Flow Metals Prepares for Sixtymile Drilling
Vancouver, May 19, 2021 - Flow Metals Corp. (CSE: FWM) ("Flow Metals" or the "Company") is pleased to announce preparations for a drill program at the Sixtymile Project. The company is planning a 15-hole RAB drill program June 22 with Dawson City based GroundTruth Exploration. The drill campaign will focus on two prospective areas: Upper Glacier Creek and the Easter Egg target.
The company has engaged Dr. Jeremy Rimando and Dr. Alex Peace from the School of Earth, Environment & Society at McMaster University through the Mitacs Accelerate Internship Project. They will be focusing on structural controls of mineralization at the company's Sixtymile gold project in the Yukon.
Scott Sheldon, CEO of Flow Metals, comments: "We are excited to start drilling the high-grade zones that we discovered last year and to have highly qualified geologists help us integrate all our data through the Mitacs program. The Sixtymile project includes a large historical dataset from previous operators. Dr. Rimando's work will integrate the dataset with project-scale and regional geophysical data. This work will help identify the controls for mineralization on our Sixtymile tenure as well as in the region. The regional data set will also allow us to evaluate new prospective ground in the Sixtymile District."
Sixtymile, Yukon
The Sixtymile gold project in the northwest of Yukon Territory, Canada has traditionally been mined for its placer gold deposits since the late 19th century. Previous studies in the nearby Klondike gold district have shown promising correlation between placer deposits and bedrock occurrences.
Corporate Update
The company also announces that it has amended the terms (the "Amendment") of an aggregate of 4,000,000 outstanding common share purchase warrants (the "Warrants") issued pursuant to a private placement of units that closed in June 2019 as follows:
4,000,000 Warrants are currently exercisable to acquire 4,000,000 common shares of the Company at a price of $0.10 until June 12, 2021. Under the Amendment, the exercise price of the Warrants will be reduced to $0.07 and the term of the Warrants will be extended by an additional twenty-four months (24) such that they will now be exercisable until June 12, 2023.
All other terms and conditions of the Warrants remain the same and in full force and effect.
About Flow Metals
Flow Metals is a Canadian gold explorer with a focus on exciting early-stage gold projects in renowned mining districts.
Qualified Persons
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
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/84604