerals.ca. If interested, brokers and accredited
investors may call Gary Assaly at 604-377-7969.
ON BEHALF OF THE BOARD OF Mountain Boy Minerals LTD.
“Randy Kasum”Randy Kasum, Director
“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.”
“This news release may contain forward–looking statements.
Forward-looking statements address future events
and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.”
Mountain Boy Minerals LTD
Box 859
Stewart, British Columbia
V0T 1W0
Phone (250) 636-2290
Fax (250) 636-2446
Web page: mountainboyminerals.ca
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