VANCOUVER, BC, July 22, 2020 /PRNewswire/ -- Clarity Gold Corp. ("Clarity" or the "Company") (CSE: CLAR) (FSE:27G) is pleased to announce that it is mobilizing a field crew to the recently acquired expansion claims at its flagship Empirical Project, located 12 km south of Lillooet, British Columbia.
Field Crew Mobilization
The crew of three intends to conduct initial ground reconnaissance and sampling where applicable. The objective of the program will be to review the geology and mineralization of the recently acquired expansion claims which include 8 additional MINFILEs. The crew will attempt to locate and verify these historic mineral showings, and assess the suitability of the expansion claims' exploration program design. The Company will also be conducting a grab sample program on targeted zones to locate additional areas of interest outside of the original Empirical Project claim group.
"Now that our crew has completed its initial reconnaissance on the Tyber and Gretna Green projects on Vancouver Island, we are very pleased to be mobilizing to evaluate the recently acquired mineral claims at our flagship Empirical Project," said James Rogers, CEO of Clarity. "The Empirical Project now has multiple historic showings and we are looking forward to designing and carrying out field programs to follow up on encouraging historic results."
The Company's flagship gold-copper-molybdenum porphyry project, the Empirical Project, located 12 km south of Lillooet, British Columbia, now totals 10,518 ha. The Empirical Project is situated in the Cordilleran Continental Arc which hosts 26 significant porphyry deposits, including Imperial Metal Corporation's historic Huckleberry Mine and Noranda's historic Babine Porphyry camp. Between 1981 – 1986, six out fifteen diamond drill holes intersected gold mineralization, including hole DD81-4 which assayed 3.67 g/t gold over 21 m from 36m. Previous exploration focused on molybdenite without an understanding or aim of targeting a larger porphyry system. For more information on the Empirical Project, please see the Company's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report on the Empirical Project filed on SEDAR on March 24, 2020.
The recently acquired claims have multiple copper showings in the Southeast, including the Rickhill Showing where six surface rock samples collected in 1959 averaged 0.95% copper over 12.9 meters (Minfile 092INW022). Elevated copper in soil samples indicate that this zone of copper mineralization may be extended up to a total of 30 m (Skerl, 1959). In 1970, 538 soils were collected with copper intensities ranging between 6 ppm to 212 ppm (Assessment report 02530).
The additional ground to the southwest of the Empirical Project consists of two molybdenum showings namely, the Molybdenite Lake and Fyp showings where historic samples taken from quartz veins have assayed up to 0.32% molybdenum and 0.35 g/t gold (Nelson, J. (1985-10-01): B.C. Gold Reconnaissance 1985 - Lillooet Project - Final Report; Assessment Report 30875; Minfile 092ISW109, 092ISW110). Previous work has focused on the area's molybdenum potential, with minimal exploration for gold.
The QP (as defined below) has not verified the results of the historic exploration and sampling on the new claims added to the Empirical Project's property package, additional sampling will be required to verify the data.
Mr. Rory Kutluoglu P. Geo. is the Qualified Person ("QP") under NI 43-101 for the technical information in this news release and has reviewed the appropriate and available data for the Empirical Project and approves the technical contents of this news release. The QP intends to be part of the crew to mobilize to the additional Empirical Project expansion claims but cannot currently validate the historical databases nor the results of the historical work presented herein.
The Company plans to undertake the Offering, a non-brokered private placement financing consisting of a minimum of 833,333 and a maximum of 2,500,000 Units at a price of $0.30 per Unit for gross proceeds of a minimum of $250,000 and up to $750,000. Each Unit shall consist of one common share (each, a "Share") in the capital of Clarity and one half of one Share purchase warrant, with each whole warrant exercisable into one Share at a price of $0.35 per Share for a period of two years following the closing of the Offering (the "Closing").
The proceeds from the Offering are expected to be used for general working capital purposes. Finder's fees may be payable in connection with the Offering in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering, as set out in National Instrument 45-102 - Resale of Securities.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Clarity Gold Corp. is a Canadian exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company is focused on the exploration of its 10,518 ha Empirical Project located approximately 12 km south of Lillooet, BC, and has recently expanded its mineral property portfolio with the acquisitions of the Tyber and Gretna Green projects, both located on Vancouver Island, British Columbia. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol "CLAR". To learn more about Clarity Gold Corp. and its projects please visit www.claritygoldcorp.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements in this news release include, but are not limited to, statements regarding: (i) the Offering; (ii) the expectations of management regarding the use of proceeds of the Offering; (iii) the payment by the Company of any finder's fees in connection with the Offering; (iv) the intended initial ground reconnaissance and sampling program on the recently acquired additional claims to the Company's Empirical Project, (v) the historical prospects of the Company's Empirical Project, including the additional claims thereto, and (vi) the QP's attendance thereof. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Risks that could change or prevent these statements from coming to fruition include, but are not limited to, the Company not being able to complete the Offering on terms favorable to the Company or at all, the Company not using the proceeds of the Offering as stated in this news release, general market conditions and other factors beyond the direct control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements. 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 required by law.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.