VANCOUVER, BC / ACCESSWIRE / September 11, 2019 / New Destiny Mining Corp. (TSXV: NED), (the “Company” or “NED”) is pleased to announce that diamond drilling is underway at its Treasure Mountain Silver Property, located near Tulameen, B.C.
The Company mobilized a diamond drill to the property and drilling commenced with the first hole at the Superior (Lucky Todd) area. At least four holes will be drilled at this prospect, with drilling targeted at the mineralized zones exposed in trenches completed earlier this season. The target is a porphyry copper-gold deposit.
Photo of diamond drill on first hole at Superior/Lucky Todd Prospect
As previously announced in a news release dated August 14, rock sample geochemical results from the Superior (Lucky Todd) prospect ranged up to 1.6% copper, 0.87 grams per tonne gold and 109 grams per tonne silver in one sample, and 0.36% copper and 3.99 grams per tonne gold in another. All samples were chip samples of varying widths between 0.3 and 1.5 metres. The true widths of the zones are unknown at this stage.
The Company will also continue to examine other known historic prospects in the area, including the Railroad and Jim Kelly Creek areas. At the Railroad prospect, rock samples from 2019 trenches ranged up to 1.06% copper and 264 grams per tonne silver in one sample, and 0.95 grams per tonne gold, 0.9% zinc and 0.4% lead in another sample. At Jim Kelly Creek, a grab sample from the Superior/John Bull prospect returned a result of 11.3 grams per tonne gold. Other known copper-gold prospects in the Jim Kelly Creek area include Spokane, Marsellaise and Gold Mountain.
The Company’s Treasure Mountain Silver Property covers 10,700 hectares of geologically prospective ground adjacent to Nicola Mining Inc.’s Treasure Mountain Property (site of the historic Treasure Mountain Silver-Lead-Zinc mine). The Treasure Mountain Silver Property hosts at least seven gold, silver, lead, zinc and / or copper B.C. MINFILE occurrences in various regions. These include gold-quartz vein, polymetallic veins and porphyry type showings. Some of these mineral occurrences have associated historic underground workings. The Property occurs within the Intermontane Terrane, which hosts numerous porphyry copper deposits. For more information, refer to the Company’s 2017 Technical Report on the Treasure Mountain Silver property.
Geochemical analyses were performed by ALS Laboratories in North Vancouver, BC., which is an independent and accredited commercial laboratory. Analyses for gold were done by fire assay with AA finish on 50 gram subsamples. Analyses for copper and other elements was by four acid digestion with ICP-MS finish. Over-limit results for silver were re-analyzed by HF-HNO3-HClO4 digestion with HCl leach, with an ICP-AES or AAS finish. Over-limit results for copper were analysed total copper by four acid digestion and ICP or AAS finish. Field quality control samples were not included with the sample batch due to the limited number of samples.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and consultant from New Destiny Mining Corp, is responsible for the technical information contained in this News Release.
The Company is also pleased to announce that is has closed its non-brokered private placement previously announced on October 3, 2018 for gross proceeds of $126,000. The units of the financing comprise of one common share at a price of $0.15 cents per unit and a one-half share purchase warrant, each whole warrant may be exercised for a period of two years at a price of $0.25 per share. The term of the warrants may be accelerated in the event that the issuer’s shares trade at or above a price of $0.50 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The Company paid a cash commission of $1,200.00 and 8,000 broker warrants to Canaccord Genuity
Corp. The broker warrants have the same terms as the private placement warrants. The Company announces February 19, 2019 as the hold period expiry date for the private placement. The proceeds of the private placement will be used for general working capital and exploration work.
ON BEHALF OF THE BOARD OF DIRECTORS
Forward Looking Information
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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
SOURCE: New Destiny Mining Corp.
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