Argentum Sells Interest in Vanadium Ridge Property
Pursuant to the terms of the Agreement, Argentum has agreed to sell its interest in the Property, in exchange for total consideration of $600,000, consisting of $200,000 in cash and $400,000 in stock. More specifically, the payment schedule for the sale of the Property is as follows:
- On signing of the Agreement, Imbue pays to Argentum $50,000 in cash and issues $50,000 worth of Ares Strategic Mining Inc. ("Ares") common shares, the number of which to be based on the previous 10-day volume-weighted average price ("VWAP") of the Ares share price;
- Within three months of signing, Imbue pays Argentum $150,000 in cash and issues $200,000 worth of Ares common shares, the number of which to be based on the previous 10-day VWAP of the Ares share price; and,
- Within six months of signing, Imbue issues Argentum $150,000 worth of Ares common shares, the number of which to be based on the previous 10-day VWAP of the Ares share price.
Shortly after signing the Agreement, Imbue paid $50,000 in cash and has issued 78,125 Ares shares to Argentum, the number of shares issued based on the 10-day VWAP of $0.64 prior to the signing of the Agreement. Ares Strategic Mining (ex-Lithium Energy Products) is the 20%-interest holder of the Property. The transaction remains subject to approval of the TSX Venture Exchange and the common shares issuable thereunder will be subject to a four-month hold period from the date of issuance.
Qualified Person
Gary Nassif, M.Sc., P.Geo., a Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.
About Argentum Silver Corp.
Argentum Silver is a junior mineral exploration company listed on the TSXV under the stock symbol ASL. Through its wholly owned subsidiary, Norsemont II Resources SAC, the company controls the Cochavara Project consisting of six silver-lead-zinc mining concessions totalling 3,479 hectares in La Libertad, Northern Peru. The mining concessions host several mineralized structures with the main mineralized zone (Margarita Mine) covering an estimated strike length of 1,500 metres. The project area is located 3.5 kilometres southwest of the historical Quiruvilca silver-lead-zinc mine deposit, a large polymetallic vein system with over 130 different mineralized structures.
For further information, please visit www.argentumsilvercorp.com or contact:
Gary Nassif
President & CEO
Phone: 416-855-9304
Email:
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and 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. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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.
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Argentum Completes Acquisition of Norsemont II Securing the Cochavara Silver-Lead-Zinc Project in Northern Peru
Under the terms of the Amalgamation, shareholders of Norsemont received 0.165343 common shares in the capital of Argentum (each, an "Argentum Share") for every common share held of Norsemont. As a result of the Amalgamation, Argentum issued 2,777,778 Argentum Shares. In addition, holders of convertible securities of Norsemont received 400,000 common share purchase warrants of Argentum (each, an "Argentum Warrant"), each Argentum Warrant entitling the holder thereof to acquire one additional Argentum Share at an exercise price of $0.25 on or before the date that is three years following the closing of the Amalgamation.
Norsemont owns a 100% interest in the Cochavara Silver-Lead-Zinc Project (the "Cochavara Project") in Northern Peru. The Cochavara Project consists of six concessions totalling 3,479 hectares located in the Department of La Libertad in Northern Peru, approximately 70 kilometres east of the city of Trujillo. The historical Quiruvilca silver/lead/zinc mine ("Quiruvilca") is located 3.5 kilometres northeast of the northern boundary of the Cochavara Project area. Quiruvilca is a large polymetallic vein deposit with over 130 different mineralized structures. Both Cochavara and Quiruvilca are located within the Mid-Miocene Calipuy volcanic complex that hosts several world-class precious metal deposits such as Newmont's Yanacocha and Barrick's Pierina gold mines, which are located approximately 120 kilometres north and 180 km southeast of Cochavara, respectively. Mineralization hosted at Quiruvilca, Yanacocha and Pierina is not necessarily reflective of the mineralization that may be hosted on the Cochavara silver-lead-zinc project.
