VANCOUVER, BC, April 11, 2022 /CNW/ - Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (the "Company" or "Capella") is pleased to report that Prospector Metals Corp. ("Prospector") (TSXV: PPP) (formerly Ethos Gold Corp.) (TSXV: ECC), Capella's Joint Venture ("JV") partner and operator of the Savant Lake Gold Project, has today provided the market with an update on its planned exploration activities on its Newfoundland and Ontario project portfolio, including Savant Lake.
Prospector is currently earning-in to a 70% interest in the Savant Lake Gold Project through the sole funding of CAD 2M of work commitments on the district-scale property, and by making staged cash and share payments to Capella.
Key points relating to Prospector's exploration activities at Savant Lake include:
- Mobilization of field crews to conduct property-wide prospecting and the ground truthing of target areas is expected to occur in early May, 2022.
- A multi-year exploration permit was issued for Savant Lake at the beginning of April, 2022. Community and stakeholder discussions are ongoing.
- Drilling of priority gold targets is currently expected to begin in Q3, 2022.
Prospector's full News Release may be viewed on their website:
Eric Roth, Capella's President and CEO, commented: "I am very pleased to be reporting today on the proposed work program that has been put forward by our JV partner Prospector at Savant Lake. The Savant Lake Gold Project covers 229 square kilometres of underexplored but highly-prospective stratigraphy for the discovery of high-grade, iron formation- and shear zone-hosted gold deposits. Indeed, many of the key targets identified to date have yet to be drill tested, thereby providing both Prospector and Capella with significant upside to discovery. The 2022 work program at Savant Lake, which is expected to include initial diamond drilling, will be sole funded by Prospector, thereby allowing Capella to continue to focus on advancing its portfolio of copper(zinc-cobalt) and gold projects in Scandinavia".
The technical information in this news release relating to the Savant Lake gold project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company's President & CEO, a Director, and a Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
Eric Roth, Ph.D., FAusIMM
President & CEO
Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade gold and copper(-zinc-cobalt) deposits. The Company also holds 1,000,000 common shares (on a post-consolidation basis) in Prospector Metals Corp., providing Capella shareholders with indirect exposure to exploration success at both the Savant Lake Gold Project and elsewhere within Prospector's extensive Canadian project portfolio.
The Company's copper(-zinc-cobalt) focus is currently on i) the advancement of the recently-acquired, resource-stage Hessjøgruva copper-zinc-cobalt project in central Norway and ii) the discovery of high-grade VMS-type deposits within 100%-owned, district-scale land positions around the past-producing Løkken and Kjøli copper mines. The Company's precious metals focus is on the discovery of high-grade gold deposits on its recently acquired Finnish properties (Katajavaara, Aakenus), the 100%-owned Southern Gold Line Project in Sweden, and its active Canadian Joint Ventures with Prospector Metals Corp (TSXV: PPP) at Savant Lake (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in Santa Cruz, Argentina.
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of Capella, including the timing, completion of and results from the exploration and drill programs described in this release. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by Capella in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading "Risks and Uncertainties" in Capella's most recently filed MD&A. Capella does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Capella Minerals Limited