Flow Metals Provides Update on Ashuanipi Gold Project and Company Marketing Initiative
Vancouver, July 28, 2020 - Flow Metals Corp. (CSE: FWM) (the "Company" or "Flow") is pleased to announce that it has issued 500,000 Common shares at a deemed value of $0.11 per share as the 2nd payment due pursuant to the Ashuanipi Property Agreement entered into on February 21, 2020, as amended on April 23, 2020 to earn an undivided 100% interest in the Ashuanipi gold project in Quebec.
The Ashuanipi project is the result of artificial intelligence (AI) modeling of 330,900 km2 in the northern portion of the Superior Province. CARDS AI is a proprietary artificial intelligence technique to aid resource targeting developed by Windfall Geotek Inc. Historical exploration on the 115 claims has yielded grab sample assays of 17.45, 12.25, and 8.13 g/t Au, respectively. The property hosts numerous gold showings in banded iron formations (BIF).
A high-sensitivity helicopter-borne magnetic survey totaling 4,411-line kilometers at 50-meter line spacing was completed on the property in August 2018 and seven geophysical exploration gold target areas were selected based on thorough data processing. In September 2019, using the detailed survey, Windfall Geotek refined a new CARDS AI gold signature and generated 52 precise CARDS AI gold targets on the property. The targets are within 18 geophysical priority zones. The largest target is one kilometer in length.
The Company also announces today that incentive stock options have been granted to a marketing consultant to purchase up to an aggregate 500,000 Common shares of the Company, pursuant to the terms of the Company's stock option plan. The stock options are exercisable at a price of $0.11 per share and expire 6 months from grant.
Qualified Person
Adrian Smith, P.Geo, is the qualified person for the Company as defined in the National Instrument NI43-101 and has reviewed and approved the technical information presented in this news release.
Data Verification
The data disclosed in this news release relating to sampling and drilling results prior to 2019 are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work will include verification of the data.
About Flow Metals
Flow Metals is a Canadian gold exploration company based in Vancouver. The Company seeks exciting data rich gold projects with low capital requirements. The Company holds a 100% interest in three Canadian gold projects. Please see the company presentation for more detail: flowmetals.com/slidedeck
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@flowmetals.com
Forward-Looking Information:
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60598