According to Bartos (1984), mineralization at Quiruvilca is controlled by a series of east-northeast-striking polymetallic (silver/lead/zinc) vein swarms, which have extensive lateral and vertical continuity with abundant splits and pinch-and-swell structures. The mineralization at Cochavara is similarly controlled and occurs along strike of the Quiruvilca vein swarms. Production from the Quiruvilca mine was first recorded in 1789 and has been mined on an industrial scale since 1924. More recently, Pan American Silver acquired the Quiruvilca mine in 1995 and sold the mine to a private company in 2012. Cochavara currently has a valid exploitation permit to extract minerals for processing at third-party plants. During 2018, Cochavara underground development provided access to the main mineralized vein structure. The development adit was used to drift along the mineralized structure, to provide mineralized material for processing, and to provide access for future underground drilling.
Property Highlights
Several mineralized structures have been identified on the Cochavara Property, with the main mineralized structure occurring over an estimated strike length of 1,500 metres. The main zone (Margarita Mine) has recently (2013, 2015, and 2018) been explored by various companies including Norsemont, by drifting and cross-cutting on three separate mine levels: Margarita Workings (Level 3605), Old Drift (Level 3641), and Level 3663, all accessed by hillside adits. Mostly chip samples taken from mineralized veins ranging in widths from 0.1 to 1.0 metres, returned the following range of values: 6.1 g/t to 1,172 g/t Ag, 0.19%-24.88% Pb, and 0.31%-26.81% Zn. Details of the various exploration and sampling programs are provided in the Cochavara technical report.
The Cochavara Property has not been drill-tested.
NI 43-101 Technical Report
In connection with the completion of the Amalgamation, Argentum has filed on SEDAR and on the Company's website (www.argentumsilvercorp.com), a technical report prepared in accordance with NI 43-101 disclosure standards entitled "NI 43-101 Technical Report on the Cochavara Ag-Pb-Zn Project, Districts of Julcan, Calamarca and Quiruvilca, Provinces of Julcan and Santiago de Chuco, Department of La Libertad, Peru" prepared by James A. McCrea, P.Geo. The report provides a comprehensive review of the exploration activities on the property and provides recommendations for future work.
Proposed Exploration
Argentum's initial exploration and work programs are currently being planned for the Cochavara Project with a budget of $US 300,000 and will consist of two contemporaneous phases.
Phase I - $US 90,000
- Detailed structural mapping and sampling to identify additional vein structures on the property.
- Geophysics: drone magnetometer survey with LiDAR to identify intrusive/geologic contacts and possible vein targets and Alpha Induced Polarization survey to identify possible polymetallic vein targets.
- 225 metres of underground exploration/development on known structures to search for and delineate high-grade mineralization.
The completion of the Amalgamation constituted a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders ("MI 61-101"), which is incorporated by reference into the policies of the TSX Venture Exchange under Policy 5.9, as Sprott Mining Inc., a company controlled by Eric Sprott, is a control person (as that term is defined in the policies of the TSX Venture Exchange) of both Argentum and Norsemont. Pursuant to the Amalgamation, Sprott Mining Inc. acquired 2,083,336 Argentum Shares, representing approximately 4.32% of the issued and outstanding Common Shares of Argentum. Argentum is relying upon the exemptions from the valuations and minority approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) as neither the fair market value of the subject matter, nor the fair market value consideration for the transaction, it so far as it involves the related party, exceeds 25% of Argentum's capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Amalgamation, which the Company deems reasonable in the circumstances in order to complete the Amalgamation in an expeditious manner.
Sprott Mining Inc. now beneficially owns and controls 32,083,336 Argentum Shares, representing approximately 66.5% of the issued and outstanding Common Shares of Argentum on an undiluted basis. Sprott Mining Inc. does not own any convertible securities of Argentum. Sprott Mining Inc. has a long-term view of the investment and may acquire additional Common Shares either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Sprott Mining Inc.'s early warning report will appear on the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
About Argentum Silver Corp.
