92 Resources Corp. Receives $140,000 Grant from the Northwest Territories Mining Incentive Program for Exploration at Hidden Lake
Vancouver - 92 Resources Corp. (the “Company”) (TSX.V: NTY) (FSE: R9G2) is pleased to announce that it has been awarded $140,000 in funding, under the Northwest Territories Mining Incentive Program (MIP), for Project expenses related to the exploration of the Company’s wholly owned Hidden Lake Lithium Project (the “Project” or “Property”). The Property is situated within the central parts of the Yellowknife Lithium Pegmatite Belt along Highway 4, approximately 40 km east of Yellowknife. Funding provided under the MIP, with a 2017-18 program budget of $1,000,000, may be applied for annually by mineral exploration companies operating in the NWT. The grant provides for up to 50% of eligible project expenditures, to a maximum of $200,000 depending on the number of successful applicants. The Company is pleased to report that it was “highly ranked” relative to its peers during the application process, with a significant portion of the MIP’s available funding awarded.
Company President and CEO Adrian Lamoureux comments, “We are very excited to receive this support from the Northwest Territories through its MIP program, and we look forward to putting this money to work and create value for both our shareholders and Project stakeholders”.
The Company is in the late stages of planning its 2017 summer field program, which will focus on mapping and channel sampling of the HL6 and HL8 spodumene pegmatite occurrences, which were discovered at the end of the of the 2016 exploration program. A grab sample from HL6, located approximately 1.4 km along trend of the D12 pegmatite, returned 1.86% Li2O. The extent of the HL6 pegmatite is poorly constrained, providing considerable exploration upside given its similar character to D12, significant presence of spodumene, and its location ~1.4 km along trend from D12, inferring both D12 and HL6 may potentially be part of one larger body.
This surface delineation work will set the stage for the Project’s maiden drill program, targeted for the latter half of 2017. The overarching objective of the drill program will be to delineate sufficient tonnage/grade to support an initial mineral resource estimate for the Project.
NI 43-101 Disclosure
William Miller P. Geo. of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About 92 Resources Corp.
92 Resources Corp. is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds three principal assets in Canada: the Hidden Lake Lithium Property, NWT, the Pontax Lithium Property, QC, and the Golden Frac Sand Property, BC.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with 2016 exploration results returning 1.90% Li2O over 9 m and grab samples up to 3.3% Li2O. The Property is easily road accessible and its proximity to infrastructure provides for numerous development advantages.
The Pontax Property is located within Quebec’s lithium district, and covers several historic pegmatite occurrences that are adjacent to known spodumene bearing pegmatite(s). The underlying geology includes over 20 km strike length of the Pontax Greenstone Belt, which is also a favourable geological environment for gold occurrences.
The Golden Frac Sand Property covers more than a 4 km length of the Mount Wilson Formation, which consists of high purity, white, quartzite and friable sandstones. It’s strategic location in western Canada and proximity to infrastructure, provides competitive access to the oil and gas markets where high-quality frac sand is an essentially input. The adjacent Moberly Silica Sand Mine, owned and operated by Heemskirk Canada Ltd., produces a number of high-purity products and as of February 2017, became subject to a takeover bid by Northern Silica Corporation valued at $42.3 million AUD.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-2950, E-mail: adrian@92resources.com or visit www.92resources.com.
On Behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
Adrian Lamoureux, President & 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 news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.