Secova Metals Corp. Preliminary Economic Assessment On Montauban Nearing Completion
VANCOUVER, June 15, 2022 - Secova Metals Corp. ("Secova" or the "Company") (CSE:SEK), (Frankfurt:N4UP), (OTC:SEKZF) is pleased to provide the following update on the status of the Preliminary Economic Assessment (the "PEA") on the entire tailings deposit at Montauban. The Company engaged Longford Exploration Services Limited ("Longford") to oversee the project and conduct a 275-hole drill program on the extensive tailings deposits at Montauban. The drill program announced on March 1, 2022, is complete and approximately 750 samples have been sent to ALS Limited ("ALS") in Montreal for assaying. Due to the large number of assays, their physical size and protracted drying time, processing the samples and obtaining the assay results are taking longer than anticipated. However, ALS has assured Longford that all data should be delivered by the middle of July.
This data will then be shared with BBA Engineering Ltd. ("BBA") who have been contracted to provide an updated NI 43-101 and a related PEA. The engagement with BBA includes:
-
Drill planning (completed)
-
Sites visits (ongoing)
-
Mineral Resource estimate (pending)
-
PEA planning (ongoing)
Secova will be able to use this assessment to better understand the mineral composition of each of the five (5) tailings deposits and use this information to assist in the logistics required to process and extract the minerals already identified in the tailings.
The Company anticipates receipt of the PEA in August 2022.
In other corporate news, Secova is pleased to announce that it has significantly advanced the construction of the Montauban Mill Facility and has identified the remaining equipment required to bring the Mill to completion. As such, the Company has arranged a non-brokered private placement to raise gross proceeds to the company of up to $1.5 million by the issuance of up to 30 million common shares at a purchase price of five (5) cents per share. The company will use the proceeds from the sale of the shares to
-
acquire the final equipment required to complete the mill at Montauban.
-
complete work on the PEA.
-
compile and create a comprehensive model detailing all underground data with the intention of developing an extensive drill program resource in the ground at Montauban; and
-
general corporate purposes.
All securities issued in connection with the offering will be subject to a statutory hold period expiring in accordance with applicable securities legislation. The company may pay eligible finders a fee on the offering within the amount permitted by the policies of the Canadian Securities Exchange.
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.