Vancouver, BC, April 5,
2022 /CNW/ - Mineral Mountain Resources Ltd.
("Mineral Mountain" or the "Company") (TSXV: MMV)
(OTCQB: MNRLF) (M8M-FRANKFURT) is
pleased to announce a non-brokered private placement of up to
5,000,000 units (the "Units") at a price of CDN$0.10 per unit for gross proceeds of up
to CDN$500,000. Each Unit consists of
one common share and one common share purchase warrant ("Warrant").
Each Warrant can be exercised for one year at CDN$0.25 per share.
The private placement is subject to approval of the TSX Venture
Exchange and the securities will be subject to a four-month hold
period under Canadian securities laws. Net proceeds from the
financing will be used to advance the Standby Mine Gold project and
for general working capital.
About the Standby Mine Gold
All geologic, geophysical and drill results to date suggest a
Homestake ledge-type target exists at Standby and is potentially of
large scale. Mineral Mountain's goal is to extend the Standby Mine
gold mineralization down-plunge through systematic step-out
drilling along strike and down-plunge in the Upper Tail to discover
an Ore Centroid at depth.
Approximately 50,000-60,000 tons of ore were mined historically
from the Standby Mine before 1950, mostly from oxidized ores in
four large open cuts connected by underground workings to a maximum
depth of 130 meters. Historic outcrop surface sampling from the
walls and rim of the open cuts averaged 9.1 m @ 10 g/t Au with grab samples up to
38 g/t Au. A shaft was sunk to the 130 m (425- ft) level and underground channel
sampling assayed 10.1 m @ 6.0 g/t
Au. Historical drilling at the Standby Mine consists of
16,360 m (53,677 ft) across 45 core
holes, all in the Upper Tail. MMV's two previous core drilling
campaigns between 2018 and 2020 extended known gold mineralization
from the bottom of the historic Standby Mine workings from 130
meters below surface to a total plunge length of 850 meters.
Mineral Mountain's proposed drilling program in the Rochford
District will focus on the Standby Mine Target and is fully
permitted for drilling. The 9,000-meter drilling program as
currently constituted will be focused on three target areas in
general: 1) Several additional holes around MMV hole ST18-006,
which cut 43.5 m @ 1.21 g/t Au
including several higher-grade internal zones such as
2.5 m @ 4.39 g/t Au and
1.50 m @ 5.24 g/t Au. This hole
was near historic drill hole BLG-UG-03 that cut, including. These
intercepts were 100-150 m below
surface and represent the opportunity to outline a near-surface
high-grade ore shoot in the Upper Tail environment.
A series of proposed holes to intersect the same depth interval
cut by historic Homestake Mining Co. drilling in the SM-86 and
SM-87 holes thought to be the upper parts of the Standby Ore
Centroid. These historic holes represent a significant step-off
along strike and down-plunge from the Standby Mine and the deepest
historic exploration work performed at the Standby Target Trend
(1,000 and 1,800 m down-plunge from
surface respectively). These results were highly encouraging,
including 3.05 m @ 10.23 g/t
Au. These two holes potentially intersected the crucial Upper
Tail-Ore Centroid transition and need to be replicated by MMV and
further tested with systematic step-out drilling to confirm
internally consistent high grade gold is present.
Jeff Hrncir, the Company's chief
geologist commented "Confirming the existence of an Ore Centroid at
Standby would be a game-changing discovery for Mineral Mountain
Resources and set the stage for future resource delineation
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker", President and CEO
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.
Forward looking information
This release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation
("Forward-looking information"). Forward-looking information
includes, but is not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals,
expansion, growth of the Company's businesses, operations, plans
and with respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
Often, but not always, forward-looking information can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
SOURCE Mineral Mountain Resources Ltd.