Secova Metals Corp. Expands its Reclamation Portfolio
VANCOUVER, June 8, 2022 - Secova Metals Corp. ("Secova" or the "Company") (CSE:SEK), (Frankfurt:N4UP), (OTC:SEKZF) is pleased to announce the signing of an Option Agreement ("Option Agreement") with Nepean Bay Joint Venture Inc. ("NBJV"). NBJV is the legal and beneficial owner of the land use permit of 2.6 hectares within the bed of the Ottawa River and the owner of any salable residuals from the land use permit ("LUP" or "the Ottawa River Project"). Under the Option Agreement, NBJV grants Secova the right to earn 50% interests in the Ottawa River Project. Secova is required under the terms of the Option Agreement to pay to NBJV $50,000 upon signing of the Option Agreement as well as to fulfill expenditure requirements for the Ottawa River Project. The parties agreed that Secova will be the operator of the Ottawa River Project.
Historically, industrial residue in the form of slag waste material, laboratory wastes, demolished materials and some minerals of value have been discovered on the riverbed. In addition to the historic findings, NBJV has completed an extensive bathymetric survey to identify high priority sample areas.
Secova plans on using its expertise to consolidate the historic information and related data, systematically lay out an exploration grid on the riverbed and then conduct a detailed sampling program. These samples will be assayed to determine if there is potential for extraction of salable residuals and, if economically viable materials are found, the Company will then develop a full-scale extraction program. Secova's initial sampling program is scheduled to commence on July 18, 2022.
Secova's primary operating goal is to extract value for its shareholders from processing residual materials while returning the environment to its natural state. The Company's other restoration project at Montauban is far advanced and should begin extracting gold and silver from the toxic tailings on site upon completion of assembly of the processing mill.
In other corporate news, the Company has granted an aggregate of 8,550,000 Options and 1,950,000 RSUs to certain directors, officers, employees and consultants of the Company. The Options granted are exercisable to purchase a common share in the capital of the Company (each, a "Share") at a price of CAD$0.05 per Share, subject to vesting requirements. The RSUs shall vest in accordance with the prescribed period under the RSU Plan. The Option Plan and RSU Plan were approved by the shareholders of the Company on December 30, 2021.
Pour une traduction française de ce communiqué de presse, veuillez visiter notre site Web à www.secova.ca.
About the Company
Secova Metals Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova's principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. The Company's main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec.
For more information on Secova Metals Corp. please contact info@secova.ca, Tel: +1 604-803-5229 or visit the website at www.secova.ca for the French version of this news release, past news releases, 3D model of the Montauban processing plant, media interviews and opinion-editorial pieces.
On behalf of the Board of Directors,
"Paul Mastantuono"
Chief Operating Officer
Tel: +1 604-803-5229
Email: info@secova.ca
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.