Secova Metals Provides Summer Business Update
VANCOUVER, BRITISH COLUMBIA – TheNewswire – July 4, 2022 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK), (Frankfurt:N4UP), (OTC:SEKZF) is pleased to provide the following update on the Company’s plans for the 2022 summer season.
At Montauban, the Company expects to receive assay results from its 275-hole drill program by mid-July. These analytical results will form the basis of the preliminary economic assessment (“PEA”) on the residues. Secova will be able to use this assessment to better understand the mineral composition of each of the five (5) tailings deposits and use this information to facilitate the logistics of processing and extracting minerals already identified in the tailings.
Additionally, Longford Exploration continues to compile all historical drilling and mining information on the Montauban underground workings. The intention is to digitize this information so that it can be incorporated into a model describing the extent of subsurface resources at the site. Although Montauban has had some form of exploitation since 1910, there has never been a complete model compiled.
More than 75% of the equipment needed to commission the plant has been purchased and the Company plans to start this month refurbishing used equipment and preparing the site to install the main processing plant components.
In other operations, Secova will begin its underwater sampling program at its Ottawa River project in two (2) weeks. These samples will be analyzed to determine if any recoverable metal residues are present in the riverbed. If the analysis of the sampling program proves positive, the Company will begin a systematic mining program starting in the fall of 2022.
In addition, the Company is adding half a warrant to the previously announced private placement. The offering is now a unit consisting of one common share and half a warrant which, when combined to form a whole warrant, the holder will be able to purchase one (1) common share at a price of $0.10. The subscription warrant has a duration of twelve (12) months from the closing date of the Private Placement.
In addition, the Company issued to advisors and officers 1 million options at $0.05 per share and 500,000 options at $0.095 per share which will vest quarterly and issued 2.5 million restricted stock units .
All securities issued under the Offering and the Awards will be subject to a statutory hold period expiring in accordance with applicable securities laws. The Company may pay eligible intermediaries a commission on the offering up to the amount permitted by the policies of the Canadian Securities Exchange.
For a French translation of this press release, please visit our website at www.secova.ca.
About the company
Secova Metals Corp. is a Canadian-based, environmentally responsible resource exploration and processing company. Management has demonstrated its expertise in advancing gold exploration projects towards acquisition targets, particularly in the province of Quebec. Secova’s main restoration and recovery project is the Montauban property located in Quebec, just 80 kilometers west of Quebec City. Recently, the Company also entered into a joint venture agreement to determine the presence of recoverable metals in the Ottawa River. The Company’s primary exploration focus is its 100% ownership of the Eagle River Project, which is adjacent to and on-trend several gold projects in the Windfall Lake District of Urban Barry in Quebec.
On behalf of the Board of Directors,
SECOVA METALS CORP.
“Jean Yves Thérien”
Chief executive officer
Tel: +1 438-399-6316
This press release contains “forward-looking information” based on the Company’s current expectations, estimates, forecasts, and projections. This future-oriented information understand, among other things, statements with with respect to the Company’s exploration and development plans. The words “will”, “planned”, “plans” or other similar words and expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may affect the actual results of the Company, the level of activity, performance or achievements is materially different from those expressed or implied by such forward information search.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.