VANCOUVER, Jan. 30, 2019 /CNW/ - Boreal Metals Corp.
("Boreal" or the "Company") (TSXV:BMX) is pleased to
announce a non-brokered private placement of up to 10,526,316 units
at $0.095 per unit for total gross
proceeds of up to approximately $1,000,000. Each unit will consist of one
common share and one warrant, with each warrant being exerciseable
for one additional common share at a price of $0.15 for a period of 24 months from the date of
issue. All securities issued under the private placement will
be subject to statutory hold periods expiring four months and one
day from the issue date. The proceeds of the private
placement will be used to continue exploration and drilling at the
Company's Gumsberg property and for general working capital
purposes. The private placement is subject to TSX Venture
Exchange approval.
"We are excited and encouraged by our recently announced
discovery of new high grade mineralization at our Gumsberg property
and want to follow up with an immediate drill campaign," stated
Karl Antonius, CEO and President.
The recently announced drill results at Gumsberg (see News
Release dated January 28, 2019)
include 11.00 metres averaging 5.90% zinc, 239.0 g/t silver,
2.51% lead, and 0.96 g/t gold in hole GUM-18-003, and 11.01
metres averaging 7.45% zinc, 275.1 g/t silver, 2.65% lead, and 0.77
g/t gold in hole GUM-18-004 (true widths estimated at 50% of
reported interval lengths). Boreal intends to immediately
continue drilling at the Östra Silvberg new discovery mine
area.
The reported results from the first four holes of the recently
completed nine hole, 1,620.8 metre winter drill program, including
GUM-18-003 and GUM-18-004, intersected south zone massive sulfide
mineralization east and west of previously reported hole BM-17-005
(10.94 metres averaging 16.97% zinc, 656.7 g/t silver, 8.52% lead,
and 0.76 g/t gold; true width estimated at 20-50% of reported
interval length). The south zone occurs near the historic
Östra Silvberg mine, and is currently delineated as 130 metres of
eastward plunging mineralization that remains open for expansion to
the east and at depth. Further drilling results at Östra
Silvberg are expected in the coming weeks.
The project is located approximately 40 km from Boliden's
Garpenburg mine and is road accessible year-round with nearby
access to skilled labour, power and rail.
Qualified Person
Qualified Person Daniel MacNeil, P.Geo, a Qualified Person as
defined by National Instrument 43-101, has read and approved all
technical and scientific information contained in this news
release. Mr. MacNeil is Vice President Exploration for Boreal
Metals Corp.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of Zinc, Copper, Silver, Gold and Cobalt deposits in exceptional,
historical mining project areas spanning Sweden and Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration techniques.
The Company is led by an experienced management team and technical
team, with successful track records in mineral discovery, mining
development and financing.
On behalf of Boreal Metals
Corp.
Karl Antonius, President
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.
Cautionary Note Regarding 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 Boreal believes
the expectations expressed in such forward‐looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward‐looking statements. Such material risks and
uncertainties include, but are not limited to, Boreal's ability to
raise sufficient capital to maintain its mineral tenures and
concessions in good standing, to explore and develop its projects,
to repay its debt and for general working capital purposes; changes
in economic conditions or financial markets; the ability of Boreal
to obtain the necessary permits and consents required to explore,
drill and develop the projects and if obtained, to obtain such
permits and consents in a timely fashion relative to Boreal plans
and business objectives for the projects; the general ability of
Boreal to drill test its projects and find mineral resources; if
any mineral resources are discovered or acquired, the Company's
ability to monetize any such mineral resources; and changes in
environmental and other laws or regulations that could have an
impact on the Company's operations. Forward‐looking statements are
based on the reasonable beliefs, estimates and opinions of Boreal
management on the date the statements are made. Except as required
by law, Boreal undertakes no obligation to update these
forward‐looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
SOURCE Boreal Metals