Argentum Silver is a junior mineral exploration company listed on the TSXV under the stock symbol ASL. Argentum hold 80% interest in the Vanadium Ridge Property located at the southern end of the Quesnel Trough 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,151 hectares near the town of Barriere. The project hosts vanadium-rich magnetite mineralization in seams and pods in altered ultramafic to intermediate intrusive rocks which form a portion of a large Late Triassic Poison Creek diorite intrusion complex. The near-surface exposure of vanadiferous magnetite is an attractive exploration target that may not require chemical processing for the liberation of a magnetite concentrate.
The technical aspects of this press release have been reviewed and approved by Gary Nassif, M.Sc., P.Geo., President and CEO of Argentum.
For more information contact:
Gary Nassif, President & CEO
416-855-9304
gnassif@argentumsilvercorp.com
* Bartos, P.J (1984) Mineralization, Alteration and Zoning of the Cu-Pb-Zn-Ag Lodes at Quiruvilca Peru, Master Thesis Stanford University.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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Argentum Secures the Cochavara Silver-Lead-Zinc Project in Northern Peru
The Cochavara Project consists of six concessions totalling 3,479 hectares located in the Department of La Libertad in Northern Peru, approximately 70 kilometres east of the city of Trujillo. The historical Quiruvilca silver/lead/zinc mine ("Quiruvilca") is located 3.5 kilometres northeast of the northern boundary of the Cochavara Project area. Quiruvilca is a large polymetallic vein deposit with over 130 different mineralized structures. Both Cochavara and Quiruvilca are located within the Mid-Miocene Calipuy volcanic complex that hosts several world-class precious metal deposits such as Newmont's Yanacocha and Barrick's Pierina gold mines, which are located approximately 120 kilometres north and 180 km southeast of Cochavara, respectively. Mineralization hosted at Quiruvilca, Yanacocha and Pierina is not necessarily reflective of the mineralization that may be hosted on the Cochavara silver-lead-zinc project.
According to Bartos (1984), mineralization at Quiruvilca is controlled by a series of east-northeast-striking polymetallic (silver/lead/zinc) vein swarms, which have extensive lateral and vertical continuity with abundant splits and pinch-and-swell structures. The mineralization at Cochavara is similarly controlled and occurs along strike of the Quiruvilca vein swarms. Production from the Quiruvilca mine was first recorded in 1789 and has been mined on an industrial scale since 1924. More recently, Pan American Silver acquired the Quiruvilca mine in 1995 and sold the mine to a private company in 2012. Cochavara currently has a valid exploitation permit to extract minerals for processing at third-party plants. During 2018, Cochavara underground development provided access to the main mineralized vein structure. The development adit was used to drift along the mineralized structure, to provide mineralized material for processing, and to provide access for future underground drilling.
Property Highlights
Several mineralized structures have been identified on the Cochavara Property, with the main mineralized structure occurring over an estimated strike length of 1,500 metres. The main zone (Margarita Mine) has recently (2013, 2015, and 2018) been explored by various companies including Norsemont, by drifting and cross-cutting on three separate mine levels: Margarita Workings (Level 3605), Old Drift (Level 3641), and Level 3663, all accessed by hillside adits. Mostly chip samples taken from mineralized veins ranging in widths from 0.1 to 1.0 metres, returned the following range of values: 6.1 g/t to 1,172 g/t Ag, 0.19%-24.88% Pb, and 0.31%-26.81% Zn. Details of the various exploration and sampling programs are provided in the Cochavara technical report.
The Cochavara Property has not been drill-tested.
NI 43-101 Technical Report
In connection with the completion of the transaction, Argentum has filed on SEDAR and on the Company's website (www.argentumsilvercorp.com), a technical report prepared in accordance with NI 43-101 disclosure standards entitled "NI 43-101 Technical Report on the Cochavara Ag-Pb-Zn Project, Districts of Julcan, Calamarca and Quiruvilca, Provinces of Julcan and Santiago de Chuco, Department of La Libertad, Peru" prepared by James A. McCrea, P.Geo. The report provides a comprehensive review of the exploration activities on the property and provides recommendations for future work.
Proposed Exploration
Argentum's initial exploration and work programs are currently being planned for the Cochavara Project with a budget of $US 300,000 and will consist of two contemporaneous phases.
Phase I - $US 90,000
- Detailed structural mapping and sampling to identify additional vein structures on the property.
- Geophysics: drone magnetometer survey with LiDAR to identify intrusive/geologic contacts and possible vein targets and Alpha Induced Polarization survey to identify possible polymetallic vein targets.
Phase II - $US 210,000
- 225 metres of underground exploration/development on known structures to search for and delineate high-grade mineralization.
About Argentum Silver Corp.
Argentum Silver is a junior mineral exploration company listed on the TSXV under the stock symbol ASL. Argentum hold 80% interest in the Vanadium Ridge Property located at the southern end of the Quesnel Trough 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,151 hectares near the town of Barriere. The project hosts vanadium-rich magnetite mineralization in seams and pods in altered ultramafic to intermediate intrusive rocks which form a portion of a large Late Triassic Poison Creek diorite intrusion complex. The near-surface exposure of vanadiferous magnetite is an attractive exploration target that may not require chemical processing for the liberation of a magnetite concentrate.
The technical aspects of this press release have been reviewed and approved by Gary Nassif, M.Sc., P.Geo., President and CEO of Argentum.
For more information contact:
Gary Nassif, President & CEO
416-855-9304
* Bartos, P.J (1984) Mineralization, Alteration and Zoning of the Cu-Pb-Zn-Ag Lodes at Quiruvilca Peru, Master Thesis Stanford University.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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Argentum Provides Update on Norsemont Acquisition and Sprott Mining exercises remaining warrants for $1.4 Million
On August 28, 2019, a total of 12,727,272 common share purchase warrants ("Warrants") of Argentum (held by Sprott Mining Inc., a corporation beneficially owned by Eric Sprott) were exercised (at $0.11 per common share) for total consideration of $1,399,999.92. As a result of the Warrant exercise, Sprott Mining Inc. now beneficially owns and controls 30,000,000 common shares representing approximately 65.9% of the outstanding common shares on a non-diluted basis.
About Argentum Silver Corp.
Argentum Silver is a junior mineral exploration company listed on the TSXV under the stock symbol ASL. Argentum hold 80% interest in the Vanadium Ridge Property located at the southern end of the Quesnel Trough 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,151 hectares near the town of Barrière. The project hosts vanadium-rich magnetite mineralization in seams and pods in altered ultramafic to intermediate intrusive rocks which form a portion of a large Late Triassic Poison Creek diorite intrusion complex. The near-surface exposure of vanadiferous magnetite is an attractive exploration target that may not require chemical processing for the liberation of a magnetite concentrate. Argentum feels it is a good entry into what is becoming one of the most sought-after commodities in the battery-metal sector.
For more information contact:
Gary Nassif, President & CEO
416-855-9304
gnassif@argentumsilvercorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Argentum believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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Norsemont II Receives Shareholder Approval of Business Combination with Argentum Silver
Completion of the Transaction remains subject to several conditions, including TSX Venture Exchange ("TSXV") final acceptance and completion of due diligence. In connection therewith, Norsemont is currently preparing a National Instrument 43-101 technical report for the Cochavara Silver-Lead-Zinc Project and its audited financial statements in order to satisfy the filing requirements of the TSXV.
There can be no assurance that the Transaction will be completed as proposed or at all. Trading in the securities of Argentum should be considered speculative.
About Argentum Silver Corp.
Argentum Silver is a junior mineral exploration company listed on the TSXV under the stock symbol ASL. Argentum hold 80% interest in the Vanadium Ridge Property located at the southern end of the Quesnel Trough 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,151 hectares near the town of Barrière. The project hosts vanadium-rich magnetite mineralization in seams and pods in altered ultramafic to intermediate intrusive rocks which form a portion of a large Late Triassic Poison Creek diorite intrusion complex. The near-surface exposure of vanadiferous magnetite is an attractive exploration target that may not require chemical processing for the liberation of a magnetite concentrate. Argentum feels it is a good entry into what is becoming one of the most sought-after commodities in the battery-metal sector.
For more information contact:
Gary Nassif, President & CEO
416-855-9304
gnassif@argentumsilvercorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Argentum believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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